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ALEXANDRIA REAL ESTATE EQUITIES, INC. 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(NYSE: ARE), an S&amp;P 500</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:326.24pt;position:var(--position);text-decoration:none;top:-2.293pt;vertical-align:super;white-space:pre">®</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:330.55pt;position:var(--position);text-decoration:none;white-space:pre"> life science REIT, is the pioneer of the life science real estate </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">niche since its founding in 1994. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:165.96pt;position:var(--position);text-decoration:none;white-space:pre">Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Megacampus™ ecosystems in AAA life science and advanced technology innovation cluster locations, including Greater Boston, San </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:409.17pt;position:var(--position);text-decoration:none;white-space:pre"> As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:434.18pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:491.18pt;position:var(--position);text-decoration:none;white-space:pre">, Alexandria has a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">total market capitalization o</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:144.93pt;position:var(--position);text-decoration:none;white-space:pre">f</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:147.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:149.93pt;position:var(--position);text-decoration:none;white-space:pre">$21.84 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:202.89pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:205.39pt;position:var(--position);text-decoration:none;white-space:pre">and an asset base that includes</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:331.87pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:334.37pt;position:var(--position);text-decoration:none;white-space:pre">36.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:379.82pt;position:var(--position);text-decoration:none;white-space:pre"> RSF of operating properties</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:492.75pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:512.75pt;position:var(--position);text-decoration:none;white-space:pre">2.8 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:553.2pt;position:var(--position);text-decoration:none;white-space:pre"> RSF</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:573.68pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of Class A/A+ properties undergoing construction</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:231.17pt;position:var(--position);text-decoration:none;white-space:pre">. As used in this </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:296.66pt;position:var(--position);text-decoration:none;white-space:pre">quarterly report</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:357.61pt;position:var(--position);text-decoration:none;white-space:pre"> on Form 10-Q, references to the “Company,” </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">“Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. The </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accompanying unaudited consolidated financial statements include the accounts of Alexandria Real Estate Equities, Inc. and its </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We have prepared the accompanying interim consolidated financial statements in accordance with GAAP and in conformity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">with the rules and regulations of the SEC. In our opinion, these interim consolidated financial statements presented herein reflect all </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">adjustments of a normal recurring nature necessary to fairly present the interim consolidated financial statements. The results of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operations for the interim period are not necessarily indicative of the results that may be expected for the year ending </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:503.28pt;position:var(--position);text-decoration:none;white-space:pre">December 31, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre">. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:280.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">statements and the notes thereto included in our annual report on Form 10-K for the year ended </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:419.35pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:498.32pt;position:var(--position);text-decoration:none;white-space:pre">. Any references to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">our total market capitalization, number or quality of buildings or tenants, quality of location, square footage, number of leases, or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">occupancy percentage, and any amounts derived from these values in these notes to consolidated financial statements are outside the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">scope of our independent registered public accounting firm’s procedures.</span></div> 21840000000 36000000.0 2800000 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:54pt;position:var(--position);text-decoration:none;white-space:pre">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Consolidation</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:399.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">owned by us in accordance with the consolidation accounting guidance. Our evaluation considers all of our variable interests, including </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">equity ownership, as well as fees paid to us for our involvement in the management of each partially owned entity. To fall within the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:421.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">scope of the consolidation guidance, an entity must meet both of the following criteria:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The entity has a legal structure that has been established to conduct business activities and to hold assets; such entity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">can be in the form of a partnership, limited liability company, or corporation, among others; and</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">We have a variable interest in the legal entity — i.e., variable interests that are contractual, such as equity ownership, or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">other financial interests that change with changes in the fair value of the entity’s net assets.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If an entity does not meet both criteria above, we apply other accounting literature, such as the equity method of accounting. If </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">an entity does meet both criteria above, we evaluate such entity for consolidation under either the variable interest model if the legal </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">entity meets any of the characteristics below to qualify as a VIE, or under the voting model for all other legal entities that are not VIEs.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:536.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">A legal entity is determined to be a VIE if it has any of the following three characteristics:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:558pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">1)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The entity does not have sufficient equity to finance its activities without additional subordinated financial support;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:568.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">2)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The entity is established with non-substantive voting rights (i.e., the entity deprives the majority economic interest </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:579.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">holder(s) of voting rights); or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:590.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">3)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The equity holders, as a group, lack the characteristics of a controlling financial interest. Equity holders meet this criterion </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:601.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">if they lack any of the following:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">The power, through voting rights or similar rights, to direct the activities of the entity that most significantly influence </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:622.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">the entity’s economic performance, as evidenced by:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:633.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Substantive participating rights in day-to-day management of the entity’s activities; or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:644.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Substantive kick-out rights over the party responsible for significant decisions;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:655.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">The obligation to absorb the entity’s expected losses; or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">The right to receive the entity’s expected residual returns.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-11" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">For an entity, including our real estate joint ventures, structured as a limited partnership or a limited liability company, our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">evaluation of whether the equity holders (equity partners other than the general partner or the managing member of a joint venture) lack </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(the noncontrolling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Participating rights provide the noncontrolling equity holders the ability to direct significant financial and operating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">decisions made in the ordinary course of business that most significantly influence the entity’s economic performance.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Kick-out rights allow the noncontrolling equity holders to remove the general partner or managing member without cause.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If we conclude that any of the three characteristics of a VIE is met, including that the equity holders lack the characteristics of a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude that the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">entity is a VIE and evaluate it for consolidation under the variable interest model.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Variable interest model</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits — that is, (i) we have the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">power to direct the activities of a VIE that most significantly influence the VIE’s economic performance (power) and (ii) we have the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE (benefits). We </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidate VIEs whenever we determine that we are the primary beneficiary. Refer to Note 4 – “Consolidated and unconsolidated real </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">estate joint ventures” and Note 7 – “Investments” to our unaudited consolidated financial statements for information on specific entities </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:280.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">that qualify as VIEs. If we have a variable interest in a VIE but are not the primary beneficiary, we account for our investment using the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">equity method.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Voting model</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If a legal entity fails to meet any of the three characteristics of a VIE (i.e., insufficiency of equity, existence of non-substantive </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">voting rights, or lack of a controlling financial interest), we then evaluate such entity under the voting model. Under the voting model, we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:356.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares (or own a majority of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">limited partnership’s kick-out rights through voting interests), and that other equity holders do not have substantive participating rights. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">information on specific real estate joint ventures that qualify for evaluation under the voting model.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Noncontrolling interests in consolidated real estate joint ventures</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Noncontrolling interests represent the third-party interests in consolidated real estate joint ventures in which we have a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">controlling interest. Certain of our partners’ noncontrolling interests have the right to require us to redeem their ownership interests in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the respective entities. We classify the ownership interests in these entities as redeemable noncontrolling interests outside of total </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">equity in our consolidated balance sheets. Redeemable noncontrolling interests are adjusted for additional contributions and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">distributions, the proportionate share of net earnings or losses, and other comprehensive income or loss. If the amount of a redeemable </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">noncontrolling interest is less than the maximum redemption value at the balance sheet date, such amount is adjusted to the maximum </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">redemption value. Subsequent declines in the redemption value are recognized only to the extent that previous increases have been </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">recognized.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Use of estimates</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">that affect the reported amounts of assets, liabilities, and equity; the disclosure of contingent assets and liabilities as of the date of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated financial statements; and the amounts of revenues and expenses during the reporting period. Actual results could </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">materially differ from those estimates.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Investments in real estate</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Evaluation of business combination or asset acquisition</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">must be accounted for as a business combination. An acquisition of an integrated set of assets and activities that does not meet the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">definition of a business is accounted for as an asset acquisition. If either of the following criteria is met, the integrated set of assets and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">activities acquired would not qualify as a business:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">of similar identifiable assets; or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction).</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">An acquired process is considered substantive if:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The process includes an organized workforce (or includes an acquired contract that provides access to an organized </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">workforce) that is skilled, knowledgeable, and experienced in performing the process;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The process cannot be replaced without significant cost, effort, or delay; or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The process is considered unique or scarce.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Generally, our acquisitions of real estate or in-substance real estate do not meet the definition of a business because </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">an acquired contract that cannot be replaced without significant cost, effort, or delay. When evaluating acquired service or management </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">contracts, we consider the nature of the services performed, the terms of the contract relative to similar arm’s-length contracts, and the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">availability of comparable vendors in evaluating whether the acquired contract constitutes a substantive process.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Recognition of real estate acquired</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:399.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">must be accounted for as a business combination. An acquisition of an integrated set of assets and activities that does not meet the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:421.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">definition of a business is accounted for as an asset acquisition.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">For acquisitions of real estate or in-substance real estate that are accounted for as business combinations, we allocate the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">acquisition consideration (excluding acquisition costs) to the assets acquired, liabilities assumed, noncontrolling interests, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">previously existing ownership interests at fair value as of the acquisition date. Assets include intangible assets such as tenant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">relationships, acquired in-place leases, and favorable intangibles associated with in-place leases in which we are the lessor. Liabilities </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">include unfavorable intangibles associated with in-place leases in which we are the lessor. In addition, for acquired in-place finance or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating leases in which we are the lessee, acquisition consideration is allocated to lease liabilities and related right-of-use assets, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms. Any excess (deficit) of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consideration transferred relative to the fair value of the net assets acquired is accounted for as goodwill (bargain purchase gain). </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Acquisition costs related to business combinations are expensed as incurred.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Generally, we expect that acquisitions of real estate or in-substance real estate will not meet the definition of a business </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">buildings, and related intangible assets). The accounting model for asset acquisitions is similar to the accounting model for business </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">combinations, except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">liabilities assumed on a relative fair value basis. Any excess (deficit) of the consideration transferred relative to the sum of the fair value </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:604.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of the assets acquired and liabilities assumed is allocated to the individual assets and liabilities based on their relative fair values. As a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:615.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. Incremental and external direct </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:626.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">acquisition costs related to acquisitions of real estate or in-substance real estate (such as legal and other third-party services) are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">capitalized.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-13" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We exercise judgment to determine the key assumptions used to allocate the purchase price of real estate acquired among its </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">components. The allocation of the consideration to the various components of properties acquired during the year can have an effect on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">our net income due to the useful depreciable and amortizable lives applicable to each component and the recognition of the related </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">depreciation and amortization expense in our consolidated statements of operations. We apply judgment in utilizing available </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">comparable market information to assess relative fair value. We assess the relative fair values of tangible and intangible assets and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">liabilities based on available comparable market information, including estimated replacement costs, rental rates, and recent market </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transactions. In addition, we may use estimated cash flow projections that utilize appropriate discount and capitalization rates. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Estimates of future cash flows are based on a number of factors, including the historical operating results, known and anticipated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">trends, and market/economic conditions that may affect the property.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The value of tangible assets acquired is based upon our estimation of fair value on an “as if vacant” basis. The value of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">acquired in-place leases includes the estimated costs during the hypothetical lease-up period and other costs that would have been </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">incurred in the execution of similar leases under the market conditions at the acquisition date of the acquired in-place lease. If there is a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">bargain fixed-rate renewal option for the period beyond the noncancelable lease term of an in-place lease, we evaluate intangible </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">factors, such as the business conditions in the industry in which the lessee operates, the economic conditions in the area in which the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">property is located, and the ability of the lessee to sublease the property during the renewal term, in order to determine the likelihood </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">that the lessee will renew. When we determine that the lessee is reasonably certain to exercise such bargain renewal option, we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consider the option in determining the intangible value of such lease and its related amortization period. We also recognize the relative </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">fair values of assets acquired, the liabilities assumed, and any noncontrolling interest in acquisitions of less than a 100% interest when </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the acquisition constitutes a change in control of the acquired entity. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:280.8pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Depreciation and amortization</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The values allocated to buildings and building improvements, land improvements, tenant improvements, and equipment are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">depreciated on a straight-line basis. For buildings and building improvements, we depreciate using the shorter of the respective ground </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease terms or their estimated useful lives, not to exceed</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:260.39pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:262.89pt;position:var(--position);text-decoration:none;white-space:pre">40 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:297.38pt;position:var(--position);text-decoration:none;white-space:pre">. Land improvements are depreciated over their estimated useful </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lives, not to exceed</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:112.98pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:115.48pt;position:var(--position);text-decoration:none;white-space:pre">20 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:149.97pt;position:var(--position);text-decoration:none;white-space:pre">. Tenant improvements are depreciated over their respective lease terms or estimated useful lives, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">equipment is depreciated over the shorter of the lease term or its estimated useful life. Right-of-use assets are amortized on a straight-</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:356.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">line basis over the remaining terms of each related lease. The values of acquired in-place leases and associated favorable intangibles </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., acquired above-market leases) are classified in other assets in our consolidated balance sheets and are amortized over the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">remaining terms of the related leases as a reduction of income from rentals in our consolidated statements of operations. The values of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">unfavorable intangibles (i.e., acquired below-market leases) associated with acquired in-place leases are classified in accounts </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:399.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">payable, accrued expenses, and other liabilities in our consolidated balance sheets and are amortized over the remaining terms of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">related leases as an increase in income from rentals in our consolidated statements of operations.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Capitalized project costs</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We capitalize project costs, including pre-construction costs, interest, property taxes, insurance, and other costs directly </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">related and essential to the development, redevelopment, pre-construction, or construction of a project. Capitalization of development, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">redevelopment, pre-construction, and construction costs is required while activities are ongoing to prepare an asset for its intended use. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Fluctuations in our development, redevelopment, pre-construction, and construction activities could result in significant changes to total </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">expenses and net income. Costs incurred after a project is substantially complete and ready for its intended use are expensed as </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">incurred. Should development, redevelopment, pre-construction, or construction activity cease, interest, property taxes, insurance, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">certain other costs would no longer be eligible for capitalization and would be expensed as incurred. Expenditures for repairs and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">maintenance are expensed as incurred.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Real estate sales</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:604.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:615.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">one year</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:70.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:626.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">plan will be withdrawn. Depreciation of assets ceases upon designation of a property as held for sale.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If the disposal of a property represents a strategic shift that has (or will have) a major effect on our operations or financial </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:669.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:680.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of an entity, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:691.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operations in our consolidated statements of operations, and amounts for all prior periods presented are reclassified from continuing </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:712.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">will typically not meet the criteria for classification as a discontinued operation.</span></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-14" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We recognize gains or losses on real estate sales in accordance with the accounting standard on the derecognition of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">nonfinancial assets arising from contracts with noncustomers. Our ordinary output activities consist of the leasing of space to our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenants in our operating properties, not the sales of real estate. Therefore, sales of real estate (in which we are the seller) qualify as </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">contracts with noncustomers. In our transactions with noncustomers, we apply certain recognition and measurement principles </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consistent with our method of recognizing revenue arising from contracts with customers. Derecognition of the asset is based on the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transfer of control. If a real estate sales contract includes our ongoing involvement with the property, then we evaluate each promised </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">good or service under the contract to determine whether it represents a separate performance obligation, constitutes a guarantee, or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">prevents the transfer of control. If a good or service is considered a separate performance obligation, an allocated portion of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transaction price is recognized as revenue as we transfer the related good or service to the buyer.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The recognition of gain or loss on the sale of a partial interest also depends on whether we retain a controlling or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">noncontrolling interest in the property. If we retain a controlling interest in the property upon completion of the sale, we continue to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">reflect the asset at its book value, record a noncontrolling interest for the book value of the partial interest sold, and recognize additional </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">paid-in capital for the difference between the consideration received and the partial interest at book value. Conversely, if we retain a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">noncontrolling interest upon completion of the sale of a partial interest of real estate, we recognize a gain or loss as if 100% of the asset </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">were sold.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Impairment of long-lived assets</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Prior to and subsequent to the end of each quarter, we review current activities and changes in the business conditions of all of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">our long-lived assets to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:280.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows, including, if </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">necessary, a probability-weighted approach if multiple outcomes are under consideration.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Long-lived assets to be held and used, including our rental properties, CIP, land held for development, right-of-use assets </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">related to operating leases in which we are the lessee, and intangibles, are individually evaluated for impairment when conditions exist </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:356.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">disposition of the asset. Triggering events or impairment indicators for long-lived assets to be held and used are assessed by project </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, projected rental </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:399.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">rates, estimated exit capitalization rates, and anticipated construction costs for projects under construction, which are based on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">available market information, current and historical operating results, known trends, current market/economic conditions that may affect </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:421.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the asset, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">are under consideration.  </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount of the asset to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">its estimated fair value. If an impairment charge is not required to be recognized, the recognition of depreciation or amortization is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">adjusted prospectively, as necessary, to reduce the carrying amount of the asset to its estimated disposition value over the remaining </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">period that the asset is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">redeveloped prior to the end of their useful lives.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We use the held for sale impairment model for our properties classified as held for sale, which is different from the held and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">used impairment model. Under the held for sale impairment model, an impairment charge is recognized if the carrying amount of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">long-lived asset classified as held for sale exceeds its fair value less cost to sell. Because of these two different models, it is possible for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">a long-lived asset previously classified as held and used to require the recognition of an impairment charge upon classification as held </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">for sale.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">International operations</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:604.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, in addition to operating properties in the U.S., we had</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:368.89pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:371.39pt;position:var(--position);text-decoration:none;white-space:pre">11</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:380.73pt;position:var(--position);text-decoration:none;white-space:pre"> pr</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:391.22pt;position:var(--position);text-decoration:none;white-space:pre">operties in Canada</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:466.68pt;position:var(--position);text-decoration:none;white-space:pre">. The functional currency </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:615.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">for our subsidiaries operating in the U.S. is the U.S. dollar. The local currency of a foreign subsidiary serves as its functional currency. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:626.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">The assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at the exchange rate in effect as of the financial </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">statement date. Revenue and expense accounts of our foreign subsidiaries are translated using the weighted-average exchange rate </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive income </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(loss) as a separate component of total equity and are excluded from net income (loss).</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-15" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Whenever a foreign investment meets the criteria for classification as held for sale, we evaluate the recoverability of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investment under the held for sale impairment model. We may recognize an impairment charge if the carrying amount of the investment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">exceeds its fair value less cost to sell. In determining an investment’s carrying amount, we consider its net book value and any </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">cumulative unrealized foreign currency translation adjustment related to the investment. The appropriate amounts of foreign exchange </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">rate gains or losses classified in accumulated other comprehensive income (loss) are reclassified to net income (loss) when realized </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">upon the sale of our investment or upon the complete or substantially complete liquidation of our investment.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Investments</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:556.38pt;position:var(--position);text-decoration:none;white-space:pre">As a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">REIT, we generally limit our ownership of each individual entity’s voting stock to less than </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:391.63pt;position:var(--position);text-decoration:none;white-space:pre">10%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:409.63pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:412.13pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:414.63pt;position:var(--position);text-decoration:none;white-space:pre">We evaluate each investment to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">determine whether we have the ability to exercise significant influence, but not control, over an investee. We evaluate investments in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">which our ownership is equal to or greater than 20%, but less than or equal to 50%, of an investee’s voting stock with a presumption </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">that we have this ability. For our investments in limited partnerships that maintain specific ownership accounts, we presume that such </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">ability exists when our ownership interest exceeds 3% to 5%. In addition to our ownership interest, we consider whether we have a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">board seat or whether we participate in the investee’s</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:248.23pt;position:var(--position);text-decoration:none;white-space:pre"> policy-making</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:305.68pt;position:var(--position);text-decoration:none;white-space:pre"> process, among other criteria, to determine if we have the ability to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">exert significant influence, but not control, over an investee. If we determine that we have such ability, we account for the investment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">under the equity method, as described below. From time to time, we may hold equity investments in publicly traded companies that are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">subject to temporary contractual sale restrictions. We do not recognize a discount related to a contractual sale restriction. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investments accounted for under the equity method </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Under the equity method of accounting, we initially recognize our investment at cost and subsequently adjust the carrying </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">amount of the investment for our share of earnings or losses reported by the investee, distributions received, and other-than-temporary </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">impairments.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:87.45pt;position:var(--position);text-decoration:none;white-space:pre"> For additional information about our investments accounted for under the equity method, refer to Note 7 – “Investments” to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">our unaudited consolidated financial statements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investments that do not qualify for the equity method of accounting</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">For investees over which we determine that we do not have the ability to exercise significant influence or control, we account </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">for each investment depending on whether it is an investment in a (i) publicly traded company, (ii) privately held entity that reports NAV </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">per share, or (iii) privately held entity that does not report NAV per share, as described below. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investments in publicly traded companies</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:200.42pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our investments in publicly traded companies are classified as investments with readily determinable fair values and are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">presented at fair value in our consolidated balance sheets, with changes in fair value classified in investment income (loss) in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations. The fair values for our investments in publicly traded companies are determined based on sales </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">prices or quotes available on securities exchanges.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investments in privately held companies</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:195.42pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our investments in privately held entities without readily determinable fair values consist of (i) investments in privately held </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">entities that report NAV per share and (ii) investments in privately held entities that do not report NAV per share. These investments are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounted for as follows:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:underline;white-space:pre">Investments in privately held entities that report NAV per share</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:320.71000000000004pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Investments in privately held entities that report NAV per share, such as our privately held investments in limited partnerships, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">are presented at fair value using NAV as a practical expedient, with changes in fair value classified in investment income (loss) in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations. We use NAV per share reported by limited partnerships generally without adjustment, unless we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:604.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">are aware of information indicating that the NAV reported by a limited partnership does not accurately reflect the fair value of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:615.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investment at our reporting date.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:underline;white-space:pre">Investments in privately held entities that do not report NAV per share</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:348.21pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Investments in privately held entities that do not report NAV per share are accounted for using a measurement alternative </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:669.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">under which these investments are measured at cost, adjusted for observable price changes and impairments, with changes classified </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:680.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">in investment income (loss) in our consolidated statements of operations.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-16" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">An observable price arises from an orderly transaction for an identical or similar investment of the same issuer, which is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">observed by an investor without expending undue cost and effort. Observable price changes result from, among other things, equity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transactions of the same issuer executed during the reporting period, including subsequent equity offerings or other reported equity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transactions related to the same issuer. To determine whether these transactions are indicative of an observable price change, we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">evaluate, among other factors, whether these transactions have similar rights and obligations, including voting rights, distribution </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">preferences, and conversion rights to the investments we hold.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:132.082pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre">I</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:8.9pt;font-style:normal;font-weight:bold;left:38.5pt;position:var(--position);text-decoration:none;top:-2.454pt;white-space:pre">mpairment evaluation of equity method investments and investments in privately held entities that do not report NAV per share</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:8.9pt;font-style:normal;font-weight:bold;left:575.33pt;position:var(--position);text-decoration:none;top:-2.454pt;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We monitor equity method investments and investments in privately held entities that do not report NAV per share for new </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">developments, including operating results, prospects and results of clinical trials, new product initiatives, new collaborative agreements, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">capital-raising events, and merger and acquisition activities. These investments are evaluated on the basis of a qualitative assessment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">for indicators of impairment by monitoring the presence of the following triggering events or impairment indicators: </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">a significant adverse change in the regulatory, economic, or technological environment of the investee; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">a significant adverse change in the general market condition, including the research and development of technology and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">products that the investee is bringing or attempting to bring to the market; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iv)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">significant concerns about the investee’s ability to continue as a going concern; and/or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(v)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">a decision by investors to cease providing support or reduce their financial commitment to the investee. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:280.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If such indicators are present, we are required to estimate the investment’s fair value and immediately recognize an </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investment income/loss recognition and classification </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We recognize both realized and unrealized gains and losses in our consolidated statements of operations, classified in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:344.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investment income (loss) in our consolidated statements of operations. Unrealized gains and losses represent:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:366.48pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">changes in fair value for investments in publicly traded companies; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:377.28pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">changes in NAV for investments in privately held entities that report NAV per share;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">observable price changes for investments in privately held entities that do not report NAV per share; and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:398.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iv)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">our share of unrealized gains or losses reported by our equity method investees. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:420.48pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Realized gains and losses on our investments represent the difference between proceeds received upon disposition of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:431.28pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investments and their historical or adjusted cost basis. For our equity method investments, realized gains and losses represent our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">share of realized gains or losses reported by the investee. Impairments are realized losses, which result in an adjusted cost basis, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:452.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">represent charges to reduce the carrying values of investments in privately held entities that do not report NAV per share and equity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:463.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">method investments, if impairments are deemed other than temporary, to their estimated fair value. </span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Revenues</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:506.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The table below provides details of our consolidated total revenues for the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:368.36pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:538.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:517.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span></div><div style="position:var(--position);top:534.48pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:232.5pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:72pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:75pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:72pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:72pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);width:150.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:150.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.83pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);width:147pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:147pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.45pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:14.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:14.25pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.5pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:14.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:14.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:57pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">629,408<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:57pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:31.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">722,935<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:57pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:20.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,270,067<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:57pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:20.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,454,356<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:71.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:50.63pt"></span></span><span style="left:53.260000000000005pt;position:var(--position)">892<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:71.25pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:46.13pt"></span></span><span style="left:48.760000000000005pt;position:var(--position)">1,089<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:71.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:43.13pt"></span></span><span style="left:45.760000000000005pt;position:var(--position)">1,856<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:71.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:43.13pt"></span></span><span style="left:45.760000000000005pt;position:var(--position)">1,899<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:85.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:33.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">630,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:85.5pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">724,024<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:85.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:25.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,271,923<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:85.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:25.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,456,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the revenue recognition </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">accounting standard</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:99.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">12,910<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:99.75pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.13pt"></span></span><span style="left:43.760000000000005pt;position:var(--position)">13,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:99.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">24,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:99.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">24,199<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:123pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:123pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:33.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">643,210<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:123pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">737,279<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:123pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:25.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,296,223<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:123pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:25.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,480,454<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:137.25pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Other income</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:137.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">19,574<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:137.25pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.13pt"></span></span><span style="left:43.760000000000005pt;position:var(--position)">24,761<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:137.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">37,583<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:137.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">39,744<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:151.5pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total revenues</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:151.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">662,784<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:151.5pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:31.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">762,040<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:151.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:20.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,333,806<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:151.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:20.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,520,198<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-17" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">During the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:115.97pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:286.44pt;position:var(--position);text-decoration:none;white-space:pre">, revenues that were subject to the lease accounting standard </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">aggrega</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:68.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">ted </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:83.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">$630.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:139.44pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:159.44pt;position:var(--position);text-decoration:none;white-space:pre">$1.27 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.4pt;position:var(--position);text-decoration:none;white-space:pre">, respectively, and represented </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:332.19pt;position:var(--position);text-decoration:none;white-space:pre">95.1%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:357.69pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:377.69pt;position:var(--position);text-decoration:none;white-space:pre">95.4%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:403.19pt;position:var(--position);text-decoration:none;white-space:pre"> of our total revenues. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:492.66pt;position:var(--position);text-decoration:none;white-space:pre">During the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:536.63pt;position:var(--position);text-decoration:none;white-space:pre">three and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:165.98pt;position:var(--position);text-decoration:none;white-space:pre">, revenues that were subject to the lease accounting standard aggregated </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:461.4pt;position:var(--position);text-decoration:none;white-space:pre">$724.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:516.85pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">$1.46 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:83.96000000000001pt;position:var(--position);text-decoration:none;white-space:pre">, respectively, and represented </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:208.75pt;position:var(--position);text-decoration:none;white-space:pre">95.0%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:234.25pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:254.25pt;position:var(--position);text-decoration:none;white-space:pre">95.8%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:279.75pt;position:var(--position);text-decoration:none;white-space:pre"> of our total revenues</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:364.22pt;position:var(--position);text-decoration:none;white-space:pre">. Our other income consisted primarily of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">management fees and interest income earned during each period presented. For a detailed discussion related to our revenue streams, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">refer to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:69.97pt;position:var(--position);text-decoration:none;white-space:pre">Lease accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:140.45999999999998pt;position:var(--position);text-decoration:none;white-space:pre">” and “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:166.44pt;position:var(--position);text-decoration:none;white-space:pre">Recognition of revenue arising from contracts with customers</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:409.8pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting policies” to our unaudited consolidated financial statements.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Lease accounting</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Definition and classification of a lease</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">When we enter into a contract or amend an existing contract, we evaluate whether the contract meets the definition of a lease. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">To meet the definition of a lease, the contract must meet all three criteria:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">One party (lessor) must hold an identified asset;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">throughout the period of the contract; and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We classify our leases as either finance leases or operating leases if we are the lessee, or sales-type, direct financing, or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:280.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating leases if we are the lessor. We use the following criteria to determine if a lease is a finance lease (as a lessee) or sales-type </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">or direct financing lease (as a lessor):</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Ownership is transferred from lessor to lessee by the end of the lease term;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">An option to purchase is reasonably certain to be exercised;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The lease term is for the major part of the underlying asset’s remaining economic life;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iv)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The present value of lease payments equals or exceeds substantially all of the fair value of the underlying asset; or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:356.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(v)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The underlying asset is specialized and is expected to have no alternative use at the end of the lease term.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If a lease meets any of the above criteria, we account for it as a finance, a sales-type, or a direct financing lease. If a lease </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">does not meet any of the criteria, we account for it as an operating lease.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">A lease is accounted for as a sales-type lease if it is considered to transfer control of the underlying asset to the lessee. A </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:421.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease is accounted for as a direct financing lease if risks and rewards are conveyed without the transfer of control, which is normally </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">indicated by the existence of a residual value guarantee from an unrelated third party other than the lessee.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">This classification will determine the method of recognition of the lease:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">For an operating lease, we recognize income from rentals if we are the lessor, or rental operations expense if we are the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">lessee, over the term of the lease on a straight-line basis.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">For a sales-type lease or a direct financing lease, we recognize the income from rentals, or for a finance lease, we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">recognize rental operations expense, over the term of the lease using the effective interest method.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">At inception of a sales-type lease or a direct financing lease, if we determine the fair value of the leased property is lower </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">than its carrying amount, we recognize a selling loss immediately at lease commencement. If fair value exceeds the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">carrying amount of a lease, a gain is recognized at lease commencement on a sales-type lease. For a direct financing </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">lease, a gain is deferred at lease commencement and amortized over the lease term. </span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-18" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Lessor accounting</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Costs to execute leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We capitalize initial direct costs, which represent only incremental costs to execute a lease that would not have been incurred </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">if the lease had not been obtained. Costs that we incur to negotiate or arrange a lease, regardless of its outcome, such as for fixed </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">employee compensation, tax or legal advice to negotiate lease terms, and other costs, are expensed as incurred.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We account for the revenue from our lease contracts by utilizing the single component accounting policy. This policy requires </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">us to account for, by class of underlying asset, the lease component and nonlease component(s) associated with each lease as a single </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">component if two criteria are met:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The timing and pattern of transfer of the lease component and the nonlease component(s) are the same; and</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The lease component would be classified as an operating lease if it were accounted for separately.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Lease components consist primarily of fixed rental payments, which represent scheduled rental amounts due under our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">leases, and contingent rental payments. Nonlease components consist primarily of tenant recoveries representing reimbursements of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">rental operating expenses under our triple net lease structure, including recoveries for property taxes, insurance, utilities, repairs and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">maintenance, and common area expenses.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If the lease component is the predominant component, we account for all revenues under such lease as a single component in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accordance with the lease accounting standard. Conversely, if the nonlease component is the predominant component, all revenues </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">under such lease are accounted for in accordance with the revenue recognition accounting standard. Our operating leases qualify for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the single component accounting, and the lease component in each of our leases is predominant. Therefore, we account for all </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">revenues from our operating leases under the lease accounting standard and classify these revenues as income from rentals in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We commence recognition of income from rentals related to the operating leases at the date the property is ready for its </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">intended use by the tenant and the tenant takes possession or controls the physical use of the leased asset. When a lease includes </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">construction of improvements, we determine whether the improvements are landlord or tenant assets. In determining if the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:399.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">improvements are landlord or tenant improvements, we consider various factors, including, but not limited to, the following: </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:421.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Which party retains legal title to the improvements upon lease expiration;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Whether the improvements are expected to have significant residual value at the end of the lease term; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Whether the improvements are unique to the tenant;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">What happens to the improvements upon lease expiration (i.e., whether they are removed or preserved for the landlord);</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Which party bears all costs of the improvements (including the risk of cost overruns); and</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Which party supervises the construction of the improvements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If the improvements are landlord assets, we capitalize such improvements. If the improvements are tenant assets, we do not </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">capitalize these assets. Improvements that qualify as tenant assets, if funded by us, are accounted for as lease incentives and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">amortized as a reduction of revenue over the term of the lease. If the tenant funds improvements without reimbursement from us, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">we determine these improvements to be landlord assets, we consider the amount associated with the improvements to be non-cash </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease payments, which are recognized as incremental revenue over the term of the related lease. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals related to fixed rental payments under operating leases is recognized on a straight-line basis over the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">respective operating lease terms. We classify amounts expected to be received in later periods as deferred rent in our consolidated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">balance sheets. Amounts received currently but recognized as revenue in future periods are classified in accounts payable, accrued </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">expenses, and other liabilities in our consolidated balance sheets.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:615.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals related to variable payments includes tenant recoveries and contingent rental payments. Tenant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:626.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">recoveries, including reimbursements of utilities, repairs and maintenance, common area expenses, real estate taxes and insurance, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and other operating expenses, are recognized as revenue in the period during which the applicable expenses are incurred and the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenant’s obligation to reimburse us arises. Income from rentals related to other variable payments is recognized when associated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">contingencies are removed.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:680.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We assess collectibility of future lease payments from our tenants for each of our operating leases. If we determine that </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:691.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">collectibility is probable, we recognize income from rentals based on the methodology described above. If we determine that </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">collectibility is not probable, we recognize an adjustment to lower our income from rentals. Furthermore, we may recognize a general </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:712.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">allowance at a portfolio level (not the individual level) if we do not expect to collect future lease payments in full.</span></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-19" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">For each lease for which we determine that collectibility of future lease payments is not probable, we cease the recognition of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">income from rentals on a straight-line basis and limit the recognition of income to the lesser of payments collected from the lessee or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease income that would have been recognized on a straight-line basis. We do not resume straight-line recognition of income from </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">rentals for these leases until we determine that the collectibility of future payments related to these leases is probable. We also record a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">general allowance related to the deferred rent balances that at the portfolio level (not the individual level) are not expected to be </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">collected in full through the lease term. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:191.92pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:214.92pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:271.91999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:291.91999999999996pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:370.89pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:375.89pt;position:var(--position);text-decoration:none;white-space:pre">o</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:380.89pt;position:var(--position);text-decoration:none;white-space:pre">ur </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:391.38pt;position:var(--position);text-decoration:none;white-space:pre">general allowance balance aggregated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">$18.8 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:86.45pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.45pt;position:var(--position);text-decoration:none;white-space:pre">$14.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:156.9pt;position:var(--position);text-decoration:none;white-space:pre">, respectively.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals related to direct financing and sales-type leases is recognized over the lease term using the effective </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">interest rate method. At lease commencement, we derecognize the underlying asset classified within investments in real estate and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">record net investment in a lease within other assets in our consolidated balance sheets. This initial net investment is determined by </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">aggregating the present values of the total future lease payments and the estimated residual value of the property, less any unearned </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">income related to a direct financing lease. Over the lease term, the investment in the lease accretes in value, producing a constant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">periodic rate of return on the net investment in the lease. Income from these leases is classified in income from rentals in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations. Lease payments received reduce the net investment in the lease.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We evaluate our net investment in direct financing and sales-type leases for impairment under the current expected credit </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">losses accounting standard. For additional information, refer to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:290.35pt;position:var(--position);text-decoration:none;white-space:pre">Provision for expected credit losses</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:431.78pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">significant accounting policies” to our unaudited consolidated financial statements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As a lessor, we classify a lease with variable lease payments that do not depend on an index or a rate as an operating lease </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">on the commencement date of the lease if both of the following criteria are met:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The lease would have been classified as a sales-type lease or direct financing lease under the current lease accounting </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">standard; and</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The sales-type lease or direct financing lease classification would have resulted in a selling loss at lease commencement.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We do not derecognize the underlying asset and do not recognize a loss upon lease commencement but continue to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">depreciate the underlying asset over its useful life.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:399.6pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Lessee accounting</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:421.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We have operating lease agreements in which we are the lessee consisting of ground and office leases. At the lease </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">commencement date (or at the acquisition date if the lease is acquired as part of a real estate acquisition), we are required to recognize </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">a liability to account for our future obligations under these operating leases, and a corresponding right-of-use asset.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The lease liability is measured based on the present value of the future lease payments, including payments during the term </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">under our extension options that we are reasonably certain to exercise. The present value of the future lease payments is calculated for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">each operating lease using each respective remaining lease term and a corresponding estimated incremental borrowing rate, which is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the lease payments. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">date to the lease liability balance as of the beginning of the period and is reduced by the payments made during the period. We classify </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the operating lease liability in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The right-of-use asset is measured based on the corresponding lease liability, adjusted for initial direct leasing costs and any </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">other consideration exchanged with the landlord prior to the commencement of the lease, as well as adjustments to reflect favorable or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">unfavorable terms of an acquired lease when compared with market terms at the time of acquisition. Subsequently, the right-of-use </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">asset is amortized on a straight-line basis during the lease term. We classify the right-of-use asset in other assets in our consolidated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">balance sheets.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Recognition of revenue arising from contracts with customers</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We recognize revenues associated with transactions arising from contracts with customers, excluding revenues subject to the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease accounting standard discussed in “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:198.44pt;position:var(--position);text-decoration:none;white-space:pre">Lease accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:268.93pt;position:var(--position);text-decoration:none;white-space:pre">” above, in accordance with the revenue recognition accounting standard. A </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">customer is distinguished from a noncustomer by the nature of the goods or services that are transferred. Customers are provided with </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:669.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">goods or services that are generated by a company’s ordinary output activities, whereas noncustomers are provided with nonfinancial </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:680.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">assets that are outside of a company’s ordinary output activities.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-20" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We generally recognize revenue representing the transfer of goods and services to customers in an amount that reflects the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consideration to which we expect to be entitled in the exchange. In order to determine the recognition of revenue from customer </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">contracts, we use a five-step model to (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">not occur, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">satisfy the performance obligation.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:127.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We identify contractual performance obligations and determine whether revenue should be recognized at a point in time or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">over time, based on when control of goods and services transfers to a customer. We consider whether we control the goods or services </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:148.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">prior to the transfer to the customer in order to determine whether we should account for the arrangement as a principal or agent. If we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:159.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">determine that we control the goods or services provided to the customer, then we are the principal to the transaction, and we recognize </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:170.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the gross amount of consideration expected in the exchange. If we simply arrange but do not control the goods or services being </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:181.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transferred to the customer, then we are considered to be an agent to the transaction, and we recognize the net amount of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consideration we are entitled to retain in the exchange.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:213.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Total revenues subject to the revenue recognition accounting standard and classified within income from rentals in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:224.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations for the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:217.94pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:388.41pt;position:var(--position);text-decoration:none;white-space:pre"> included</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:424.39pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:426.89pt;position:var(--position);text-decoration:none;white-space:pre">$12.9 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:477.34pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:497.34pt;position:var(--position);text-decoration:none;white-space:pre">$24.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:547.79pt;position:var(--position);text-decoration:none;white-space:pre">, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:235.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">respectively, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:87.81pt;position:var(--position);text-decoration:none;white-space:pre">primarily related to short-term parking revenues associated with long-term lease agreements. Short-term parking revenues </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">do not qualify for the single component accounting policy, as discussed in “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:333.22pt;position:var(--position);text-decoration:none;white-space:pre">Lessor accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:406.2pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:256.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting policies,” due to the difference in the timing and pattern of transfer of our parking service obligations and associated lease </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:267.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">components within the same lease agreement. We recognize short-term parking revenues in accordance with the revenue recognition </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:278.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting standard when the service is provided and the performance obligation is satisfied, which normally occurs at a point in time.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Monitoring of tenant credit quality</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:321.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">During the term of each lease, we monitor the credit quality and any related material changes of our tenants by (i) monitoring </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:332.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the credit rating of tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:343.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenants that are publicly available or that are required to be delivered to us pursuant to the applicable lease, (iii) monitoring news </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">reports regarding our tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Notes receivable</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:397.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We carry notes receivable at amortized cost, adjusted for an estimated provision for expected credit losses. Interest income on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">notes receivable is recognized using the effective interest rate method and is classified within other income in our consolidated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:418.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">statements of operations. Direct costs incurred in originating notes, along with any premium or discount, are deferred and amortized as </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:429.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">an adjustment to interest income over the note’s term using the effective interest rate method. Notes receivable are classified within </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:440.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">other assets in our consolidated balance sheets. Refer to Note 8 – “Other assets” to our unaudited consolidated financial statements for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:451.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">additional details.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Provision for expected credit losses</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:490.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We are required to estimate and recognize lifetime expected losses, rather than incurred losses, for most financial assets </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:501.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">measured at amortized cost and certain other instruments, including trade, notes, and other receivables (excluding receivables arising </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:512.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">from operating leases), loans, held-to-maturity debt securities, net investments in leases arising from sales-type and direct financing </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:523.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">leases, and off-balance-sheet credit exposures (e.g., loan commitments). The recognition of such expected losses, even if the expected </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">risk of credit loss is remote, typically results in earlier recognition of credit losses. At each reporting date, we reassess our provision for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:544.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">expected credit losses, and, if necessary, we recognize an adjustment for our current estimate of expected credit losses. Refer to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:555.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Note 5 – “Leases” and Note 8 – “Other assets” to our unaudited consolidated financial statements for additional details.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:577.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">An assessment of the collectibility of operating lease payments and the recognition of an adjustment to lease income based on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">this assessment is governed by the lease accounting standard discussed in “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:341.4pt;position:var(--position);text-decoration:none;white-space:pre">Lease accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.89pt;position:var(--position);text-decoration:none;white-space:pre">” earlier in Note 2 — “Summary of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:598.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">significant accounting policies” to our unaudited consolidated financial statements.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Income taxes</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We are organized and operate as a REIT pursuant to the Internal Revenue Code (the “Code”). Under the Code, a REIT that </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:652.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">distributes at least</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108.46pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:110.96pt;position:var(--position);text-decoration:none;white-space:pre">90%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:128.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> of its REIT taxable</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:204.76pt;position:var(--position);text-decoration:none;white-space:pre"> income</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:236.24pt;position:var(--position);text-decoration:none;white-space:pre"> to its stockholders annually (excluding net capital gains) and meets certain other </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:663.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">conditions is not subject to federal income tax on its distributed taxable income, but could be subject to certain federal, foreign, state, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:674.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and local taxes. We distribute </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:155.78pt;position:var(--position);text-decoration:none;white-space:pre">100%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:178.78pt;position:var(--position);text-decoration:none;white-space:pre"> of our taxable income annuall</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:298.72pt;position:var(--position);text-decoration:none;white-space:pre">y</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:303.22pt;position:var(--position);text-decoration:none;white-space:pre">; therefore, a provision for federal income taxes is not required. In </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:685.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">addition to our REIT returns, we file federal, foreign, state, and local tax returns for our subsidiaries. We file with jurisdictions located in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., Canada, and other international locations. Our tax returns are subject to routine examination in various jurisdictions for the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:706.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2020</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre"> through </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:91.49000000000001pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:111.49pt;position:var(--position);text-decoration:none;white-space:pre"> c</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:118.49pt;position:var(--position);text-decoration:none;white-space:pre">alendar years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:172.96pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Employee and non-employee share-based awards</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:73.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We have implemented an entity-wide accounting policy to account for forfeitures related to unmet service conditions of share-</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">based awards granted to employees and non-employees when they occur. Under this policy, when forfeitures occur, any previously </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:94.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">recognized expense related to those forfeited awards is reversed in the period of forfeiture. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:116.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our employee and non-employee share-based awards are measured at fair value on the grant date and recognized over the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:127.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">recipient’s required service period. For share-based awards with performance conditions, we continue to assess the probability of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">achieving the performance conditions and recognize expense only when it becomes probable that the performance targets will be met. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:148.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Conversely, for share-based awards with market conditions, expense is recognized regardless of whether the market condition is met. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:170.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Dividends paid on share-based awards with nonforfeitable dividends are initially classified in retained earnings and reclassified </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:181.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">to compensation cost only if the underlying awards are forfeited. Conversely, for share-based awards with forfeitable dividends, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">declared dividends are initially classified in retained earnings and in dividends payable within our consolidated balance sheets. If the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:202.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">underlying awards are forfeited, the corresponding accrued dividend is reversed in the period of forfeiture. Upon vesting of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:213.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">underlying share-based awards with forfeitable dividends, the accumulated dividend payment is made and the dividend payable liability </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:224.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">is settled. </span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Forward equity sales agreements</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:266.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">From time to time, we enter into forward equity sales agreements and account for them in accordance with the accounting </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:277.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">guidance governing financial instruments and derivatives. Under the accounting guidance, our forward equity sales agreements are not </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">deemed to be liabilities as they do not embody obligations to repurchase our shares, nor do they embody obligations to issue a variable </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:298.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">number of shares for which the monetary value is predominantly fixed, varied with something other than the fair value of our shares, or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:309.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">varied inversely in relation to our shares. We also evaluate whether the agreements meet the derivatives and hedging guidance scope </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:320.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">exception to be accounted for as equity instruments. Our forward equity sales agreements are classified as equity contracts based on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:331.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the following assessment: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">those related to the market for our own stock price and operations; and (ii) none of the settlement provisions preclude the agreements </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:352.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">from being indexed to our own stock. </span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Hedge accounting</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:393.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:36pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36pt"></span></span><span style="left:72pt;position:var(--position)">From time to time, we utilize derivative instruments to manage our exposure to certain risks, including interest rate and foreign </span></span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:404.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">currency exchange rate risks. We are exposed to foreign currency exchange rate risk related to our net investment in Canada. To </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:415.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">mitigate the impact of fluctuations in the USD-CAD exchange rate associated with our net investment in Canada, we use cross-currency </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:426pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">swap agreements designated and qualifying as net investment hedges under applicable derivatives and hedging standards. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:447.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We designate the USD-CAD cross-currency swap agreements as net investment hedges using the spot method to assess </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:457.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">hedge effectiveness. The spot component represents changes in fair value attributable to movements in the USD-CAD spot exchange </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:468.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">rate, which reflects the market exchange rate between the two currencies as of each reporting date. Changes in the fair value of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:478.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">designated spot component are recorded in other comprehensive income (loss) as part of the foreign currency translation adjustment, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:489pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">to the extent the relationship is highly effective, until the net investment is sold or substantially liquidated. The related amounts due from </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:499.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">or due to counterparties are included in other assets or in accounts payable, accrued expenses, and other liabilities, respectively, within </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:509.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">our consolidated balance sheet.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:530.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We elected to account for the forward points (the portion of the derivative’s fair value attributable to the difference between the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:541.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">forward exchange rate and spot exchange rate) as an excluded component in accordance with applicable derivatives and hedging </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:551.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting standards. The excluded component is recognized over the life of the cross-currency swap agreements using a systematic </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and rational basis (as interest settlements occur) and is classified within other income in our consolidated statement of operations.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Issuer and guarantor subsidiaries of guaranteed securities</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:601.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Generally, a parent entity of an issuer that holds guaranteed securities must provide separate subsidiary issuer or guarantor </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:612.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">financial statements, unless it qualifies for disclosure exceptions. A parent entity may be eligible for disclosure exceptions if it meets the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:623.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">following criteria:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:641.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The subsidiary issuer or guarantor is a consolidated subsidiary of the parent company, and</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:652.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The subsidiary issues a registered security that is:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:663pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">issued jointly and severally with the parent company, or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:673.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">fully and unconditionally guaranteed by the parent company.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:691.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">A parent entity that meets the above criteria may instead present summarized financial information (“alternative disclosures”) </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:702.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">either within the consolidated financial statements or in “Item 2. Management’s discussion and analysis of financial condition and results </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:713.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of operations” (“Item 2”). We evaluated the criteria and determined that we are eligible for the disclosure exceptions, which allow us to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:724.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">provide alternative disclosures; as such, we present alternative disclosures in Item 2.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Loan fees</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:79.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Fees incurred in obtaining long-term financing are capitalized and classified with the corresponding debt instrument appearing </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:90pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">on our consolidated balance sheets. Loan fees related to our unsecured senior line of credit are capitalized and classified within other </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:100.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">assets. Capitalized amounts are amortized over the term of the related loan, and the amortization is classified in interest expense in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:111.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Distributions from equity method investments</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:152.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We use the “nature of the distribution” approach to determine the classification within our consolidated statements of cash </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:163.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">flows of cash distributions received from equity method investments, including our unconsolidated real estate joint ventures and equity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">method non-real estate investments. Under this approach, distributions are classified based on the nature of the underlying activity that </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:184.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">generated the cash distributions. If we lack the information necessary to apply this approach in the future, we will be required to apply </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:195.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the “cumulative earnings” approach as an accounting change on a retrospective basis. Under the cumulative earnings approach, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:206.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">distributions up to the amount of cumulative equity in earnings recognized are classified as cash inflows from operating activities, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:217.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">those in excess of that amount are classified as cash inflows from investing activities.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Restricted cash</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:255.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We present cash and cash equivalents separately from restricted cash within our consolidated balance sheets. However, we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:266.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:277.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">in the consolidated statements of cash flows. We provide a reconciliation between the consolidated balance sheets and the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of cash flows, which is required when the balance includes more than one line item for cash, cash equivalents, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:298.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and restricted cash. We also provide a disclosure of the nature of the restrictions related to material restricted cash balances.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Recent accounting pronouncements</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On November 4, 2024, the FASB issued ASU 2024-03, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:292.95pt;position:var(--position);text-decoration:none;white-space:pre">Disaggregation of Income Statement Expenses</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:480.89pt;position:var(--position);text-decoration:none;white-space:pre">, which will require </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:352.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">entities to provide enhanced disclosures related to certain expense categories included in line items on the statement of operations. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:363.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">The ASU aims to increase transparency and provide investors with additional detailed information about the nature of expenses </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:374.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">reported on the face of the income statement. The new standard does not change the requirements for the presentation of expenses on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:385.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the face of the statement of operations. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:406.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Under this ASU, entities are required to disaggregate, in a tabular format, expense line items presented on the face of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:417.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">statement of operations — excluding earnings or losses from equity method investments — if they include any of the following expense </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:428.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">categories: employee compensation, depreciation, intangible asset amortization, depletion, and purchases of inventory. For any </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:439.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">remaining items within each relevant expense line item, entities must provide a qualitative description of the nature of those expenses. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">The new ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:460.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">December 15, 2027. Early adoption is permitted. We expect to adopt this ASU on January 1, 2027. Although the adoption is not </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:471.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">expected to have an impact on our financial statements, it is expected to result in incremental disclosures within the notes to our </span></div>consolidated financial statements. <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Consolidation</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:399.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">owned by us in accordance with the consolidation accounting guidance. Our evaluation considers all of our variable interests, including </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">equity ownership, as well as fees paid to us for our involvement in the management of each partially owned entity. To fall within the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:421.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">scope of the consolidation guidance, an entity must meet both of the following criteria:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The entity has a legal structure that has been established to conduct business activities and to hold assets; such entity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">can be in the form of a partnership, limited liability company, or corporation, among others; and</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">We have a variable interest in the legal entity — i.e., variable interests that are contractual, such as equity ownership, or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">other financial interests that change with changes in the fair value of the entity’s net assets.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If an entity does not meet both criteria above, we apply other accounting literature, such as the equity method of accounting. If </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">an entity does meet both criteria above, we evaluate such entity for consolidation under either the variable interest model if the legal </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">entity meets any of the characteristics below to qualify as a VIE, or under the voting model for all other legal entities that are not VIEs.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:536.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">A legal entity is determined to be a VIE if it has any of the following three characteristics:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:558pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">1)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The entity does not have sufficient equity to finance its activities without additional subordinated financial support;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:568.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">2)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The entity is established with non-substantive voting rights (i.e., the entity deprives the majority economic interest </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:579.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">holder(s) of voting rights); or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:590.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">3)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The equity holders, as a group, lack the characteristics of a controlling financial interest. Equity holders meet this criterion </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:601.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">if they lack any of the following:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">The power, through voting rights or similar rights, to direct the activities of the entity that most significantly influence </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:622.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">the entity’s economic performance, as evidenced by:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:633.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Substantive participating rights in day-to-day management of the entity’s activities; or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:644.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:126pt;position:var(--position);text-decoration:none;white-space:pre">Substantive kick-out rights over the party responsible for significant decisions;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:655.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">The obligation to absorb the entity’s expected losses; or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">The right to receive the entity’s expected residual returns.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-11" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">For an entity, including our real estate joint ventures, structured as a limited partnership or a limited liability company, our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">evaluation of whether the equity holders (equity partners other than the general partner or the managing member of a joint venture) lack </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(the noncontrolling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Participating rights provide the noncontrolling equity holders the ability to direct significant financial and operating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">decisions made in the ordinary course of business that most significantly influence the entity’s economic performance.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Kick-out rights allow the noncontrolling equity holders to remove the general partner or managing member without cause.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If we conclude that any of the three characteristics of a VIE is met, including that the equity holders lack the characteristics of a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude that the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">entity is a VIE and evaluate it for consolidation under the variable interest model.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Variable interest model</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits — that is, (i) we have the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">power to direct the activities of a VIE that most significantly influence the VIE’s economic performance (power) and (ii) we have the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE (benefits). We </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidate VIEs whenever we determine that we are the primary beneficiary. Refer to Note 4 – “Consolidated and unconsolidated real </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">estate joint ventures” and Note 7 – “Investments” to our unaudited consolidated financial statements for information on specific entities </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:280.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">that qualify as VIEs. If we have a variable interest in a VIE but are not the primary beneficiary, we account for our investment using the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">equity method.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Voting model</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If a legal entity fails to meet any of the three characteristics of a VIE (i.e., insufficiency of equity, existence of non-substantive </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">voting rights, or lack of a controlling financial interest), we then evaluate such entity under the voting model. Under the voting model, we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:356.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares (or own a majority of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">limited partnership’s kick-out rights through voting interests), and that other equity holders do not have substantive participating rights. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">information on specific real estate joint ventures that qualify for evaluation under the voting model.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Noncontrolling interests in consolidated real estate joint ventures</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Noncontrolling interests represent the third-party interests in consolidated real estate joint ventures in which we have a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">controlling interest. Certain of our partners’ noncontrolling interests have the right to require us to redeem their ownership interests in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the respective entities. We classify the ownership interests in these entities as redeemable noncontrolling interests outside of total </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">equity in our consolidated balance sheets. Redeemable noncontrolling interests are adjusted for additional contributions and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">distributions, the proportionate share of net earnings or losses, and other comprehensive income or loss. If the amount of a redeemable </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">noncontrolling interest is less than the maximum redemption value at the balance sheet date, such amount is adjusted to the maximum </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">redemption value. Subsequent declines in the redemption value are recognized only to the extent that previous increases have been </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">recognized.</span></div> <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Use of estimates</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">that affect the reported amounts of assets, liabilities, and equity; the disclosure of contingent assets and liabilities as of the date of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated financial statements; and the amounts of revenues and expenses during the reporting period. Actual results could </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">materially differ from those estimates.</span></div> <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Investments in real estate</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Evaluation of business combination or asset acquisition</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">must be accounted for as a business combination. An acquisition of an integrated set of assets and activities that does not meet the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">definition of a business is accounted for as an asset acquisition. If either of the following criteria is met, the integrated set of assets and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">activities acquired would not qualify as a business:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">of similar identifiable assets; or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction).</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">An acquired process is considered substantive if:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The process includes an organized workforce (or includes an acquired contract that provides access to an organized </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">workforce) that is skilled, knowledgeable, and experienced in performing the process;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The process cannot be replaced without significant cost, effort, or delay; or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The process is considered unique or scarce.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Generally, our acquisitions of real estate or in-substance real estate do not meet the definition of a business because </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">an acquired contract that cannot be replaced without significant cost, effort, or delay. When evaluating acquired service or management </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">contracts, we consider the nature of the services performed, the terms of the contract relative to similar arm’s-length contracts, and the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">availability of comparable vendors in evaluating whether the acquired contract constitutes a substantive process.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Recognition of real estate acquired</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:399.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">must be accounted for as a business combination. An acquisition of an integrated set of assets and activities that does not meet the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:421.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">definition of a business is accounted for as an asset acquisition.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">For acquisitions of real estate or in-substance real estate that are accounted for as business combinations, we allocate the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">acquisition consideration (excluding acquisition costs) to the assets acquired, liabilities assumed, noncontrolling interests, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">previously existing ownership interests at fair value as of the acquisition date. Assets include intangible assets such as tenant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">relationships, acquired in-place leases, and favorable intangibles associated with in-place leases in which we are the lessor. Liabilities </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">include unfavorable intangibles associated with in-place leases in which we are the lessor. In addition, for acquired in-place finance or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating leases in which we are the lessee, acquisition consideration is allocated to lease liabilities and related right-of-use assets, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms. Any excess (deficit) of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consideration transferred relative to the fair value of the net assets acquired is accounted for as goodwill (bargain purchase gain). </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Acquisition costs related to business combinations are expensed as incurred.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Generally, we expect that acquisitions of real estate or in-substance real estate will not meet the definition of a business </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">buildings, and related intangible assets). The accounting model for asset acquisitions is similar to the accounting model for business </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">combinations, except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">liabilities assumed on a relative fair value basis. Any excess (deficit) of the consideration transferred relative to the sum of the fair value </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:604.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of the assets acquired and liabilities assumed is allocated to the individual assets and liabilities based on their relative fair values. As a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:615.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. Incremental and external direct </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:626.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">acquisition costs related to acquisitions of real estate or in-substance real estate (such as legal and other third-party services) are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">capitalized.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-13" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We exercise judgment to determine the key assumptions used to allocate the purchase price of real estate acquired among its </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">components. The allocation of the consideration to the various components of properties acquired during the year can have an effect on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">our net income due to the useful depreciable and amortizable lives applicable to each component and the recognition of the related </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">depreciation and amortization expense in our consolidated statements of operations. We apply judgment in utilizing available </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">comparable market information to assess relative fair value. We assess the relative fair values of tangible and intangible assets and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">liabilities based on available comparable market information, including estimated replacement costs, rental rates, and recent market </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transactions. In addition, we may use estimated cash flow projections that utilize appropriate discount and capitalization rates. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Estimates of future cash flows are based on a number of factors, including the historical operating results, known and anticipated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">trends, and market/economic conditions that may affect the property.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The value of tangible assets acquired is based upon our estimation of fair value on an “as if vacant” basis. The value of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">acquired in-place leases includes the estimated costs during the hypothetical lease-up period and other costs that would have been </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">incurred in the execution of similar leases under the market conditions at the acquisition date of the acquired in-place lease. If there is a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">bargain fixed-rate renewal option for the period beyond the noncancelable lease term of an in-place lease, we evaluate intangible </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">factors, such as the business conditions in the industry in which the lessee operates, the economic conditions in the area in which the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">property is located, and the ability of the lessee to sublease the property during the renewal term, in order to determine the likelihood </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">that the lessee will renew. When we determine that the lessee is reasonably certain to exercise such bargain renewal option, we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consider the option in determining the intangible value of such lease and its related amortization period. We also recognize the relative </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">fair values of assets acquired, the liabilities assumed, and any noncontrolling interest in acquisitions of less than a 100% interest when </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the acquisition constitutes a change in control of the acquired entity. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:280.8pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Depreciation and amortization</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The values allocated to buildings and building improvements, land improvements, tenant improvements, and equipment are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">depreciated on a straight-line basis. For buildings and building improvements, we depreciate using the shorter of the respective ground </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease terms or their estimated useful lives, not to exceed</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:260.39pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:262.89pt;position:var(--position);text-decoration:none;white-space:pre">40 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:297.38pt;position:var(--position);text-decoration:none;white-space:pre">. Land improvements are depreciated over their estimated useful </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lives, not to exceed</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:112.98pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:115.48pt;position:var(--position);text-decoration:none;white-space:pre">20 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:149.97pt;position:var(--position);text-decoration:none;white-space:pre">. Tenant improvements are depreciated over their respective lease terms or estimated useful lives, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">equipment is depreciated over the shorter of the lease term or its estimated useful life. Right-of-use assets are amortized on a straight-</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:356.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">line basis over the remaining terms of each related lease. The values of acquired in-place leases and associated favorable intangibles </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., acquired above-market leases) are classified in other assets in our consolidated balance sheets and are amortized over the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">remaining terms of the related leases as a reduction of income from rentals in our consolidated statements of operations. The values of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">unfavorable intangibles (i.e., acquired below-market leases) associated with acquired in-place leases are classified in accounts </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:399.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">payable, accrued expenses, and other liabilities in our consolidated balance sheets and are amortized over the remaining terms of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">related leases as an increase in income from rentals in our consolidated statements of operations.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Capitalized project costs</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We capitalize project costs, including pre-construction costs, interest, property taxes, insurance, and other costs directly </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">related and essential to the development, redevelopment, pre-construction, or construction of a project. Capitalization of development, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">redevelopment, pre-construction, and construction costs is required while activities are ongoing to prepare an asset for its intended use. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Fluctuations in our development, redevelopment, pre-construction, and construction activities could result in significant changes to total </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">expenses and net income. Costs incurred after a project is substantially complete and ready for its intended use are expensed as </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">incurred. Should development, redevelopment, pre-construction, or construction activity cease, interest, property taxes, insurance, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">certain other costs would no longer be eligible for capitalization and would be expensed as incurred. Expenditures for repairs and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">maintenance are expensed as incurred.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Real estate sales</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:604.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:615.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">one year</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:70.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:626.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">plan will be withdrawn. Depreciation of assets ceases upon designation of a property as held for sale.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If the disposal of a property represents a strategic shift that has (or will have) a major effect on our operations or financial </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:669.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:680.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of an entity, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:691.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operations in our consolidated statements of operations, and amounts for all prior periods presented are reclassified from continuing </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:712.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">will typically not meet the criteria for classification as a discontinued operation.</span></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-14" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We recognize gains or losses on real estate sales in accordance with the accounting standard on the derecognition of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">nonfinancial assets arising from contracts with noncustomers. Our ordinary output activities consist of the leasing of space to our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenants in our operating properties, not the sales of real estate. Therefore, sales of real estate (in which we are the seller) qualify as </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">contracts with noncustomers. In our transactions with noncustomers, we apply certain recognition and measurement principles </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consistent with our method of recognizing revenue arising from contracts with customers. Derecognition of the asset is based on the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transfer of control. If a real estate sales contract includes our ongoing involvement with the property, then we evaluate each promised </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">good or service under the contract to determine whether it represents a separate performance obligation, constitutes a guarantee, or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">prevents the transfer of control. If a good or service is considered a separate performance obligation, an allocated portion of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transaction price is recognized as revenue as we transfer the related good or service to the buyer.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The recognition of gain or loss on the sale of a partial interest also depends on whether we retain a controlling or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">noncontrolling interest in the property. If we retain a controlling interest in the property upon completion of the sale, we continue to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">reflect the asset at its book value, record a noncontrolling interest for the book value of the partial interest sold, and recognize additional </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">paid-in capital for the difference between the consideration received and the partial interest at book value. Conversely, if we retain a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">noncontrolling interest upon completion of the sale of a partial interest of real estate, we recognize a gain or loss as if 100% of the asset </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">were sold.</span></div> P40Y P20Y P1Y <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Impairment of long-lived assets</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Prior to and subsequent to the end of each quarter, we review current activities and changes in the business conditions of all of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">our long-lived assets to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:280.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows, including, if </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">necessary, a probability-weighted approach if multiple outcomes are under consideration.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Long-lived assets to be held and used, including our rental properties, CIP, land held for development, right-of-use assets </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">related to operating leases in which we are the lessee, and intangibles, are individually evaluated for impairment when conditions exist </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:356.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">disposition of the asset. Triggering events or impairment indicators for long-lived assets to be held and used are assessed by project </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, projected rental </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:399.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">rates, estimated exit capitalization rates, and anticipated construction costs for projects under construction, which are based on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">available market information, current and historical operating results, known trends, current market/economic conditions that may affect </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:421.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the asset, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">are under consideration.  </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount of the asset to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">its estimated fair value. If an impairment charge is not required to be recognized, the recognition of depreciation or amortization is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">adjusted prospectively, as necessary, to reduce the carrying amount of the asset to its estimated disposition value over the remaining </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">period that the asset is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">redeveloped prior to the end of their useful lives.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We use the held for sale impairment model for our properties classified as held for sale, which is different from the held and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">used impairment model. Under the held for sale impairment model, an impairment charge is recognized if the carrying amount of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">long-lived asset classified as held for sale exceeds its fair value less cost to sell. Because of these two different models, it is possible for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">a long-lived asset previously classified as held and used to require the recognition of an impairment charge upon classification as held </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">for sale.</span></div> <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">International operations</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:604.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, in addition to operating properties in the U.S., we had</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:368.89pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:371.39pt;position:var(--position);text-decoration:none;white-space:pre">11</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:380.73pt;position:var(--position);text-decoration:none;white-space:pre"> pr</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:391.22pt;position:var(--position);text-decoration:none;white-space:pre">operties in Canada</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:466.68pt;position:var(--position);text-decoration:none;white-space:pre">. The functional currency </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:615.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">for our subsidiaries operating in the U.S. is the U.S. dollar. The local currency of a foreign subsidiary serves as its functional currency. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:626.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">The assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at the exchange rate in effect as of the financial </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">statement date. Revenue and expense accounts of our foreign subsidiaries are translated using the weighted-average exchange rate </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive income </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(loss) as a separate component of total equity and are excluded from net income (loss).</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-15" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Whenever a foreign investment meets the criteria for classification as held for sale, we evaluate the recoverability of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investment under the held for sale impairment model. We may recognize an impairment charge if the carrying amount of the investment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">exceeds its fair value less cost to sell. In determining an investment’s carrying amount, we consider its net book value and any </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">cumulative unrealized foreign currency translation adjustment related to the investment. The appropriate amounts of foreign exchange </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">rate gains or losses classified in accumulated other comprehensive income (loss) are reclassified to net income (loss) when realized </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">upon the sale of our investment or upon the complete or substantially complete liquidation of our investment.</span></div> 11 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Investments</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:556.38pt;position:var(--position);text-decoration:none;white-space:pre">As a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">REIT, we generally limit our ownership of each individual entity’s voting stock to less than </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:391.63pt;position:var(--position);text-decoration:none;white-space:pre">10%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:409.63pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:412.13pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:414.63pt;position:var(--position);text-decoration:none;white-space:pre">We evaluate each investment to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">determine whether we have the ability to exercise significant influence, but not control, over an investee. We evaluate investments in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">which our ownership is equal to or greater than 20%, but less than or equal to 50%, of an investee’s voting stock with a presumption </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">that we have this ability. For our investments in limited partnerships that maintain specific ownership accounts, we presume that such </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">ability exists when our ownership interest exceeds 3% to 5%. In addition to our ownership interest, we consider whether we have a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">board seat or whether we participate in the investee’s</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:248.23pt;position:var(--position);text-decoration:none;white-space:pre"> policy-making</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:305.68pt;position:var(--position);text-decoration:none;white-space:pre"> process, among other criteria, to determine if we have the ability to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">exert significant influence, but not control, over an investee. If we determine that we have such ability, we account for the investment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">under the equity method, as described below. From time to time, we may hold equity investments in publicly traded companies that are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">subject to temporary contractual sale restrictions. We do not recognize a discount related to a contractual sale restriction. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investments accounted for under the equity method </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Under the equity method of accounting, we initially recognize our investment at cost and subsequently adjust the carrying </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">amount of the investment for our share of earnings or losses reported by the investee, distributions received, and other-than-temporary </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">impairments.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:87.45pt;position:var(--position);text-decoration:none;white-space:pre"> For additional information about our investments accounted for under the equity method, refer to Note 7 – “Investments” to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">our unaudited consolidated financial statements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investments that do not qualify for the equity method of accounting</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">For investees over which we determine that we do not have the ability to exercise significant influence or control, we account </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">for each investment depending on whether it is an investment in a (i) publicly traded company, (ii) privately held entity that reports NAV </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">per share, or (iii) privately held entity that does not report NAV per share, as described below. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investments in publicly traded companies</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:200.42pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our investments in publicly traded companies are classified as investments with readily determinable fair values and are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">presented at fair value in our consolidated balance sheets, with changes in fair value classified in investment income (loss) in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations. The fair values for our investments in publicly traded companies are determined based on sales </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">prices or quotes available on securities exchanges.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investments in privately held companies</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:195.42pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our investments in privately held entities without readily determinable fair values consist of (i) investments in privately held </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">entities that report NAV per share and (ii) investments in privately held entities that do not report NAV per share. These investments are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounted for as follows:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:underline;white-space:pre">Investments in privately held entities that report NAV per share</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:320.71000000000004pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Investments in privately held entities that report NAV per share, such as our privately held investments in limited partnerships, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">are presented at fair value using NAV as a practical expedient, with changes in fair value classified in investment income (loss) in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations. We use NAV per share reported by limited partnerships generally without adjustment, unless we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:604.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">are aware of information indicating that the NAV reported by a limited partnership does not accurately reflect the fair value of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:615.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investment at our reporting date.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:underline;white-space:pre">Investments in privately held entities that do not report NAV per share</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:348.21pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Investments in privately held entities that do not report NAV per share are accounted for using a measurement alternative </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:669.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">under which these investments are measured at cost, adjusted for observable price changes and impairments, with changes classified </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:680.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">in investment income (loss) in our consolidated statements of operations.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-16" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">An observable price arises from an orderly transaction for an identical or similar investment of the same issuer, which is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">observed by an investor without expending undue cost and effort. Observable price changes result from, among other things, equity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transactions of the same issuer executed during the reporting period, including subsequent equity offerings or other reported equity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transactions related to the same issuer. To determine whether these transactions are indicative of an observable price change, we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">evaluate, among other factors, whether these transactions have similar rights and obligations, including voting rights, distribution </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">preferences, and conversion rights to the investments we hold.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:132.082pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre">I</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:8.9pt;font-style:normal;font-weight:bold;left:38.5pt;position:var(--position);text-decoration:none;top:-2.454pt;white-space:pre">mpairment evaluation of equity method investments and investments in privately held entities that do not report NAV per share</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:8.9pt;font-style:normal;font-weight:bold;left:575.33pt;position:var(--position);text-decoration:none;top:-2.454pt;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We monitor equity method investments and investments in privately held entities that do not report NAV per share for new </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">developments, including operating results, prospects and results of clinical trials, new product initiatives, new collaborative agreements, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">capital-raising events, and merger and acquisition activities. These investments are evaluated on the basis of a qualitative assessment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">for indicators of impairment by monitoring the presence of the following triggering events or impairment indicators: </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">a significant adverse change in the regulatory, economic, or technological environment of the investee; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">a significant adverse change in the general market condition, including the research and development of technology and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">products that the investee is bringing or attempting to bring to the market; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iv)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">significant concerns about the investee’s ability to continue as a going concern; and/or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(v)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">a decision by investors to cease providing support or reduce their financial commitment to the investee. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:280.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If such indicators are present, we are required to estimate the investment’s fair value and immediately recognize an </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investment income/loss recognition and classification </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We recognize both realized and unrealized gains and losses in our consolidated statements of operations, classified in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:344.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investment income (loss) in our consolidated statements of operations. Unrealized gains and losses represent:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:366.48pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">changes in fair value for investments in publicly traded companies; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:377.28pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">changes in NAV for investments in privately held entities that report NAV per share;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">observable price changes for investments in privately held entities that do not report NAV per share; and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:398.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iv)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">our share of unrealized gains or losses reported by our equity method investees. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:420.48pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Realized gains and losses on our investments represent the difference between proceeds received upon disposition of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:431.28pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investments and their historical or adjusted cost basis. For our equity method investments, realized gains and losses represent our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.08pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">share of realized gains or losses reported by the investee. Impairments are realized losses, which result in an adjusted cost basis, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:452.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">represent charges to reduce the carrying values of investments in privately held entities that do not report NAV per share and equity </span></div>method investments, if impairments are deemed other than temporary, to their estimated fair value. 0.10 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Revenues</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:506.88pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The table below provides details of our consolidated total revenues for the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:368.36pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:538.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:517.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span></div><div style="position:var(--position);top:534.48pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:232.5pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:72pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:75pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:72pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:72pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);width:150.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:150.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.83pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);width:147pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:147pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.45pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:14.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:14.25pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.5pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:14.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:14.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:57pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">629,408<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:57pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:31.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">722,935<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:57pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:20.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,270,067<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:57pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:20.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,454,356<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:71.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:50.63pt"></span></span><span style="left:53.260000000000005pt;position:var(--position)">892<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:71.25pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:46.13pt"></span></span><span style="left:48.760000000000005pt;position:var(--position)">1,089<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:71.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:43.13pt"></span></span><span style="left:45.760000000000005pt;position:var(--position)">1,856<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:71.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:43.13pt"></span></span><span style="left:45.760000000000005pt;position:var(--position)">1,899<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:85.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:33.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">630,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:85.5pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">724,024<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:85.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:25.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,271,923<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:85.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:25.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,456,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the revenue recognition </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">accounting standard</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:99.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">12,910<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:99.75pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.13pt"></span></span><span style="left:43.760000000000005pt;position:var(--position)">13,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:99.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">24,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:99.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">24,199<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:123pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:123pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:33.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">643,210<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:123pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">737,279<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:123pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:25.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,296,223<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:123pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:25.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,480,454<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:137.25pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Other income</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:137.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">19,574<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:137.25pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.13pt"></span></span><span style="left:43.760000000000005pt;position:var(--position)">24,761<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:137.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">37,583<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:137.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">39,744<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:151.5pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total revenues</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:151.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">662,784<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:151.5pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:31.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">762,040<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:151.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:20.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,333,806<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:151.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:20.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,520,198<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-17" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">During the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:115.97pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:286.44pt;position:var(--position);text-decoration:none;white-space:pre">, revenues that were subject to the lease accounting standard </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">aggrega</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:68.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">ted </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:83.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">$630.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:139.44pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:159.44pt;position:var(--position);text-decoration:none;white-space:pre">$1.27 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.4pt;position:var(--position);text-decoration:none;white-space:pre">, respectively, and represented </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:332.19pt;position:var(--position);text-decoration:none;white-space:pre">95.1%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:357.69pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:377.69pt;position:var(--position);text-decoration:none;white-space:pre">95.4%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:403.19pt;position:var(--position);text-decoration:none;white-space:pre"> of our total revenues. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:492.66pt;position:var(--position);text-decoration:none;white-space:pre">During the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:536.63pt;position:var(--position);text-decoration:none;white-space:pre">three and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:165.98pt;position:var(--position);text-decoration:none;white-space:pre">, revenues that were subject to the lease accounting standard aggregated </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:461.4pt;position:var(--position);text-decoration:none;white-space:pre">$724.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:516.85pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">$1.46 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:83.96000000000001pt;position:var(--position);text-decoration:none;white-space:pre">, respectively, and represented </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:208.75pt;position:var(--position);text-decoration:none;white-space:pre">95.0%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:234.25pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:254.25pt;position:var(--position);text-decoration:none;white-space:pre">95.8%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:279.75pt;position:var(--position);text-decoration:none;white-space:pre"> of our total revenues</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:364.22pt;position:var(--position);text-decoration:none;white-space:pre">. Our other income consisted primarily of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">management fees and interest income earned during each period presented. For a detailed discussion related to our revenue streams, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">refer to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:69.97pt;position:var(--position);text-decoration:none;white-space:pre">Lease accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:140.45999999999998pt;position:var(--position);text-decoration:none;white-space:pre">” and “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:166.44pt;position:var(--position);text-decoration:none;white-space:pre">Recognition of revenue arising from contracts with customers</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:409.8pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting policies” to our unaudited consolidated financial statements.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The table below provides details of our consolidated total revenues for the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:368.36pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:538.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:517.68pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span></div><div style="position:var(--position);top:534.48pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:232.5pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:72pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:75pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:72pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:72pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);width:150.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:150.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.83pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);width:147pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:147pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.45pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:14.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:14.25pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.5pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:14.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:14.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:57pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">629,408<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:57pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:31.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">722,935<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:57pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:20.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,270,067<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:57pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:20.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,454,356<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:71.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:50.63pt"></span></span><span style="left:53.260000000000005pt;position:var(--position)">892<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:71.25pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:46.13pt"></span></span><span style="left:48.760000000000005pt;position:var(--position)">1,089<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:71.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:43.13pt"></span></span><span style="left:45.760000000000005pt;position:var(--position)">1,856<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:71.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:43.13pt"></span></span><span style="left:45.760000000000005pt;position:var(--position)">1,899<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:85.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:33.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">630,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:85.5pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">724,024<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:85.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:25.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,271,923<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:85.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:25.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,456,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the revenue recognition </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">accounting standard</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:99.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">12,910<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:99.75pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.13pt"></span></span><span style="left:43.760000000000005pt;position:var(--position)">13,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:99.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">24,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:99.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">24,199<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:123pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:123pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:33.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">643,210<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:123pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">737,279<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:123pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:25.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,296,223<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:123pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:25.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,480,454<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:137.25pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Other income</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:137.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">19,574<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:137.25pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.13pt"></span></span><span style="left:43.760000000000005pt;position:var(--position)">24,761<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:137.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">37,583<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:137.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">39,744<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:151.5pt;width:232.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:232.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total revenues</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:151.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">662,784<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:312pt;position:var(--position);top:151.5pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:31.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">762,040<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:151.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:20.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,333,806<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468pt;position:var(--position);top:151.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:20.63pt"></span></span><span style="left:28.259999999999998pt;position:var(--position)">1,520,198<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 629408000 722935000 1270067000 1454356000 892000 1089000 1856000 1899000 630300000 724024000 1271923000 1456255000 12910000 13255000 24300000 24199000 643210000 737279000 1296223000 1480454000 19574000 24761000 24761000 37583000 39744000 662784000 762040000 1333806000 1520198000 630300000 1270000000 0.951 0.954 724000000.0 1460000000 0.950 0.958 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Lease accounting</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Definition and classification of a lease</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">When we enter into a contract or amend an existing contract, we evaluate whether the contract meets the definition of a lease. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">To meet the definition of a lease, the contract must meet all three criteria:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">One party (lessor) must hold an identified asset;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">throughout the period of the contract; and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We classify our leases as either finance leases or operating leases if we are the lessee, or sales-type, direct financing, or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:280.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating leases if we are the lessor. We use the following criteria to determine if a lease is a finance lease (as a lessee) or sales-type </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">or direct financing lease (as a lessor):</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Ownership is transferred from lessor to lessee by the end of the lease term;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">An option to purchase is reasonably certain to be exercised;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The lease term is for the major part of the underlying asset’s remaining economic life;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iv)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The present value of lease payments equals or exceeds substantially all of the fair value of the underlying asset; or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:356.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(v)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The underlying asset is specialized and is expected to have no alternative use at the end of the lease term.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If a lease meets any of the above criteria, we account for it as a finance, a sales-type, or a direct financing lease. If a lease </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">does not meet any of the criteria, we account for it as an operating lease.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">A lease is accounted for as a sales-type lease if it is considered to transfer control of the underlying asset to the lessee. A </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:421.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease is accounted for as a direct financing lease if risks and rewards are conveyed without the transfer of control, which is normally </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">indicated by the existence of a residual value guarantee from an unrelated third party other than the lessee.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">This classification will determine the method of recognition of the lease:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">For an operating lease, we recognize income from rentals if we are the lessor, or rental operations expense if we are the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">lessee, over the term of the lease on a straight-line basis.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">For a sales-type lease or a direct financing lease, we recognize the income from rentals, or for a finance lease, we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">recognize rental operations expense, over the term of the lease using the effective interest method.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">At inception of a sales-type lease or a direct financing lease, if we determine the fair value of the leased property is lower </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">than its carrying amount, we recognize a selling loss immediately at lease commencement. If fair value exceeds the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">carrying amount of a lease, a gain is recognized at lease commencement on a sales-type lease. For a direct financing </span></div>lease, a gain is deferred at lease commencement and amortized over the lease term. <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Lessor accounting</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Costs to execute leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We capitalize initial direct costs, which represent only incremental costs to execute a lease that would not have been incurred </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">if the lease had not been obtained. Costs that we incur to negotiate or arrange a lease, regardless of its outcome, such as for fixed </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">employee compensation, tax or legal advice to negotiate lease terms, and other costs, are expensed as incurred.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We account for the revenue from our lease contracts by utilizing the single component accounting policy. This policy requires </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">us to account for, by class of underlying asset, the lease component and nonlease component(s) associated with each lease as a single </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">component if two criteria are met:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The timing and pattern of transfer of the lease component and the nonlease component(s) are the same; and</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The lease component would be classified as an operating lease if it were accounted for separately.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Lease components consist primarily of fixed rental payments, which represent scheduled rental amounts due under our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">leases, and contingent rental payments. Nonlease components consist primarily of tenant recoveries representing reimbursements of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">rental operating expenses under our triple net lease structure, including recoveries for property taxes, insurance, utilities, repairs and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">maintenance, and common area expenses.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If the lease component is the predominant component, we account for all revenues under such lease as a single component in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accordance with the lease accounting standard. Conversely, if the nonlease component is the predominant component, all revenues </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">under such lease are accounted for in accordance with the revenue recognition accounting standard. Our operating leases qualify for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the single component accounting, and the lease component in each of our leases is predominant. Therefore, we account for all </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">revenues from our operating leases under the lease accounting standard and classify these revenues as income from rentals in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We commence recognition of income from rentals related to the operating leases at the date the property is ready for its </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">intended use by the tenant and the tenant takes possession or controls the physical use of the leased asset. When a lease includes </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">construction of improvements, we determine whether the improvements are landlord or tenant assets. In determining if the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:399.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">improvements are landlord or tenant improvements, we consider various factors, including, but not limited to, the following: </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:421.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Which party retains legal title to the improvements upon lease expiration;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Whether the improvements are expected to have significant residual value at the end of the lease term; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Whether the improvements are unique to the tenant;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">What happens to the improvements upon lease expiration (i.e., whether they are removed or preserved for the landlord);</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Which party bears all costs of the improvements (including the risk of cost overruns); and</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Which party supervises the construction of the improvements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If the improvements are landlord assets, we capitalize such improvements. If the improvements are tenant assets, we do not </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">capitalize these assets. Improvements that qualify as tenant assets, if funded by us, are accounted for as lease incentives and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">amortized as a reduction of revenue over the term of the lease. If the tenant funds improvements without reimbursement from us, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">we determine these improvements to be landlord assets, we consider the amount associated with the improvements to be non-cash </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease payments, which are recognized as incremental revenue over the term of the related lease. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals related to fixed rental payments under operating leases is recognized on a straight-line basis over the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">respective operating lease terms. We classify amounts expected to be received in later periods as deferred rent in our consolidated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">balance sheets. Amounts received currently but recognized as revenue in future periods are classified in accounts payable, accrued </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">expenses, and other liabilities in our consolidated balance sheets.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:615.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals related to variable payments includes tenant recoveries and contingent rental payments. Tenant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:626.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">recoveries, including reimbursements of utilities, repairs and maintenance, common area expenses, real estate taxes and insurance, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and other operating expenses, are recognized as revenue in the period during which the applicable expenses are incurred and the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenant’s obligation to reimburse us arises. Income from rentals related to other variable payments is recognized when associated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">contingencies are removed.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:680.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We assess collectibility of future lease payments from our tenants for each of our operating leases. If we determine that </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:691.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">collectibility is probable, we recognize income from rentals based on the methodology described above. If we determine that </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">collectibility is not probable, we recognize an adjustment to lower our income from rentals. Furthermore, we may recognize a general </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:712.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">allowance at a portfolio level (not the individual level) if we do not expect to collect future lease payments in full.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-19" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">For each lease for which we determine that collectibility of future lease payments is not probable, we cease the recognition of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">income from rentals on a straight-line basis and limit the recognition of income to the lesser of payments collected from the lessee or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease income that would have been recognized on a straight-line basis. We do not resume straight-line recognition of income from </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">rentals for these leases until we determine that the collectibility of future payments related to these leases is probable. We also record a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">general allowance related to the deferred rent balances that at the portfolio level (not the individual level) are not expected to be </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">collected in full through the lease term. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:191.92pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:214.92pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:271.91999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:291.91999999999996pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:370.89pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:375.89pt;position:var(--position);text-decoration:none;white-space:pre">o</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:380.89pt;position:var(--position);text-decoration:none;white-space:pre">ur </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:391.38pt;position:var(--position);text-decoration:none;white-space:pre">general allowance balance aggregated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">$18.8 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:86.45pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.45pt;position:var(--position);text-decoration:none;white-space:pre">$14.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:156.9pt;position:var(--position);text-decoration:none;white-space:pre">, respectively.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals related to direct financing and sales-type leases is recognized over the lease term using the effective </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">interest rate method. At lease commencement, we derecognize the underlying asset classified within investments in real estate and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">record net investment in a lease within other assets in our consolidated balance sheets. This initial net investment is determined by </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">aggregating the present values of the total future lease payments and the estimated residual value of the property, less any unearned </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">income related to a direct financing lease. Over the lease term, the investment in the lease accretes in value, producing a constant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">periodic rate of return on the net investment in the lease. Income from these leases is classified in income from rentals in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations. Lease payments received reduce the net investment in the lease.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We evaluate our net investment in direct financing and sales-type leases for impairment under the current expected credit </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">losses accounting standard. For additional information, refer to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:290.35pt;position:var(--position);text-decoration:none;white-space:pre">Provision for expected credit losses</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:431.78pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">significant accounting policies” to our unaudited consolidated financial statements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As a lessor, we classify a lease with variable lease payments that do not depend on an index or a rate as an operating lease </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">on the commencement date of the lease if both of the following criteria are met:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The lease would have been classified as a sales-type lease or direct financing lease under the current lease accounting </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">standard; and</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The sales-type lease or direct financing lease classification would have resulted in a selling loss at lease commencement.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We do not derecognize the underlying asset and do not recognize a loss upon lease commencement but continue to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">depreciate the underlying asset over its useful life.</span></div> 18800000 14300000 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Lessee accounting</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:421.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We have operating lease agreements in which we are the lessee consisting of ground and office leases. At the lease </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">commencement date (or at the acquisition date if the lease is acquired as part of a real estate acquisition), we are required to recognize </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">a liability to account for our future obligations under these operating leases, and a corresponding right-of-use asset.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The lease liability is measured based on the present value of the future lease payments, including payments during the term </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">under our extension options that we are reasonably certain to exercise. The present value of the future lease payments is calculated for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">each operating lease using each respective remaining lease term and a corresponding estimated incremental borrowing rate, which is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the lease payments. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">date to the lease liability balance as of the beginning of the period and is reduced by the payments made during the period. We classify </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the operating lease liability in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The right-of-use asset is measured based on the corresponding lease liability, adjusted for initial direct leasing costs and any </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">other consideration exchanged with the landlord prior to the commencement of the lease, as well as adjustments to reflect favorable or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">unfavorable terms of an acquired lease when compared with market terms at the time of acquisition. Subsequently, the right-of-use </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">asset is amortized on a straight-line basis during the lease term. We classify the right-of-use asset in other assets in our consolidated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">balance sheets.</span></div> <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Recognition of revenue arising from contracts with customers</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We recognize revenues associated with transactions arising from contracts with customers, excluding revenues subject to the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease accounting standard discussed in “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:198.44pt;position:var(--position);text-decoration:none;white-space:pre">Lease accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:268.93pt;position:var(--position);text-decoration:none;white-space:pre">” above, in accordance with the revenue recognition accounting standard. A </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">customer is distinguished from a noncustomer by the nature of the goods or services that are transferred. Customers are provided with </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:669.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">goods or services that are generated by a company’s ordinary output activities, whereas noncustomers are provided with nonfinancial </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:680.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">assets that are outside of a company’s ordinary output activities.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-20" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We generally recognize revenue representing the transfer of goods and services to customers in an amount that reflects the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consideration to which we expect to be entitled in the exchange. In order to determine the recognition of revenue from customer </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">contracts, we use a five-step model to (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">not occur, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">satisfy the performance obligation.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:127.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We identify contractual performance obligations and determine whether revenue should be recognized at a point in time or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">over time, based on when control of goods and services transfers to a customer. We consider whether we control the goods or services </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:148.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">prior to the transfer to the customer in order to determine whether we should account for the arrangement as a principal or agent. If we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:159.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">determine that we control the goods or services provided to the customer, then we are the principal to the transaction, and we recognize </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:170.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the gross amount of consideration expected in the exchange. If we simply arrange but do not control the goods or services being </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:181.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transferred to the customer, then we are considered to be an agent to the transaction, and we recognize the net amount of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consideration we are entitled to retain in the exchange.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:213.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Total revenues subject to the revenue recognition accounting standard and classified within income from rentals in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:224.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations for the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:217.94pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:388.41pt;position:var(--position);text-decoration:none;white-space:pre"> included</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:424.39pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:426.89pt;position:var(--position);text-decoration:none;white-space:pre">$12.9 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:477.34pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:497.34pt;position:var(--position);text-decoration:none;white-space:pre">$24.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:547.79pt;position:var(--position);text-decoration:none;white-space:pre">, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:235.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">respectively, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:87.81pt;position:var(--position);text-decoration:none;white-space:pre">primarily related to short-term parking revenues associated with long-term lease agreements. Short-term parking revenues </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">do not qualify for the single component accounting policy, as discussed in “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:333.22pt;position:var(--position);text-decoration:none;white-space:pre">Lessor accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:406.2pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:256.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting policies,” due to the difference in the timing and pattern of transfer of our parking service obligations and associated lease </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:267.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">components within the same lease agreement. We recognize short-term parking revenues in accordance with the revenue recognition </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:278.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting standard when the service is provided and the performance obligation is satisfied, which normally occurs at a point in time.</span></div> 12900000 24300000 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Monitoring of tenant credit quality</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:321.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">During the term of each lease, we monitor the credit quality and any related material changes of our tenants by (i) monitoring </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:332.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the credit rating of tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:343.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenants that are publicly available or that are required to be delivered to us pursuant to the applicable lease, (iii) monitoring news </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">reports regarding our tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments.</span></div> <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Notes receivable</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:397.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We carry notes receivable at amortized cost, adjusted for an estimated provision for expected credit losses. Interest income on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">notes receivable is recognized using the effective interest rate method and is classified within other income in our consolidated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:418.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">statements of operations. Direct costs incurred in originating notes, along with any premium or discount, are deferred and amortized as </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:429.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">an adjustment to interest income over the note’s term using the effective interest rate method. Notes receivable are classified within </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:440.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">other assets in our consolidated balance sheets. Refer to Note 8 – “Other assets” to our unaudited consolidated financial statements for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:451.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">additional details.</span></div> <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Provision for expected credit losses</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:490.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We are required to estimate and recognize lifetime expected losses, rather than incurred losses, for most financial assets </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:501.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">measured at amortized cost and certain other instruments, including trade, notes, and other receivables (excluding receivables arising </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:512.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">from operating leases), loans, held-to-maturity debt securities, net investments in leases arising from sales-type and direct financing </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:523.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">leases, and off-balance-sheet credit exposures (e.g., loan commitments). The recognition of such expected losses, even if the expected </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">risk of credit loss is remote, typically results in earlier recognition of credit losses. At each reporting date, we reassess our provision for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:544.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">expected credit losses, and, if necessary, we recognize an adjustment for our current estimate of expected credit losses. Refer to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:555.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Note 5 – “Leases” and Note 8 – “Other assets” to our unaudited consolidated financial statements for additional details.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:577.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">An assessment of the collectibility of operating lease payments and the recognition of an adjustment to lease income based on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">this assessment is governed by the lease accounting standard discussed in “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:341.4pt;position:var(--position);text-decoration:none;white-space:pre">Lease accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.89pt;position:var(--position);text-decoration:none;white-space:pre">” earlier in Note 2 — “Summary of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:598.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">significant accounting policies” to our unaudited consolidated financial statements.</span></div> <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Income taxes</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We are organized and operate as a REIT pursuant to the Internal Revenue Code (the “Code”). Under the Code, a REIT that </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:652.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">distributes at least</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108.46pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:110.96pt;position:var(--position);text-decoration:none;white-space:pre">90%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:128.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> of its REIT taxable</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:204.76pt;position:var(--position);text-decoration:none;white-space:pre"> income</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:236.24pt;position:var(--position);text-decoration:none;white-space:pre"> to its stockholders annually (excluding net capital gains) and meets certain other </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:663.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">conditions is not subject to federal income tax on its distributed taxable income, but could be subject to certain federal, foreign, state, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:674.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and local taxes. We distribute </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:155.78pt;position:var(--position);text-decoration:none;white-space:pre">100%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:178.78pt;position:var(--position);text-decoration:none;white-space:pre"> of our taxable income annuall</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:298.72pt;position:var(--position);text-decoration:none;white-space:pre">y</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:303.22pt;position:var(--position);text-decoration:none;white-space:pre">; therefore, a provision for federal income taxes is not required. In </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:685.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">addition to our REIT returns, we file federal, foreign, state, and local tax returns for our subsidiaries. We file with jurisdictions located in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the U.S., Canada, and other international locations. Our tax returns are subject to routine examination in various jurisdictions for the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:706.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2020</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre"> through </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:91.49000000000001pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:111.49pt;position:var(--position);text-decoration:none;white-space:pre"> c</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:118.49pt;position:var(--position);text-decoration:none;white-space:pre">alendar years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:172.96pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> 0.90 1 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Employee and non-employee share-based awards</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:73.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We have implemented an entity-wide accounting policy to account for forfeitures related to unmet service conditions of share-</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">based awards granted to employees and non-employees when they occur. Under this policy, when forfeitures occur, any previously </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:94.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">recognized expense related to those forfeited awards is reversed in the period of forfeiture. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:116.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our employee and non-employee share-based awards are measured at fair value on the grant date and recognized over the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:127.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">recipient’s required service period. For share-based awards with performance conditions, we continue to assess the probability of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">achieving the performance conditions and recognize expense only when it becomes probable that the performance targets will be met. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:148.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Conversely, for share-based awards with market conditions, expense is recognized regardless of whether the market condition is met. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:170.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Dividends paid on share-based awards with nonforfeitable dividends are initially classified in retained earnings and reclassified </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:181.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">to compensation cost only if the underlying awards are forfeited. Conversely, for share-based awards with forfeitable dividends, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">declared dividends are initially classified in retained earnings and in dividends payable within our consolidated balance sheets. If the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:202.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">underlying awards are forfeited, the corresponding accrued dividend is reversed in the period of forfeiture. Upon vesting of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:213.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">underlying share-based awards with forfeitable dividends, the accumulated dividend payment is made and the dividend payable liability </span></div>is settled. <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Forward equity sales agreements</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:266.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">From time to time, we enter into forward equity sales agreements and account for them in accordance with the accounting </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:277.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">guidance governing financial instruments and derivatives. Under the accounting guidance, our forward equity sales agreements are not </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">deemed to be liabilities as they do not embody obligations to repurchase our shares, nor do they embody obligations to issue a variable </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:298.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">number of shares for which the monetary value is predominantly fixed, varied with something other than the fair value of our shares, or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:309.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">varied inversely in relation to our shares. We also evaluate whether the agreements meet the derivatives and hedging guidance scope </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:320.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">exception to be accounted for as equity instruments. Our forward equity sales agreements are classified as equity contracts based on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:331.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the following assessment: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">those related to the market for our own stock price and operations; and (ii) none of the settlement provisions preclude the agreements </span></div>from being indexed to our own stock. <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Hedge accounting</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:393.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:36pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36pt"></span></span><span style="left:72pt;position:var(--position)">From time to time, we utilize derivative instruments to manage our exposure to certain risks, including interest rate and foreign </span></span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:404.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">currency exchange rate risks. We are exposed to foreign currency exchange rate risk related to our net investment in Canada. To </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:415.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">mitigate the impact of fluctuations in the USD-CAD exchange rate associated with our net investment in Canada, we use cross-currency </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:426pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">swap agreements designated and qualifying as net investment hedges under applicable derivatives and hedging standards. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:447.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We designate the USD-CAD cross-currency swap agreements as net investment hedges using the spot method to assess </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:457.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">hedge effectiveness. The spot component represents changes in fair value attributable to movements in the USD-CAD spot exchange </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:468.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">rate, which reflects the market exchange rate between the two currencies as of each reporting date. Changes in the fair value of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:478.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">designated spot component are recorded in other comprehensive income (loss) as part of the foreign currency translation adjustment, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:489pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">to the extent the relationship is highly effective, until the net investment is sold or substantially liquidated. The related amounts due from </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:499.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">or due to counterparties are included in other assets or in accounts payable, accrued expenses, and other liabilities, respectively, within </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:509.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">our consolidated balance sheet.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:530.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We elected to account for the forward points (the portion of the derivative’s fair value attributable to the difference between the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:541.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">forward exchange rate and spot exchange rate) as an excluded component in accordance with applicable derivatives and hedging </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:551.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting standards. The excluded component is recognized over the life of the cross-currency swap agreements using a systematic </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and rational basis (as interest settlements occur) and is classified within other income in our consolidated statement of operations.</span></div> <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Issuer and guarantor subsidiaries of guaranteed securities</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:601.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Generally, a parent entity of an issuer that holds guaranteed securities must provide separate subsidiary issuer or guarantor </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:612.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">financial statements, unless it qualifies for disclosure exceptions. A parent entity may be eligible for disclosure exceptions if it meets the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:623.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">following criteria:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:641.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The subsidiary issuer or guarantor is a consolidated subsidiary of the parent company, and</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:652.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The subsidiary issues a registered security that is:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:663pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">issued jointly and severally with the parent company, or</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:673.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">fully and unconditionally guaranteed by the parent company.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:691.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">A parent entity that meets the above criteria may instead present summarized financial information (“alternative disclosures”) </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:702.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">either within the consolidated financial statements or in “Item 2. Management’s discussion and analysis of financial condition and results </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:713.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of operations” (“Item 2”). We evaluated the criteria and determined that we are eligible for the disclosure exceptions, which allow us to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:724.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">provide alternative disclosures; as such, we present alternative disclosures in Item 2.</span></div> <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Loan fees</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:79.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Fees incurred in obtaining long-term financing are capitalized and classified with the corresponding debt instrument appearing </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:90pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">on our consolidated balance sheets. Loan fees related to our unsecured senior line of credit are capitalized and classified within other </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:100.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">assets. Capitalized amounts are amortized over the term of the related loan, and the amortization is classified in interest expense in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:111.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations.</span></div> <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Distributions from equity method investments</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:152.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We use the “nature of the distribution” approach to determine the classification within our consolidated statements of cash </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:163.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">flows of cash distributions received from equity method investments, including our unconsolidated real estate joint ventures and equity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">method non-real estate investments. Under this approach, distributions are classified based on the nature of the underlying activity that </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:184.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">generated the cash distributions. If we lack the information necessary to apply this approach in the future, we will be required to apply </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:195.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the “cumulative earnings” approach as an accounting change on a retrospective basis. Under the cumulative earnings approach, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:206.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">distributions up to the amount of cumulative equity in earnings recognized are classified as cash inflows from operating activities, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:217.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">those in excess of that amount are classified as cash inflows from investing activities.</span></div> <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Restricted cash</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:255.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We present cash and cash equivalents separately from restricted cash within our consolidated balance sheets. However, we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:266.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:277.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">in the consolidated statements of cash flows. We provide a reconciliation between the consolidated balance sheets and the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of cash flows, which is required when the balance includes more than one line item for cash, cash equivalents, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:298.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and restricted cash. We also provide a disclosure of the nature of the restrictions related to material restricted cash balances.</span></div> <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Recent accounting pronouncements</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On November 4, 2024, the FASB issued ASU 2024-03, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:292.95pt;position:var(--position);text-decoration:none;white-space:pre">Disaggregation of Income Statement Expenses</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:480.89pt;position:var(--position);text-decoration:none;white-space:pre">, which will require </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:352.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">entities to provide enhanced disclosures related to certain expense categories included in line items on the statement of operations. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:363.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">The ASU aims to increase transparency and provide investors with additional detailed information about the nature of expenses </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:374.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">reported on the face of the income statement. The new standard does not change the requirements for the presentation of expenses on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:385.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the face of the statement of operations. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:406.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Under this ASU, entities are required to disaggregate, in a tabular format, expense line items presented on the face of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:417.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">statement of operations — excluding earnings or losses from equity method investments — if they include any of the following expense </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:428.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">categories: employee compensation, depreciation, intangible asset amortization, depletion, and purchases of inventory. For any </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:439.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">remaining items within each relevant expense line item, entities must provide a qualitative description of the nature of those expenses. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">The new ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:460.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">December 15, 2027. Early adoption is permitted. We expect to adopt this ASU on January 1, 2027. Although the adoption is not </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:471.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">expected to have an impact on our financial statements, it is expected to result in incremental disclosures within the notes to our </span></div>consolidated financial statements. <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our consolidated investments in real estate consisted of the following as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:371.87pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.87pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:448.87pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:527.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre"> (in </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">thousands):</span></div><div style="position:var(--position);top:86.4pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:344.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:93.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:93.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:18.37pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Rental properties:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Land (related to rental properties)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:28.5pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">3,630,519<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:28.5pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">3,204,479<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Buildings and building improvements</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:42.75pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">20,447,338<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:42.75pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">19,738,825<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Other improvements</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:57pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:47.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">4,605,876<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:57pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:47.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">4,371,720<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Rental properties</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:71.25pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">28,683,733<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:71.25pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">27,315,024<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Current and future development and redevelopment projects</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:85.5pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:47.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">6,446,196<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:85.5pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:47.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">6,788,464<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Gross investments in real estate </span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:99.75pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">35,129,929<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:99.75pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">34,103,488<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Less: accumulated depreciation</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:114pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:44.39pt"></span></span><span style="left:47.02pt;position:var(--position)">(6,460,716)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:114pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:44.39pt"></span></span><span style="left:47.02pt;position:var(--position)">(5,970,171)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:128.25pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);white-space:pre">Investments in real estate assets held for sale, less accumulated depreciation</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:317.75pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:128.25pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:54.88pt"></span></span><span style="left:57.510000000000005pt;position:var(--position)">456,682<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:128.25pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:54.88pt"></span></span><span style="left:57.510000000000005pt;position:var(--position)">556,679<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:142.5pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:142.5pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:37.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">29,125,895<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:142.5pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:37.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">28,689,996<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:249.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Refer to</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:78.87pt;position:var(--position);text-decoration:none;white-space:pre"> “Assets held for sale” below</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:166.32pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:277.35pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Assets held for sale</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:298.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we had </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:188.49pt;position:var(--position);text-decoration:none;white-space:pre">23</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:198.49pt;position:var(--position);text-decoration:none;white-space:pre"> operating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:240.97pt;position:var(--position);text-decoration:none;white-space:pre">properties</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:280.94pt;position:var(--position);text-decoration:none;white-space:pre"> aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:333.42pt;position:var(--position);text-decoration:none;white-space:pre">1.7 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:373.87pt;position:var(--position);text-decoration:none;white-space:pre"> RS</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:388.86pt;position:var(--position);text-decoration:none;white-space:pre">F</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:394.35pt;position:var(--position);text-decoration:none;white-space:pre"> and land parcels aggregating</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:512.8pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:515.3pt;position:var(--position);text-decoration:none;white-space:pre">2.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:555.75pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:558.25pt;position:var(--position);text-decoration:none;white-space:pre">SF</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:569.74pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:309.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">that were classified as held for sale. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:329.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The disposal of the properties classified as held for sale does not represent a strategic shift that has, or will have, a major </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:339.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">effect on our operations or financial results, as the dispositions relate to an individual asset or a group of assets across multiple markets </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:350.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and do not represent the exit from any significant market. Accordingly, these assets do not meet the criteria for classification as </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:361.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">discontinued operations. We cease depreciation of our properties upon their classification as held for sale.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:381.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table presents the components of net assets related to real estate investments that met the criteria for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:392.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">classification as held for sale as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:174.93pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:231.93pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:251.93pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:330.9pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span></div><div style="position:var(--position);top:411.95pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:351.75pt"></td><td style="padding:0;width:92.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:92.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.62pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:6.64pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:351.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:351.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate, less accumulated depreciation</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:14.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">456,682<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);top:14.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">556,679<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:29.25pt;width:351.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:351.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Other assets</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:29.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:58.38pt"></span></span><span style="left:61.010000000000005pt;position:var(--position)">73,267<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);top:29.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:58.38pt"></span></span><span style="left:61.010000000000005pt;position:var(--position)">37,859<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:44.25pt;width:351.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:351.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total assets</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:44.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">529,949<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);top:44.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">594,538<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:15pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:74.25pt;width:351.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:351.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total liabilities</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:74.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.39pt"></span></span><span style="left:63.02pt;position:var(--position)">(7,190)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);top:74.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:55.39pt"></span></span><span style="left:58.02pt;position:var(--position)">(12,235)</span></span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:89.25pt;width:351.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:351.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total accumulated other comprehensive loss (income)</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:89.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:58.38pt"></span></span><span style="left:61.010000000000005pt;position:var(--position)">33,027<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);top:89.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:67.89pt"></span></span><span style="left:70.52pt;position:var(--position)">(566)</span></span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:104.25pt;width:351.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:351.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net assets classified as held for sale</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:104.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">555,786<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);top:104.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">581,737<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:545.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">For additional information, refer to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:212.38pt;position:var(--position);text-decoration:none;white-space:pre">Real estate sales</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:281.35pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant accounting policies” to our unaudited </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:556pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated financial statements.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Sales of real estate assets and impairment of real estate</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:73.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre">Our completed dispositions of real estate assets during the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:317.4pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:447.38pt;position:var(--position);text-decoration:none;white-space:pre"> and in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:476.87pt;position:var(--position);text-decoration:none;white-space:pre">July 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:515.36pt;position:var(--position);text-decoration:none;white-space:pre"> consisted of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:45pt;position:var(--position);text-decoration:none;white-space:pre">the following (dollars in thousands):</span></div><div style="position:var(--position);top:95.8pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:158.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:136.5pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:38.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:36.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:42.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:45.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:48.75pt"></td><td style="padding:0;width:12.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:383.25pt;position:var(--position);width:91.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:91.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:17.11pt;position:var(--position);text-decoration:none;white-space:pre">Square Footage</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:478.5pt;position:var(--position);width:48.75pt"><div><div style="line-height:8pt;position:var(--position);top:18.25pt;width:48.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:4.17pt;position:var(--position);text-decoration:none;white-space:pre">Sales Price </span></div><div style="line-height:8pt;position:var(--position);top:26.25pt;width:48.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:3.29pt;position:var(--position);text-decoration:none;white-space:pre">(Our Share)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:21pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:158.25pt"><div><div style="line-height:8pt;position:var(--position);top:12pt;width:158.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Property</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:161.25pt;position:var(--position);top:14.25pt;width:136.5pt"><div><div style="line-height:8pt;position:var(--position);top:12pt;width:136.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:35.61pt;position:var(--position);text-decoration:none;white-space:pre">Submarket/Market</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:301.5pt;position:var(--position);top:14.25pt;width:38.25pt"><div><div style="line-height:8pt;position:var(--position);top:4pt;width:38.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:6.25pt;position:var(--position);text-decoration:none;white-space:pre">Date of </span></div><div style="line-height:8pt;position:var(--position);top:12pt;width:38.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.13pt;position:var(--position);text-decoration:none;white-space:pre">Sale</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:343.5pt;position:var(--position);top:14.25pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:4pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:5.05pt;position:var(--position);text-decoration:none;white-space:pre">Interest </span></div><div style="line-height:8pt;position:var(--position);top:12pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:10.38pt;position:var(--position);text-decoration:none;white-space:pre">Sold</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:383.25pt;position:var(--position);top:14.25pt;width:42.75pt"><div><div style="line-height:8pt;position:var(--position);top:12pt;width:42.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:3.84pt;position:var(--position);text-decoration:none;white-space:pre">Operating</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:429pt;position:var(--position);top:14.25pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:4pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:6.22pt;position:var(--position);text-decoration:none;white-space:pre">Land and </span></div><div style="line-height:8pt;position:var(--position);top:12pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.33pt;position:var(--position);text-decoration:none;white-space:pre">Future</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td colspan="3" style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:35.25pt;width:297.75pt"><div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:3.75pt;width:297.75pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Completed during </span><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:67.88pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:478.5pt;position:var(--position);top:35.25pt;width:48.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:48.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:18.29pt"></span></span><span style="left:25.36pt;position:var(--position)">7,350<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:60.75pt;width:158.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:158.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Completed in July 2026:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:73.5pt;width:158.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:158.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">3825 and 3875 Fabian Way</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:161.25pt;position:var(--position);top:73.5pt;width:136.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:136.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Palo Alto/San Francisco Bay Area</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:301.5pt;position:var(--position);top:73.5pt;width:38.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:38.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:5.8pt;position:var(--position);text-decoration:none;white-space:pre">7/14/26</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:343.5pt;position:var(--position);top:73.5pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:12.91pt;position:var(--position)"></span><span style="left:12.91pt;position:var(--position)">100%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:383.25pt;position:var(--position);top:73.5pt;width:42.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:42.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:7.85pt"></span></span><span style="left:10.48pt;position:var(--position)">228,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:429pt;position:var(--position);top:73.5pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:10.85pt"></span></span><span style="left:13.48pt;position:var(--position)">250,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:478.5pt;position:var(--position);top:73.5pt;width:48.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:48.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:13.85pt"></span></span><span style="left:16.48pt;position:var(--position)">163,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:478.5pt;position:var(--position);top:86.25pt;width:48.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:48.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:9.41pt"></span></span><span style="left:16.48pt;position:var(--position)">170,350<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:527.25pt;position:var(--position);top:86.25pt;width:12.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.037pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td></tr><tr style="height:3pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:202.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Represents the aggregate contractual sales price of our dispositions, which differs from sales proceeds disclosed in our consolidated statement of cash flows under </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:211.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">“Investing activities” (proceeds from sales of real estate), “Financing activities” (contributions from and sales of noncontrolling interests), and “Supplemental disclosure </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:219.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and non-cash investing and financing activities" (non-cash consideration) primarily due to the timing of payment, closing costs, and other sales adjustments such as </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">prorations of rents and expenses.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:244.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Impairment of real estate</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:266.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">During the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:115.97pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:245.95pt;position:var(--position);text-decoration:none;white-space:pre">, we recognized impairment charges aggre</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:415.85pt;position:var(--position);text-decoration:none;white-space:pre">gating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:442.84pt;position:var(--position);text-decoration:none;white-space:pre">$228.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:498.29pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:500.79pt;position:var(--position);text-decoration:none;white-space:pre"> classified within </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:277.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">impairment of real estate in our consolidated statement of operations, primarily related to the following assets: </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:298.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Greater Boston market</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:315.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:54pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">During the three months ended June 30, 2026, we recognized an additional impairment charge of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:461.33pt;position:var(--position);text-decoration:none;white-space:pre">$24.8 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:511.78pt;position:var(--position);text-decoration:none;white-space:pre"> related to one </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:326.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">vacant office property, aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:212.13pt;position:var(--position);text-decoration:none;white-space:pre">104,956</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:244.63pt;position:var(--position);text-decoration:none;white-space:pre"> RSF</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:264.12pt;position:var(--position);text-decoration:none;white-space:pre">, in the Cambridge submarket of our Greater Boston market, to reduce its </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:337.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">carrying amount to its updated estimated fair value less costs to sell of approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:412.33pt;position:var(--position);text-decoration:none;white-space:pre">$43.7 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:462.78pt;position:var(--position);text-decoration:none;white-space:pre"> based on recent </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">negotiations with a potential buyer. This asset was classified as held for sale in December 2025 following our assessment of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:358.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the project’s financial outlook, including the significant capital required to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:361.66pt;position:var(--position);text-decoration:none;white-space:pre">redevelop</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:401.14pt;position:var(--position);text-decoration:none;white-space:pre"> and lease the property. As a result, we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:369.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">decided to sell this asset and reinvest the sales proceeds in other projects with greater value-creation opportunities, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:380.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">recognized an impairment charge of</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:215.42pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:217.92pt;position:var(--position);text-decoration:none;white-space:pre">$105.7 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:273.37pt;position:var(--position);text-decoration:none;white-space:pre"> in December 202</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:344.33pt;position:var(--position);text-decoration:none;white-space:pre">5. We expect to complete the sale within 12 months</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:549.5899999999999pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:397.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">San Diego market</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:414pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Impairment charge of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:159.45pt;position:var(--position);text-decoration:none;white-space:pre">$64.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:209.9pt;position:var(--position);text-decoration:none;white-space:pre"> was recognized to reduce the carrying amount of a land parcel located outside of a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:424.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Megacampus aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:178.45999999999998pt;position:var(--position);text-decoration:none;white-space:pre">425,000</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:210.96pt;position:var(--position);text-decoration:none;white-space:pre"> SF</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:224.95pt;position:var(--position);text-decoration:none;white-space:pre"> in Sorrento Mesa, to its estimated fair value less costs to sell of approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:539.28pt;position:var(--position);text-decoration:none;white-space:pre">$43.1 </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:435.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:97.45pt;position:var(--position);text-decoration:none;white-space:pre">. The land parcel met the criteria for classification as held for sale as of June 30, 2026, following our reevaluation of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:446.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">capital required to develop the site and its alignment with our Megacampus strategy, resulting in our decision to monetize the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:457.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">asset and reallocate capital to other projects with greater value-creation opportunities. The asset is expected to be sold to a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">residential developer and we expect to complete the sale within the next 12 months.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:484.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Impairment charge of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:159.45pt;position:var(--position);text-decoration:none;white-space:pre">$28.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:209.9pt;position:var(--position);text-decoration:none;white-space:pre"> was recognized to reduce the carrying amounts of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:413.82pt;position:var(--position);text-decoration:none;white-space:pre">five</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:427.81pt;position:var(--position);text-decoration:none;white-space:pre"> operating properties, primarily </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:495.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comprising non-laboratory space, aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:257.4pt;position:var(--position);text-decoration:none;white-space:pre">95,814</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:284.9pt;position:var(--position);text-decoration:none;white-space:pre"> RSF</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:305.38pt;position:var(--position);text-decoration:none;white-space:pre"> and one land parcel aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:439.33pt;position:var(--position);text-decoration:none;white-space:pre">144,000</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:471.83pt;position:var(--position);text-decoration:none;white-space:pre"> SF</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:485.82pt;position:var(--position);text-decoration:none;white-space:pre"> in the Sorrento Valley </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:506.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">submarket of our San Diego market, to their estimated fair values less costs to sell of approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:470.29pt;position:var(--position);text-decoration:none;white-space:pre">$26.7 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:520.74pt;position:var(--position);text-decoration:none;white-space:pre">. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:525.5799999999999pt;position:var(--position);text-decoration:none;white-space:pre">These </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:517.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">assets met the criteria for classification as held for sale as of June 30, 2026, following our evaluation of the significant capital </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that would have been required to convert these properties through redevelopment for laboratory use and their alignment with </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:538.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">our Megacampus strategy, resulting in our decision to monetize these assets and reallocate capital to other projects with </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:549.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">greater value-creation opportunities. We expect to complete the sale within the next 12 months.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:566.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">San Francisco Bay Area market</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">During the three months ended June 30, 2026, we recognized an additional impairment charge of</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:458.83pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:461.33pt;position:var(--position);text-decoration:none;white-space:pre">$29.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:511.78pt;position:var(--position);text-decoration:none;white-space:pre"> related to one </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">future development project, aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:233.43pt;position:var(--position);text-decoration:none;white-space:pre">1.1 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:273.88pt;position:var(--position);text-decoration:none;white-space:pre"> SF,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:289.38pt;position:var(--position);text-decoration:none;white-space:pre"> in the SoMa submarket of our San Francisco Bay Area market. The </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:604.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">additional impairment charge was recognized to reduce the carrying amount of this asset to its updated estimated fair value </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:615.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">less costs to sell of approximately</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:205.93pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:208.43pt;position:var(--position);text-decoration:none;white-space:pre">$41.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:258.88pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:261.38pt;position:var(--position);text-decoration:none;white-space:pre">based on recent negotiations with a potential buyer. The asset was classified </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:626.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">as held for sale in December 2025 following our commitment to dispose of it and reinvest the sales proceeds in other projects </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">with greater value-creation opportunities, resulting in an impairment charge o</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:377.29pt;position:var(--position);text-decoration:none;white-space:pre">f </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:382.29pt;position:var(--position);text-decoration:none;white-space:pre">$333.4 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:437.74pt;position:var(--position);text-decoration:none;white-space:pre"> recognized in December 2025. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We expect to complete the sale within 12 months.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-25" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In June 2026, we entered into a purchase and sale agreement to sell a previously impaired future development project </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">aggregating</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:119.47999999999999pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.97999999999999pt;position:var(--position);text-decoration:none;white-space:pre">250,000</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:154.48000000000002pt;position:var(--position);text-decoration:none;white-space:pre"> SF and one operating property aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:331.41pt;position:var(--position);text-decoration:none;white-space:pre">228,000</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:363.91pt;position:var(--position);text-decoration:none;white-space:pre"> RSF</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:384.39pt;position:var(--position);text-decoration:none;white-space:pre"> in the Palo Alto submarket of our San </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Francisco Bay Area market. These assets were classified as held for sale in December 2025, at which time we recognized an </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">impairment charge of</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:156.44pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:158.94pt;position:var(--position);text-decoration:none;white-space:pre">$144.7 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:214.39pt;position:var(--position);text-decoration:none;white-space:pre">. We recognized a</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:286.7pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:289.2pt;position:var(--position);text-decoration:none;white-space:pre">$23.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:339.65pt;position:var(--position);text-decoration:none;white-space:pre"> partial reversal of the impairment charge to increase the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">carrying values of the assets to their aggregate sales price of</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:314.4pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:316.9pt;position:var(--position);text-decoration:none;white-space:pre">$163.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:372.35pt;position:var(--position);text-decoration:none;white-space:pre">, less costs to sel</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:440.83pt;position:var(--position);text-decoration:none;white-space:pre">l. This adjustment was recorded </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">as a partial offset to impairment of real estate in our consolidated statements of operations and did not exceed the cumulative </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">impairment previously recognized on these assets. T</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:281.73pt;position:var(--position);text-decoration:none;white-space:pre">he sale was completed in July 2026, with </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:447.15pt;position:var(--position);text-decoration:none;white-space:pre">no</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:457.15pt;position:var(--position);text-decoration:none;white-space:pre"> gain or loss recognized.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:135.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Canada (Non-cluster) market</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:152.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Impairment charge o</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:154.45pt;position:var(--position);text-decoration:none;white-space:pre">f </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:159.45pt;position:var(--position);text-decoration:none;white-space:pre">$61.6 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:209.9pt;position:var(--position);text-decoration:none;white-space:pre"> was recognized to reduce the carrying amount of one non-laboratory property aggregating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:163.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">247,743</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:104.5pt;position:var(--position);text-decoration:none;white-space:pre"> RSF i</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:129.47pt;position:var(--position);text-decoration:none;white-space:pre">n Canada, a non-cluster market, to its estimated fair value less costs to sell of approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:498.78pt;position:var(--position);text-decoration:none;white-space:pre">$42.4 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:549.23pt;position:var(--position);text-decoration:none;white-space:pre">. The </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">property met the criteria for classification as held for sale as of June 30, 2026, following our decision to sell the asset and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:184.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reallocate the substantial near-term capital that redeveloping the asset would have required toward other projects with greater </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:195.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">value-creation opportunities. We expect to complete the sale within the next 12 months. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:212.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In addition, we recognized an impairment charge of</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:275.89pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:278.39pt;position:var(--position);text-decoration:none;white-space:pre">$27.8 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:328.84pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:331.34pt;position:var(--position);text-decoration:none;white-space:pre">in connection with an amendment to the sales agreement for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:223.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">our Montreal portfolio, reducing its carrying amount to its estimated fair value less costs to sell of approximately</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:513.23pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:515.73pt;position:var(--position);text-decoration:none;white-space:pre">$134.5 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:571.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre">. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">This portfolio has been classified as held for sale since the fourth quarter of 2025. The disposition of our Canadian </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:527.62pt;position:var(--position);text-decoration:none;white-space:pre">portfolio</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:559.5899999999999pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:244.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">does not represent a strategic shift that has had, or will have, a major effect on our operations or financial results and, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:255.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">therefore, does not meet the criteria for classification as discontinued operations.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:272.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In determining the carrying amounts of the assets for the impairment analyses, we considered their net book values, estimated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:283.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">costs to sell, and the effect of approximately</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:246.78pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:249.28pt;position:var(--position);text-decoration:none;white-space:pre">$33.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:299.73pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:302.23pt;position:var(--position);text-decoration:none;white-space:pre">of cumulative net foreign currency translation losses recorded in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accumulated other comprehensive income. These losses are expected to be reclassified to earnings upon substantial </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:304.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">completion of the disposition of our Canada assets.</span></div><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Other</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:70.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">ARE‑East River Science Park, LLC (“ARE”), a subsidiary of Alexandria Real Estate Equities, Inc., holds an option granted in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:81.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2006 to incorporate a land parcel adjacent to and north of the Alexandria Center</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:353.38pt;position:var(--position);text-decoration:none;top:-2.293pt;vertical-align:super;white-space:pre">® </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:359.31pt;position:var(--position);text-decoration:none;white-space:pre">for Life Science – New York City campus (the “Option </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:92.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Parcel”) into the existing ground lease, which would allow for the future development of an additional life science building within the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:103.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">campus. ARE’s investment in pre‑construction costs related to the Option Parcel aggregated </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:405.27pt;position:var(--position);text-decoration:none;white-space:pre">$183.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:460.72pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:463.22pt;position:var(--position);text-decoration:none;white-space:pre">as of June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:542.22pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:124.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On August 6, 2024, ARE filed a lawsuit in the U.S. District Court for the Southern District of New York against New York City </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:135.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Health + Hospitals Corporation (“H+H”) and the New York City Economic Development Corporation (“EDC”) relating to disputes under </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:146.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the ground lease and option arrangements governing the Option Parcel. ARE filed an amended complaint on January 24, 2025, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:157.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">asserting claims for fraudulent inducement, breach of contract, breach of the implied covenant of good faith and fair dealing, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">declaratory relief concerning the continued validity of the option.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:189.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On March 27, 2026, the court granted defendants’ partial motion to dismiss the fraud in the inducement and implied covenant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:200.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of good faith and fair dealing claims. ARE intends to appeal this order at the appropriate time and to vigorously pursue its claims. The </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:211.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">court did not dismiss ARE’s claim for declaratory relief, which remains pending.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:232.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On April 10, 2026, H+H and EDC answered the amended complaint and asserted counterclaims seeking, among other things, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:243.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">declaratory relief relating to the alleged expiration of the option and entitlement to a </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:368.32pt;position:var(--position);text-decoration:none;white-space:pre">$5.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:413.77pt;position:var(--position);text-decoration:none;white-space:pre"> security deposit, and damages of at </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:254.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">least </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:57.489999999999995pt;position:var(--position);text-decoration:none;white-space:pre">$3.8 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:102.94pt;position:var(--position);text-decoration:none;white-space:pre">. As a result of the foregoing matters, the timing of any development of the Option Parcel is currently indeterminate. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:265.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Excluding the potential impact of the counterclaims filed by H+H and EDC, this matter exposes us to potential losses ranging from zero </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:276pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">to the full amount of the investment in the project aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:282.4pt;position:var(--position);text-decoration:none;white-space:pre">$183.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:337.85pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:340.35pt;position:var(--position);text-decoration:none;white-space:pre">as of June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:419.35pt;position:var(--position);text-decoration:none;white-space:pre">, depending on the resolution of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:286.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">remaining declaratory relief proceedings, the outcome of any appeal, and/or the ability to develop the project. We performed a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:297.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">probability-weighted recoverability analysis based on initial estimates of various possible outcomes and determined no impairment was </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:308.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">present </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:68.49000000000001pt;position:var(--position);text-decoration:none;white-space:pre">as of June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:147.49pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Separately from, and not as part of, the pending litigation related to the Option Parcel, EDC, on behalf of H+H as the landlord </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:340.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and itself as lease administrator, delivered on April 20, 2026, a notice alleging that ARE is in default of certain information delivery </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:351.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">obligations under the ground lease relating to the existing operating towers at the Alexandria Center for Life Science – New York City </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:362.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">campus, including sublease, tax, and financial information. The notice asserts that the failure to cure the alleged defaults within the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:373.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">applicable </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:78.97pt;position:var(--position);text-decoration:none;white-space:pre">30</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:88.97pt;position:var(--position);text-decoration:none;white-space:pre">-day cure period would result in daily charges of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:281.85pt;position:var(--position);text-decoration:none;white-space:pre">$1,000</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:309.35pt;position:var(--position);text-decoration:none;white-space:pre"> increasing thereafter up to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:418.8pt;position:var(--position);text-decoration:none;white-space:pre">$2,000</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:446.3pt;position:var(--position);text-decoration:none;white-space:pre">. ARE disputes the allegations </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:384pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">set forth in the notice of default and intends to vigorously defend against them. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:405.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On May 12, 2026, ARE filed a lawsuit in the Commercial Division of the New York State Supreme Court against H+H and EDC, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:416.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">seeking a Yellowstone injunction, a preliminary injunction, and a temporary restraining order to toll all cure periods under the notice of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:427.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">default and to enjoin EDC and H+H from issuing a notice of termination (the “NYS Action”). The court denied ARE’s request for a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:438pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">temporary restraining order on May 13, 2026, and denied ARE’s request for a Yellowstone injunction and a preliminary injunction on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:448.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">June 15, 2026. On June 17, 2026, ARE filed a notice of appeal from the court’s order, dated June 15, 2026. On July 1, 2026, ARE filed </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:459.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">an application for interim relief pending appeal. Following oral argument before a single justice, the application was denied without </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:470.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">prejudice to determination by a full panel. ARE’s appeal remains pending.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On July 2, 2026, ARE filed an amended complaint in the NYS Action, adding claims for breach of contract, breach of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:505.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">implied covenant of good faith and fair dealing, tortious interference, and unfair competition, and is seeking declaratory and injunctive </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:516.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">relief, based on the defendants’ alleged misuse of ARE’s confidential subtenant information and diversion of an ARE subtenant to a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:527.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">competing City-sponsored project. The NYS Action remains pending.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our consolidated investments in real estate consisted of the following as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:371.87pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.87pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:448.87pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:527.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre"> (in </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">thousands):</span></div><div style="position:var(--position);top:86.4pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:344.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:93.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:93.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:18.37pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Rental properties:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Land (related to rental properties)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:28.5pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">3,630,519<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:28.5pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">3,204,479<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Buildings and building improvements</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:42.75pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">20,447,338<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:42.75pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">19,738,825<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Other improvements</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:57pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:47.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">4,605,876<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:57pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:47.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">4,371,720<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Rental properties</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:71.25pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">28,683,733<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:71.25pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">27,315,024<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Current and future development and redevelopment projects</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:85.5pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:47.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">6,446,196<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:85.5pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:47.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">6,788,464<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Gross investments in real estate </span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:99.75pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">35,129,929<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:99.75pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">34,103,488<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Less: accumulated depreciation</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:114pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:44.39pt"></span></span><span style="left:47.02pt;position:var(--position)">(6,460,716)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:114pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:44.39pt"></span></span><span style="left:47.02pt;position:var(--position)">(5,970,171)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:128.25pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);white-space:pre">Investments in real estate assets held for sale, less accumulated depreciation</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:317.75pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:128.25pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:54.88pt"></span></span><span style="left:57.510000000000005pt;position:var(--position)">456,682<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:128.25pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:54.88pt"></span></span><span style="left:57.510000000000005pt;position:var(--position)">556,679<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:142.5pt;width:344.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:344.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:348pt;position:var(--position);top:142.5pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:37.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">29,125,895<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:445.5pt;position:var(--position);top:142.5pt;width:93.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:93.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:37.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">28,689,996<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:249.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Refer to</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:78.87pt;position:var(--position);text-decoration:none;white-space:pre"> “Assets held for sale” below</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:166.32pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> 3630519000 3204479000 20447338000 19738825000 4605876000 4371720000 28683733000 27315024000 6446196000 6788464000 35129929000 34103488000 6460716000 5970171000 456682000 556679000 29125895000 28689996000 23 1700000 2000000.0 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table presents the components of net assets related to real estate investments that met the criteria for </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:392.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">classification as held for sale as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:174.93pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:231.93pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:251.93pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:330.9pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span></div><div style="position:var(--position);top:411.95pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:351.75pt"></td><td style="padding:0;width:92.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:92.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.62pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:6.64pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:351.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:351.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate, less accumulated depreciation</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:14.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">456,682<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);top:14.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">556,679<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:29.25pt;width:351.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:351.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Other assets</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:29.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:58.38pt"></span></span><span style="left:61.010000000000005pt;position:var(--position)">73,267<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);top:29.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:58.38pt"></span></span><span style="left:61.010000000000005pt;position:var(--position)">37,859<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:44.25pt;width:351.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:351.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total assets</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:44.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">529,949<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);top:44.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">594,538<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:15pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:74.25pt;width:351.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:351.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total liabilities</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:74.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.39pt"></span></span><span style="left:63.02pt;position:var(--position)">(7,190)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);top:74.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:55.39pt"></span></span><span style="left:58.02pt;position:var(--position)">(12,235)</span></span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:89.25pt;width:351.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:351.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total accumulated other comprehensive loss (income)</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:89.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:58.38pt"></span></span><span style="left:61.010000000000005pt;position:var(--position)">33,027<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);top:89.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:67.89pt"></span></span><span style="left:70.52pt;position:var(--position)">(566)</span></span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:104.25pt;width:351.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:351.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net assets classified as held for sale</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:104.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">555,786<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:447.75pt;position:var(--position);top:104.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">581,737<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 456682000 556679000 73267000 37859000 529949000 594538000 7190000 12235000 33027000 566000 555786000 581737000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:81pt;position:var(--position);text-decoration:none;white-space:pre">Our completed dispositions of real estate assets during the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:317.4pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:447.38pt;position:var(--position);text-decoration:none;white-space:pre"> and in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:476.87pt;position:var(--position);text-decoration:none;white-space:pre">July 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:515.36pt;position:var(--position);text-decoration:none;white-space:pre"> consisted of </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:45pt;position:var(--position);text-decoration:none;white-space:pre">the following (dollars in thousands):</span></div><div style="position:var(--position);top:95.8pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:158.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:136.5pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:38.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:36.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:42.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:45.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:48.75pt"></td><td style="padding:0;width:12.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:383.25pt;position:var(--position);width:91.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:91.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:17.11pt;position:var(--position);text-decoration:none;white-space:pre">Square Footage</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:478.5pt;position:var(--position);width:48.75pt"><div><div style="line-height:8pt;position:var(--position);top:18.25pt;width:48.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:4.17pt;position:var(--position);text-decoration:none;white-space:pre">Sales Price </span></div><div style="line-height:8pt;position:var(--position);top:26.25pt;width:48.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:3.29pt;position:var(--position);text-decoration:none;white-space:pre">(Our Share)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:21pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:158.25pt"><div><div style="line-height:8pt;position:var(--position);top:12pt;width:158.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Property</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:161.25pt;position:var(--position);top:14.25pt;width:136.5pt"><div><div style="line-height:8pt;position:var(--position);top:12pt;width:136.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:35.61pt;position:var(--position);text-decoration:none;white-space:pre">Submarket/Market</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:301.5pt;position:var(--position);top:14.25pt;width:38.25pt"><div><div style="line-height:8pt;position:var(--position);top:4pt;width:38.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:6.25pt;position:var(--position);text-decoration:none;white-space:pre">Date of </span></div><div style="line-height:8pt;position:var(--position);top:12pt;width:38.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.13pt;position:var(--position);text-decoration:none;white-space:pre">Sale</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:343.5pt;position:var(--position);top:14.25pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:4pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:5.05pt;position:var(--position);text-decoration:none;white-space:pre">Interest </span></div><div style="line-height:8pt;position:var(--position);top:12pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:10.38pt;position:var(--position);text-decoration:none;white-space:pre">Sold</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:383.25pt;position:var(--position);top:14.25pt;width:42.75pt"><div><div style="line-height:8pt;position:var(--position);top:12pt;width:42.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:3.84pt;position:var(--position);text-decoration:none;white-space:pre">Operating</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:429pt;position:var(--position);top:14.25pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:4pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:6.22pt;position:var(--position);text-decoration:none;white-space:pre">Land and </span></div><div style="line-height:8pt;position:var(--position);top:12pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.33pt;position:var(--position);text-decoration:none;white-space:pre">Future</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td colspan="3" style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:35.25pt;width:297.75pt"><div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:3.75pt;width:297.75pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Completed during </span><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:67.88pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:478.5pt;position:var(--position);top:35.25pt;width:48.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:48.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:18.29pt"></span></span><span style="left:25.36pt;position:var(--position)">7,350<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:60.75pt;width:158.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:158.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Completed in July 2026:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:73.5pt;width:158.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:158.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">3825 and 3875 Fabian Way</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:161.25pt;position:var(--position);top:73.5pt;width:136.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:136.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Palo Alto/San Francisco Bay Area</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:301.5pt;position:var(--position);top:73.5pt;width:38.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:38.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:5.8pt;position:var(--position);text-decoration:none;white-space:pre">7/14/26</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:343.5pt;position:var(--position);top:73.5pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:12.91pt;position:var(--position)"></span><span style="left:12.91pt;position:var(--position)">100%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:383.25pt;position:var(--position);top:73.5pt;width:42.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:42.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:7.85pt"></span></span><span style="left:10.48pt;position:var(--position)">228,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:429pt;position:var(--position);top:73.5pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:10.85pt"></span></span><span style="left:13.48pt;position:var(--position)">250,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:478.5pt;position:var(--position);top:73.5pt;width:48.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:48.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:13.85pt"></span></span><span style="left:16.48pt;position:var(--position)">163,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:478.5pt;position:var(--position);top:86.25pt;width:48.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:48.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:9.41pt"></span></span><span style="left:16.48pt;position:var(--position)">170,350<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:527.25pt;position:var(--position);top:86.25pt;width:12.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.037pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td></tr><tr style="height:3pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:202.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Represents the aggregate contractual sales price of our dispositions, which differs from sales proceeds disclosed in our consolidated statement of cash flows under </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:211.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">“Investing activities” (proceeds from sales of real estate), “Financing activities” (contributions from and sales of noncontrolling interests), and “Supplemental disclosure </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:219.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and non-cash investing and financing activities" (non-cash consideration) primarily due to the timing of payment, closing costs, and other sales adjustments such as </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">prorations of rents and expenses.</span></div> 7350000 1 228000 250000 163000000 170350000 228000000.0 24800000 104956 43700000 105700000 64200000 425000 43100000 28200000 5 95814 144000 26700000 29300000 1100000 41300000 333400000 250000 228000 144700000 23300000 163000000.0 0 61600000 247743 42400000 27800000 134500000 33000000.0 183000000.0 5000000.0 3800000 183000000.0 P30D 1000 2000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">own, develop, and operate real estate properties. As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:256.43pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:313.43pt;position:var(--position);text-decoration:none;white-space:pre">, our real estate joint ventures held the following properties:</span></div><div style="position:var(--position);top:97.2pt;width:612pt"><div style="font-size:0pt;left:37.5pt;position:var(--position);width:537pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:9.75pt"></td><td style="padding:0;width:217.5pt"></td><td style="padding:0;width:5.25pt"></td><td style="padding:0;width:105pt"></td><td style="padding:0;width:5.25pt"></td><td style="padding:0;width:111pt"></td><td style="padding:0;width:5.25pt"></td><td style="padding:0;width:21pt"></td><td style="padding:0;width:32.25pt"></td><td style="padding:0;width:24.75pt"></td></tr><tr style="height:23.25pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:88.19pt;position:var(--position);white-space:pre">Property</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:122.16999999999999pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);width:105pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:38.76pt;position:var(--position);text-decoration:none;white-space:pre">Market</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);width:111pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:33.76pt;position:var(--position);text-decoration:none;white-space:pre">Submarket</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:459pt;position:var(--position);width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.77pt;position:var(--position);text-decoration:none;white-space:pre">Our Ownership </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24pt;position:var(--position);text-decoration:none;white-space:pre">Interest</span></div></div></div></td></tr><tr style="height:14.25pt"><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:23.25pt;width:227.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.34pt;width:227.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated real estate joint ventures:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:37.5pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">50 and 60 Binney Street</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:37.5pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Greater Boston</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:37.5pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Cambridge/Inner Suburbs</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:37.5pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">34.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:51.75pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">75/125 Binney Street</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:51.75pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Greater Boston</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:51.75pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Cambridge/Inner Suburbs</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:51.75pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">40.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:66pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">100 and 225 Binney Street and 300 Third Street</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:66pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Greater Boston</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:66pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Cambridge/Inner Suburbs</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:66pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:80.25pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">15 Necco Street</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:80.25pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Greater Boston</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:80.25pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Seaport Innovation District</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:80.25pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">56.7%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:94.5pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">3215 Merryfield Row</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:94.5pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Diego</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:94.5pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Torrey Pines</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:94.5pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:108.75pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Campus Point by Alexandria</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:115.58pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:108.75pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Diego</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:108.75pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">University Town Center</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:108.75pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">58.2%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:512.25pt;position:var(--position);top:108.75pt;width:24.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:24.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:123pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">5200 Illumina Way</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:123pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Diego</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:123pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">University Town Center</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:123pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">51.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:137.25pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">9625 Towne Centre Drive</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:137.25pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Diego</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:137.25pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">University Town Center</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:137.25pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:151.5pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">SD Tech by Alexandria</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:92.94pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(4)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:151.5pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Diego</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:151.5pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Sorrento Mesa</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:151.5pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">50.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:165.75pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Summers Ridge Science Park</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:122.56pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(5)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:165.75pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Diego</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:165.75pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Sorrento Mesa</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:165.75pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:180pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Alexandria Center</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:74.58pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">®</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:78.89pt;position:var(--position);white-space:pre"> for Science and Technology – </span></div><div style="line-height:9pt;position:var(--position);top:12.75pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);white-space:pre">Mission Bay</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:60.1pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(6)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:180pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Francisco Bay Area</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:180pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Mission Bay</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:180pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">25.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:203.25pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">211 and 213 East Grand Avenue</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:203.25pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Francisco Bay Area</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:203.25pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">South San Francisco</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:203.25pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:217.5pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">500 Forbes Boulevard</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:217.5pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Francisco Bay Area</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:217.5pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">South San Francisco</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:217.5pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">10.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:231.75pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Alexandria Center</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:74.58pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">®</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:78.89pt;position:var(--position);white-space:pre"> for Life Science – Millbrae</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:231.75pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Francisco Bay Area</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:231.75pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">South San Francisco</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:231.75pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">48.6%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:246pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">1201 and 1208 Eastlake Avenue East</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:246pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Seattle</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:246pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Lake Union</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:246pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:260.25pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">400 Dexter Avenue North</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:260.25pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Seattle</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:260.25pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Lake Union</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:260.25pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:274.5pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">800 Mercer Street</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:274.5pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Seattle</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:274.5pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Lake Union</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:274.5pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">60.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td colspan="2" style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:303pt;width:227.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:227.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unconsolidated real estate joint ventures:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:317.25pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">1655 and 1725 Third Street</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:317.25pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Francisco Bay Area</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:317.25pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Mission Bay</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:317.25pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">10.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:331.5pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">101 West Dickman Street</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:331.5pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Maryland</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:331.5pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Beltsville</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:331.5pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">58.4%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:512.25pt;position:var(--position);top:331.5pt;width:24.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:24.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(7)</span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:448.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Refer to the table on the next page that shows the categorization of our real estate joint ventures under the consolidation framework.</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:462.9pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:457.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Includes 10200, 10290, and 10300 Campus Point Drive and 4135, 4155, 4165, 4224, and 4242 Campus Point Court.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:465.39pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The noncontrolling interest share of our joint venture partner is anticipated to decrease to </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:330.74pt;position:var(--position);text-decoration:none;white-space:pre">25%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:344.74pt;position:var(--position);text-decoration:none;white-space:pre">, as we expect to fund the majority of future construction costs at the </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:473.43pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">campus until our ownership interest increases to </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:205.59pt;position:var(--position);text-decoration:none;white-space:pre">75%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:219.59pt;position:var(--position);text-decoration:none;white-space:pre">, after which future capital would be contributed pro rata with our partner.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:481.47pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(4)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:489.87pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">(5)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:188.16pt">Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre;width:1.94pt"> </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:498.27pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(6)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Includes</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:80.05pt;position:var(--position);text-decoration:none;white-space:pre"> 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:506.67pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">(7)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:521.89pt">Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:1.94pt"> </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:515.07pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:100.67pt">performance of the joint venture.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">own, develop, and operate real estate properties. As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:256.43pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:313.43pt;position:var(--position);text-decoration:none;white-space:pre">, our real estate joint ventures held the following properties:</span></div><div style="position:var(--position);top:97.2pt;width:612pt"><div style="font-size:0pt;left:37.5pt;position:var(--position);width:537pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:9.75pt"></td><td style="padding:0;width:217.5pt"></td><td style="padding:0;width:5.25pt"></td><td style="padding:0;width:105pt"></td><td style="padding:0;width:5.25pt"></td><td style="padding:0;width:111pt"></td><td style="padding:0;width:5.25pt"></td><td style="padding:0;width:21pt"></td><td style="padding:0;width:32.25pt"></td><td style="padding:0;width:24.75pt"></td></tr><tr style="height:23.25pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:88.19pt;position:var(--position);white-space:pre">Property</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:122.16999999999999pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);width:105pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:38.76pt;position:var(--position);text-decoration:none;white-space:pre">Market</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);width:111pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:33.76pt;position:var(--position);text-decoration:none;white-space:pre">Submarket</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:459pt;position:var(--position);width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.77pt;position:var(--position);text-decoration:none;white-space:pre">Our Ownership </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24pt;position:var(--position);text-decoration:none;white-space:pre">Interest</span></div></div></div></td></tr><tr style="height:14.25pt"><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:23.25pt;width:227.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.34pt;width:227.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated real estate joint ventures:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:37.5pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">50 and 60 Binney Street</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:37.5pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Greater Boston</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:37.5pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Cambridge/Inner Suburbs</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:37.5pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">34.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:51.75pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">75/125 Binney Street</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:51.75pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Greater Boston</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:51.75pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Cambridge/Inner Suburbs</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:51.75pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">40.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:66pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">100 and 225 Binney Street and 300 Third Street</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:66pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Greater Boston</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:66pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Cambridge/Inner Suburbs</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:66pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:80.25pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">15 Necco Street</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:80.25pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Greater Boston</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:80.25pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Seaport Innovation District</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:80.25pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">56.7%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:94.5pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">3215 Merryfield Row</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:94.5pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Diego</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:94.5pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Torrey Pines</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:94.5pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:108.75pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Campus Point by Alexandria</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:115.58pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:108.75pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Diego</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:108.75pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">University Town Center</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:108.75pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">58.2%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:512.25pt;position:var(--position);top:108.75pt;width:24.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:24.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:123pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">5200 Illumina Way</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:123pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Diego</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:123pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">University Town Center</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:123pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">51.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:137.25pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">9625 Towne Centre Drive</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:137.25pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Diego</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:137.25pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">University Town Center</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:137.25pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:151.5pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">SD Tech by Alexandria</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:92.94pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(4)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:151.5pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Diego</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:151.5pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Sorrento Mesa</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:151.5pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">50.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:165.75pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Summers Ridge Science Park</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:122.56pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(5)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:165.75pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Diego</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:165.75pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Sorrento Mesa</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:165.75pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:180pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Alexandria Center</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:74.58pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">®</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:78.89pt;position:var(--position);white-space:pre"> for Science and Technology – </span></div><div style="line-height:9pt;position:var(--position);top:12.75pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);white-space:pre">Mission Bay</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:60.1pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(6)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:180pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Francisco Bay Area</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:180pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Mission Bay</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:180pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">25.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:203.25pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">211 and 213 East Grand Avenue</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:203.25pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Francisco Bay Area</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:203.25pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">South San Francisco</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:203.25pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:217.5pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">500 Forbes Boulevard</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:217.5pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Francisco Bay Area</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:217.5pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">South San Francisco</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:217.5pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">10.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:231.75pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:217.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Alexandria Center</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:74.58pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">®</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:78.89pt;position:var(--position);white-space:pre"> for Life Science – Millbrae</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:231.75pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Francisco Bay Area</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:231.75pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">South San Francisco</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:231.75pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">48.6%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:246pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">1201 and 1208 Eastlake Avenue East</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:246pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Seattle</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:246pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Lake Union</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:246pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:260.25pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">400 Dexter Avenue North</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:260.25pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Seattle</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:260.25pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Lake Union</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:260.25pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">30.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:274.5pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">800 Mercer Street</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:274.5pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Seattle</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:274.5pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Lake Union</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:274.5pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">60.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td colspan="2" style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:303pt;width:227.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:227.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unconsolidated real estate joint ventures:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:317.25pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">1655 and 1725 Third Street</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:317.25pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">San Francisco Bay Area</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:317.25pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Mission Bay</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:317.25pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">10.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:9.75pt;position:var(--position);top:331.5pt;width:217.5pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:217.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">101 West Dickman Street</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:331.5pt;width:105pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:105pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Maryland</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:342.75pt;position:var(--position);top:331.5pt;width:111pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:111pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Beltsville</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:480pt;position:var(--position);top:331.5pt;width:32.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:32.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:3.01pt;position:var(--position)"></span><span style="left:3.01pt;position:var(--position)">58.4%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:512.25pt;position:var(--position);top:331.5pt;width:24.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:24.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(7)</span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:448.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Refer to the table on the next page that shows the categorization of our real estate joint ventures under the consolidation framework.</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:462.9pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:457.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Includes 10200, 10290, and 10300 Campus Point Drive and 4135, 4155, 4165, 4224, and 4242 Campus Point Court.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:465.39pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The noncontrolling interest share of our joint venture partner is anticipated to decrease to </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:330.74pt;position:var(--position);text-decoration:none;white-space:pre">25%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:344.74pt;position:var(--position);text-decoration:none;white-space:pre">, as we expect to fund the majority of future construction costs at the </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:473.43pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">campus until our ownership interest increases to </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:205.59pt;position:var(--position);text-decoration:none;white-space:pre">75%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:219.59pt;position:var(--position);text-decoration:none;white-space:pre">, after which future capital would be contributed pro rata with our partner.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:481.47pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(4)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:489.87pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">(5)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:188.16pt">Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:242.16pt;position:var(--position);text-decoration:none;white-space:pre;width:1.94pt"> </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:498.27pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(6)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Includes</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:80.05pt;position:var(--position);text-decoration:none;white-space:pre"> 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:506.67pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">(7)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:521.89pt">Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:575.89pt;position:var(--position);text-decoration:none;white-space:pre;width:1.94pt"> </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:515.07pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre;width:100.67pt">performance of the joint venture.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:534.27pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our consolidation policy is described under “Consolidation” in Note 2 – “Summary of significant accounting policies” to our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:545.07pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">unaudited consolidated financial statements. Consolidation accounting is highly technical, but its framework is primarily based on the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:555.87pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">controlling financial interests and benefits of the joint ventures. We generally consolidate a joint venture that is a legal entity we control </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:566.67pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(i.e., we have the power to direct the activities of the joint venture that most significantly affect its economic performance) through </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:577.47pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">contractual rights, regardless of our ownership interest, and where we determine that we have benefits through the allocation of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:588.27pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">earnings or losses and fees paid to us that could be significant to the joint venture (the “VIE model”).</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:609.87pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We also generally consolidate joint ventures when we have a controlling financial interest through voting rights and where our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:620.67pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">voting interest is greater than 50% (the “voting model”). Voting interest differs from ownership interest for some joint ventures. We </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:631.47pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">account for joint ventures that do not meet the consolidation criteria under the equity method of accounting by recognizing our share of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:642.27pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">income and losses.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-28" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The table below shows the categorization of our real estate joint ventures under the consolidation framework:</span></div><div style="position:var(--position);top:78.6pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:531pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:161.25pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:63pt"></td><td style="padding:0;width:6.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:5.25pt"></td><td style="padding:0;width:20.25pt"></td><td style="padding:0;width:129.75pt"></td><td style="padding:0;width:5.25pt"></td><td style="padding:0;width:66.75pt"></td></tr><tr style="height:20.25pt"><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:10.31pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:63.63pt;position:var(--position);text-decoration:none;white-space:pre">Property</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:167.25pt;position:var(--position);width:63pt"><div><div style="line-height:9pt;position:var(--position);top:1.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.27pt;position:var(--position);text-decoration:none;white-space:pre">Consolidation </span></div><div style="line-height:9pt;position:var(--position);top:10.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.26pt;position:var(--position);text-decoration:none;white-space:pre">Model </span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:237pt;position:var(--position);width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:10.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.63pt;position:var(--position);text-decoration:none;white-space:pre">Voting Interest</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);width:150pt"><div><div style="line-height:9pt;position:var(--position);top:10.31pt;width:150pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.02pt;position:var(--position);text-decoration:none;white-space:pre">Consolidation Analysis</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:464.25pt;position:var(--position);width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:10.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.14pt;position:var(--position);text-decoration:none;white-space:pre">Conclusion</span></div></div></div></td></tr><tr style="height:3pt"><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:23.25pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">50 and 60 Binney Street</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td rowspan="18" style="background-color:#ffffff;border-bottom:1pt solid #000;border-left:1pt solid #000;border-right:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:167.25pt;position:var(--position);top:23.25pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:136.4pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.7pt;position:var(--position);text-decoration:none;white-space:pre">VIE model</span></div></div></div></td><td rowspan="18" style="background-color:#ffffff;border-left:1pt solid #000;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td rowspan="18" style="background-color:#ffffff;border-bottom:1pt solid #000;border-left:1pt solid #000;border-right:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:237pt;position:var(--position);top:23.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:131.9pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.83pt;position:var(--position);text-decoration:none;white-space:pre">Not applicable </span></div><div style="line-height:9pt;position:var(--position);top:140.9pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.32pt;position:var(--position);text-decoration:none;white-space:pre">under VIE </span></div><div style="line-height:9pt;position:var(--position);top:149.9pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.07pt;position:var(--position);text-decoration:none;white-space:pre">model</span></div></div></div></td><td rowspan="14" style="background-color:#ffffff;border-left:1pt solid #000;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-left:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-right:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td rowspan="18" style="background-color:#ffffff;border-left:1pt solid #000000;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td rowspan="17" style="background-color:#ffffff;border-bottom:1pt solid #000;border-left:1pt solid #000;border-right:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:464.25pt;position:var(--position);top:23.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:124.78pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.08pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:36pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">75/125 Binney Street</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-left:1pt solid #000000;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:36pt;width:150pt"><div><div style="line-height:9pt;position:var(--position);top:3.28pt;width:150pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:57.02pt;position:var(--position);text-decoration:none;white-space:pre">We have:</span></div></div></div></td></tr><tr style="height:21.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:48.75pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">100 and 225 Binney Street and 300 </span></div><div style="line-height:9pt;position:var(--position);top:11.81pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">Third Street</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-left:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:70.5pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">15 Necco Street</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-left:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:70.5pt;width:20.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:20.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span></div></div></div></td><td rowspan="3" style="background-color:#ffffff;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="height:42.75pt;left:329.25pt;overflow:hidden;position:var(--position);top:70.5pt;width:129.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:129.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">The power to direct the </span></div><div style="line-height:9pt;position:var(--position);top:12.75pt;width:129.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">activities of the joint venture </span></div><div style="line-height:9pt;position:var(--position);top:21.75pt;width:129.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">that most significantly affect its </span></div><div style="line-height:9pt;position:var(--position);top:30.75pt;width:129.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">economic performance; and </span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:84.75pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">3215 Merryfield Row</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-left:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Campus Point by Alexandria</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-left:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:113.25pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">5200 Illumina Way</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-left:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:127.5pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">9625 Towne Centre Drive</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-left:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:127.5pt;width:20.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:20.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span></div></div></div></td><td rowspan="2" style="border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:329.25pt;position:var(--position);top:127.5pt;width:129.75pt"><div><div style="line-height:9pt;position:var(--position);top:6.65pt;width:129.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Benefits that can be significant </span></div><div style="line-height:9pt;position:var(--position);top:15.65pt;width:129.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">to the joint venture.</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:141.75pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">SD Tech by Alexandria</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-left:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:156pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Summers Ridge Science Park</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-left:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:21.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:170.25pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Alexandria Center</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:74.58pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">®</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:78.89pt;position:var(--position);white-space:pre"> for Science and </span></div><div style="line-height:9pt;position:var(--position);top:11.81pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);white-space:pre">Technology – Mission Bay</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-left:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:192pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">211 and 213 East Grand Avenue</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td colspan="2" rowspan="3" style="background-color:#ffffff;border-left:1pt solid #000000;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:192pt;width:150pt"><div><div style="line-height:9pt;position:var(--position);top:12.28pt;width:150pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.73pt;position:var(--position);text-decoration:none;white-space:pre">Therefore, we are the primary </span></div><div style="line-height:9pt;position:var(--position);top:21.28pt;width:150pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.7pt;position:var(--position);text-decoration:none;white-space:pre">beneficiary of each VIE</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:206.25pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">500 Forbes Boulevard</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:21.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:219pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Alexandria Center</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:74.58pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">®</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:78.89pt;position:var(--position);white-space:pre"> for Life Science – </span></div><div style="line-height:9pt;position:var(--position);top:11.81pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);white-space:pre">Millbrae</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:240.75pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">1201 and 1208 Eastlake Avenue East</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-left:1pt solid #000;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-left:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:253.5pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">400 Dexter Avenue North</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-left:1pt solid #000;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-left:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:266.25pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">800 Mercer Street</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-left:1pt solid #000;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-left:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:32.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:279pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.03pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">101 West Dickman Street</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-left:1pt solid #000;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:279pt;width:150pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:150pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.55pt;position:var(--position);text-decoration:none;white-space:pre">We do not control the joint venture </span></div><div style="line-height:9pt;position:var(--position);top:13.03pt;width:150pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.22pt;position:var(--position);text-decoration:none;white-space:pre">and are therefore not the primary </span></div><div style="line-height:9pt;position:var(--position);top:22.03pt;width:150pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:53.28pt;position:var(--position);text-decoration:none;white-space:pre">beneficiary.</span></div></div></div></td><td rowspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:464.25pt;position:var(--position);top:279pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:19.78pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.57pt;position:var(--position);text-decoration:none;white-space:pre">Equity method </span></div><div style="line-height:9pt;position:var(--position);top:28.78pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.57pt;position:var(--position);text-decoration:none;white-space:pre">of accounting</span></div></div></div></td></tr><tr style="height:11.25pt"><td rowspan="2" style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:311.25pt;width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:8.15pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">1655 and 1725 Third Street</span></div></div></div></td><td style="background-color:#ffffff;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:167.25pt;position:var(--position);top:311.25pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:8.15pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:6.45pt;position:var(--position);text-decoration:none;white-space:pre">Voting model</span></div></div></div></td><td rowspan="2" style="background-color:#ffffff;border-left:1pt solid #000000;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:237pt;position:var(--position);top:311.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.66pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.32pt;position:var(--position);text-decoration:none;white-space:pre">Does not </span></div><div style="line-height:9pt;position:var(--position);top:12.66pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.56pt;position:var(--position);text-decoration:none;white-space:pre">exceed 50%</span></div></div></div></td><td rowspan="2" style="background-color:#ffffff;border-left:1pt solid #000000;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td colspan="2" rowspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:311.25pt;width:150pt"><div><div style="line-height:9pt;position:var(--position);top:8.15pt;width:150pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.72pt;position:var(--position);text-decoration:none;white-space:pre">Our voting interest is 50% or less.</span></div></div></div></td><td rowspan="2" style="background-color:#ffffff;border-left:1pt solid #000000;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:11.25pt"><td style="background-color:#ffffff;border-right:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:5.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432.2pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated real estate joint ventures</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:452.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Consolidated VIEs’ balance sheet information</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:474.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We, together with joint venture partners, hold interests in real estate joint ventures that we consolidate in our financial </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:485pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">statements. These existing joint ventures provide significant equity capital to fund a portion of our future construction spending, and our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:495.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">joint venture partners may also contribute equity into these entities for financing-related activities.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:515pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The table below aggregates the balance sheet information of our consolidated VIEs (in thousands):</span></div><div style="position:var(--position);top:525.8pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:319.5pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:96pt"></td><td style="padding:0;width:13.5pt"></td><td style="padding:0;width:107.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.5pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.14pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:14.25pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.63pt"></span></span><span style="left:52.260000000000005pt;position:var(--position)">6,102,291<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:14.25pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">6,129,668<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Cash and cash equivalents</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:28.5pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.13pt"></span></span><span style="left:59.760000000000005pt;position:var(--position)">200,422<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:28.5pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:68.38pt"></span></span><span style="left:71.00999999999999pt;position:var(--position)">258,755<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Other assets</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:42.75pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.13pt"></span></span><span style="left:59.760000000000005pt;position:var(--position)">714,801<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:42.75pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:68.38pt"></span></span><span style="left:71.00999999999999pt;position:var(--position)">712,154<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Total assets</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:57pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.63pt"></span></span><span style="left:52.260000000000005pt;position:var(--position)">7,017,514<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:57pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">7,100,577<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Secured note payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:85.5pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:75.63pt"></span></span><span style="left:83.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:85.5pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:86.88pt"></span></span><span style="left:94.50999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Other liabilities</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:99.75pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.13pt"></span></span><span style="left:59.760000000000005pt;position:var(--position)">578,147<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:99.75pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:68.38pt"></span></span><span style="left:71.00999999999999pt;position:var(--position)">324,513<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Total liabilities</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:114pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.13pt"></span></span><span style="left:59.760000000000005pt;position:var(--position)">578,147<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:114pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:68.38pt"></span></span><span style="left:71.00999999999999pt;position:var(--position)">324,513<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:128.25pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Redeemable noncontrolling interests</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:128.25pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:80.63pt"></span></span><span style="left:83.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:128.25pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:73.38pt"></span></span><span style="left:76.00999999999999pt;position:var(--position)">49,554<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:142.5pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Alexandria Real Estate Equities, Inc.’s share of equity</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:142.5pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.63pt"></span></span><span style="left:52.260000000000005pt;position:var(--position)">2,827,104<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:142.5pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">3,098,932<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:156.75pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Noncontrolling interests’ share of equity</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:156.75pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.63pt"></span></span><span style="left:52.260000000000005pt;position:var(--position)">3,612,263<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:156.75pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">3,627,578<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:171pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total liabilities and equity</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:171pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.63pt"></span></span><span style="left:52.260000000000005pt;position:var(--position)">7,017,514<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:171pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">7,100,577<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-29" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In determining whether to aggregate the balance sheet information of consolidated VIEs, we considered the similarity of each </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">VIE, including the primary purpose of these entities to own, manage, operate, and lease real estate properties owned by the VIEs, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the similar nature of our involvement in each VIE as a managing member. Due to the similarity of the characteristics, we present the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">balance sheet information of these entities on an aggregated basis. None of our consolidated VIEs’ assets have restrictions that limit </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">their use to settle specific obligations of the VIE. There are no creditors or other partners of our consolidated VIEs that have recourse to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">our general credit, and our maximum exposure to our consolidated VIEs is limited to our variable interests in each VIE.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">99 Coolidge Avenue</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In July 2025, we amended the agreement for our consolidated real estate joint venture at 99 Coolidge Avenue in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Cambridge/Inner Suburbs submarket. Pursuant to the amendment, the carrying amount of our partner’s noncontrolling interest was </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">adjusted from </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:92.97pt;position:var(--position);text-decoration:none;white-space:pre">$42.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:143.42000000000002pt;position:var(--position);text-decoration:none;white-space:pre"> to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:155.92000000000002pt;position:var(--position);text-decoration:none;white-space:pre">$48.7 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.37pt;position:var(--position);text-decoration:none;white-space:pre">, and converted into a redeemable noncontrolling interest that accrued a fixed </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:516.74pt;position:var(--position);text-decoration:none;white-space:pre">4.05%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:542.24pt;position:var(--position);text-decoration:none;white-space:pre"> annual </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">preferred return (“distributions”). In January 2026, the partner exercised its option to require us to purchase its entire preferred interest, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and the redemption was completed in January 2026 for </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:257.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre">$49.7 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:308.36pt;position:var(--position);text-decoration:none;white-space:pre">, inclusive of unpaid distributions.  </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:214.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:underline;white-space:pre">Noncontrolling interests in consolidated real estate joint ventures</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:236.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Noncontrolling interests represent the third-party interests in consolidated real estate joint ventures in which we have a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:247.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">controlling interest. Noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">earnings or losses, and other comprehensive income or loss. Distributions, profits, and losses related to these entities are allocated in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:268.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accordance with the respective operating agreements. During the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:298.38pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.36pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:448.36pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:468.36pt;position:var(--position);text-decoration:none;white-space:pre">, we distributed </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:279.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">$112.4 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90.78999999999999pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:110.79pt;position:var(--position);text-decoration:none;white-space:pre">$123.6 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:166.24pt;position:var(--position);text-decoration:none;white-space:pre">, respectively, to our consolidated real estate joint venture partners.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:300pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Unconsolidated real estate joint ventures</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:319.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our investments in unconsolidated real estate joint ventures, accounted for under the equity method and classified in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investments in unconsolidated real estate joint ventures in our consolidated balance sheets, consisted of the following as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:527.8pt;position:var(--position);text-decoration:none;white-space:pre">June 30, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:340.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:76pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:154.97pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span></div><div style="position:var(--position);top:351.6pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:315pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:99.75pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:12.75pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:315pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:315pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:140.51pt;position:var(--position);text-decoration:none;white-space:pre">Property</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:327.75pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.37pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12.75pt;width:315pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:315pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">1655 and 1725 Third Street</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:327.75pt;position:var(--position);top:12.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">19,062<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:12.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.87pt"></span></span><span style="left:68.5pt;position:var(--position)">19,484</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:25.5pt;width:315pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:315pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">101 West Dickman Street</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:327.75pt;position:var(--position);top:25.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">9,848<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:25.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.87pt"></span></span><span style="left:73.5pt;position:var(--position)">9,669</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:38.25pt;width:315pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:315pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Other</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:327.75pt;position:var(--position);top:38.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:84.38pt"></span></span><span style="left:87.00999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:38.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">1,524<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:327.75pt;position:var(--position);top:51pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">28,910<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:51pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">30,677<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:425.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our maximum exposure related to our only unconsolidated VIE, 101 West Dickman Street, is limited to our investment in this </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:435.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">joint venture and a guarantee of up to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:187.96pt;position:var(--position);text-decoration:none;white-space:pre">$5.4 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:233.41pt;position:var(--position);text-decoration:none;white-space:pre"> of the outstanding balance related to the VIE’s secured construction loan. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:457.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Below are key terms of unconsolidated real estate joint ventures’ secured loans as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.52pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:468.52pt;position:var(--position);text-decoration:none;white-space:pre"> (dollars in thousands):</span></div><div style="position:var(--position);text-align:justify;text-align-last:var(--justify);top:468.35pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:158.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:6.75pt"></td><td style="padding:0;width:45.75pt"></td><td style="padding:0;width:14.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:65.25pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:44.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:65.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:65.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:45pt"></td></tr><tr style="height:11.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);width:44.25pt"><div><div style="line-height:9pt;position:var(--position);top:14.06pt;width:44.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.13pt;position:var(--position);white-space:pre">Interest </span></div><div style="line-height:9pt;position:var(--position);top:23.06pt;width:44.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.06pt;position:var(--position);white-space:pre">Rate</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:28.049999999999997pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);width:133.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.53pt;width:133.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.75pt;position:var(--position);text-decoration:none;white-space:pre">At 100%</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:495pt;position:var(--position);width:45pt"><div><div style="line-height:9pt;position:var(--position);top:14.06pt;width:45pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15pt;position:var(--position);text-decoration:none;white-space:pre">Our </span></div><div style="line-height:9pt;position:var(--position);top:23.06pt;width:45pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.5pt;position:var(--position);text-decoration:none;white-space:pre">Share</span></div></div></div></td></tr><tr style="height:21.75pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:11.25pt;width:158.25pt"><div><div style="line-height:9pt;position:var(--position);top:11.81pt;width:158.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.64pt;position:var(--position);text-decoration:none;white-space:pre">Unconsolidated Joint Venture</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:162pt;position:var(--position);top:11.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:11.81pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:6.64pt;position:var(--position);text-decoration:none;white-space:pre">Maturity Date</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:11.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:11.81pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.88pt;position:var(--position);text-decoration:none;white-space:pre">Stated Rate</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:11.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.28pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.88pt;position:var(--position);text-decoration:none;white-space:pre">Aggregate </span></div><div style="line-height:9pt;position:var(--position);top:12.28pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.15pt;position:var(--position);text-decoration:none;white-space:pre">Commitment </span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:426.75pt;position:var(--position);top:11.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.28pt;width:65.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.13pt;position:var(--position);white-space:pre">Debt </span></div><div style="line-height:9pt;position:var(--position);top:12.28pt;width:65.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.81pt;position:var(--position);white-space:pre">Balance</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:45.300000000000004pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:33pt;width:158.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:158.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">101 West Dickman Street</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:168.75pt;position:var(--position);top:33pt;width:45.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.37pt;position:var(--position);text-decoration:none;white-space:pre">10/29/26</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:214.5pt;position:var(--position);top:33pt;width:14.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:14.25pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:33pt;width:65.25pt"><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.76pt;position:var(--position);white-space:pre">SOFR+</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:34.99pt;position:var(--position);text-decoration:none;white-space:pre">1.95%</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:297.75pt;position:var(--position);top:33pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(4)</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:33pt;width:44.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:44.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.31pt;position:var(--position);text-decoration:none;white-space:pre">5.68%</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:33pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:26.38pt"></span></span><span style="left:34.01pt;position:var(--position)">26,750<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:426.75pt;position:var(--position);top:33pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:26.38pt"></span></span><span style="left:34.01pt;position:var(--position)">19,445<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:495pt;position:var(--position);top:33pt;width:45pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:45pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.69pt;position:var(--position);text-decoration:none;white-space:pre">58.4%</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:47.25pt;width:158.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:158.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">1655 and 1725 Third Street</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:168.75pt;position:var(--position);top:47.25pt;width:45.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.87pt;position:var(--position);text-decoration:none;white-space:pre">2/10/35</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:47.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.81pt;position:var(--position);text-decoration:none;white-space:pre">6.37%</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:47.25pt;width:44.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:44.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.31pt;position:var(--position);text-decoration:none;white-space:pre">6.44%</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:47.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:26.38pt"></span></span><span style="left:29.009999999999998pt;position:var(--position)">500,000<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:426.75pt;position:var(--position);top:47.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:26.38pt"></span></span><span style="left:29.009999999999998pt;position:var(--position)">497,052<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:495pt;position:var(--position);top:47.25pt;width:45pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:45pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.69pt;position:var(--position);text-decoration:none;white-space:pre">10.0%</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:61.5pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:21.38pt"></span></span><span style="left:29.009999999999998pt;position:var(--position)">526,750<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:426.75pt;position:var(--position);top:61.5pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:21.38pt"></span></span><span style="left:29.009999999999998pt;position:var(--position)">516,497<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:550.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Includes interest expense and amortization of loan fees.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:558.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Represents outstanding principal, net of unamortized deferred financing costs, </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:297.72pt;position:var(--position);text-decoration:none;white-space:pre">as of June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:359.15pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:566.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The unconsolidated real estate joint venture is in the process of working with prospective lenders to refinance this debt. As of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:441.12pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:485.45pt;position:var(--position);text-decoration:none;white-space:pre">, our</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:499.44pt;position:var(--position);text-decoration:none;white-space:pre"> investment in this </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:575.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">unconsolidated real estate joint venture was </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:191.99pt;position:var(--position);text-decoration:none;white-space:pre">$9.8 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:227.35pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:583.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(4)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This loan is subject to a SOFR floor of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:173.67000000000002pt;position:var(--position);text-decoration:none;white-space:pre">0.75%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:193.5pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> 0.340 0.400 0.300 0.567 0.300 0.582 0.510 0.300 0.500 0.300 0.250 0.300 0.100 0.486 0.300 0.300 0.600 0.100 0.584 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The table below aggregates the balance sheet information of our consolidated VIEs (in thousands):</span><div style="position:var(--position);top:525.8pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:319.5pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:96pt"></td><td style="padding:0;width:13.5pt"></td><td style="padding:0;width:107.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.5pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.14pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:14.25pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.63pt"></span></span><span style="left:52.260000000000005pt;position:var(--position)">6,102,291<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:14.25pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">6,129,668<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Cash and cash equivalents</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:28.5pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.13pt"></span></span><span style="left:59.760000000000005pt;position:var(--position)">200,422<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:28.5pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:68.38pt"></span></span><span style="left:71.00999999999999pt;position:var(--position)">258,755<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Other assets</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:42.75pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.13pt"></span></span><span style="left:59.760000000000005pt;position:var(--position)">714,801<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:42.75pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:68.38pt"></span></span><span style="left:71.00999999999999pt;position:var(--position)">712,154<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Total assets</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:57pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.63pt"></span></span><span style="left:52.260000000000005pt;position:var(--position)">7,017,514<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:57pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">7,100,577<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Secured note payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:85.5pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:75.63pt"></span></span><span style="left:83.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:85.5pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:86.88pt"></span></span><span style="left:94.50999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Other liabilities</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:99.75pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.13pt"></span></span><span style="left:59.760000000000005pt;position:var(--position)">578,147<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:99.75pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:68.38pt"></span></span><span style="left:71.00999999999999pt;position:var(--position)">324,513<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Total liabilities</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:114pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.13pt"></span></span><span style="left:59.760000000000005pt;position:var(--position)">578,147<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:114pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:68.38pt"></span></span><span style="left:71.00999999999999pt;position:var(--position)">324,513<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:128.25pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Redeemable noncontrolling interests</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:128.25pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:80.63pt"></span></span><span style="left:83.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:128.25pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:73.38pt"></span></span><span style="left:76.00999999999999pt;position:var(--position)">49,554<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:142.5pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Alexandria Real Estate Equities, Inc.’s share of equity</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:142.5pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.63pt"></span></span><span style="left:52.260000000000005pt;position:var(--position)">2,827,104<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:142.5pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">3,098,932<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:156.75pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Noncontrolling interests’ share of equity</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:156.75pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.63pt"></span></span><span style="left:52.260000000000005pt;position:var(--position)">3,612,263<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:156.75pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">3,627,578<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:171pt;width:319.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:319.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total liabilities and equity</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:171pt;width:96pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:96pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.63pt"></span></span><span style="left:52.260000000000005pt;position:var(--position)">7,017,514<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:432.75pt;position:var(--position);top:171pt;width:107.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:107.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">7,100,577<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 6102291000 6129668000 200422000 258755000 714801000 712154000 7017514000 7100577000 0 0 578147000 324513000 578147000 324513000 0 49554000 2827104000 3098932000 3612263000 3627578000 7017514000 7100577000 42000000.0 48700000 0.0405 49700000 112400000 123600000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our investments in unconsolidated real estate joint ventures, accounted for under the equity method and classified in </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investments in unconsolidated real estate joint ventures in our consolidated balance sheets, consisted of the following as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:527.8pt;position:var(--position);text-decoration:none;white-space:pre">June 30, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:340.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:76pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:154.97pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span></div><div style="position:var(--position);top:351.6pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:315pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:99.75pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:12.75pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:315pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:315pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:140.51pt;position:var(--position);text-decoration:none;white-space:pre">Property</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:327.75pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.37pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12.75pt;width:315pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:315pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">1655 and 1725 Third Street</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:327.75pt;position:var(--position);top:12.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">19,062<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:12.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.87pt"></span></span><span style="left:68.5pt;position:var(--position)">19,484</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:25.5pt;width:315pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:315pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">101 West Dickman Street</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:327.75pt;position:var(--position);top:25.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">9,848<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:25.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.87pt"></span></span><span style="left:73.5pt;position:var(--position)">9,669</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:38.25pt;width:315pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:315pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Other</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:327.75pt;position:var(--position);top:38.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:84.38pt"></span></span><span style="left:87.00999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:38.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">1,524<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:327.75pt;position:var(--position);top:51pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">28,910<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:51pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">30,677<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:425.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our maximum exposure related to our only unconsolidated VIE, 101 West Dickman Street, is limited to our investment in this </span></div><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">joint venture and a guarantee of up to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:187.96pt;position:var(--position);text-decoration:none;white-space:pre">$5.4 million</span> of the outstanding balance related to the VIE’s secured construction loan. 19062000 19484000 9848000 9669000 0 1524000 28910000 30677000 5400000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Below are key terms of unconsolidated real estate joint ventures’ secured loans as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.52pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:468.52pt;position:var(--position);text-decoration:none;white-space:pre"> (dollars in thousands):</span><div style="position:var(--position);text-align:justify;text-align-last:var(--justify);top:468.35pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:158.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:6.75pt"></td><td style="padding:0;width:45.75pt"></td><td style="padding:0;width:14.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:65.25pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:44.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:65.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:65.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:45pt"></td></tr><tr style="height:11.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);width:44.25pt"><div><div style="line-height:9pt;position:var(--position);top:14.06pt;width:44.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.13pt;position:var(--position);white-space:pre">Interest </span></div><div style="line-height:9pt;position:var(--position);top:23.06pt;width:44.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.06pt;position:var(--position);white-space:pre">Rate</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:28.049999999999997pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);width:133.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.53pt;width:133.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.75pt;position:var(--position);text-decoration:none;white-space:pre">At 100%</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:495pt;position:var(--position);width:45pt"><div><div style="line-height:9pt;position:var(--position);top:14.06pt;width:45pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15pt;position:var(--position);text-decoration:none;white-space:pre">Our </span></div><div style="line-height:9pt;position:var(--position);top:23.06pt;width:45pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.5pt;position:var(--position);text-decoration:none;white-space:pre">Share</span></div></div></div></td></tr><tr style="height:21.75pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:11.25pt;width:158.25pt"><div><div style="line-height:9pt;position:var(--position);top:11.81pt;width:158.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.64pt;position:var(--position);text-decoration:none;white-space:pre">Unconsolidated Joint Venture</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:162pt;position:var(--position);top:11.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:11.81pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:6.64pt;position:var(--position);text-decoration:none;white-space:pre">Maturity Date</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:11.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:11.81pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.88pt;position:var(--position);text-decoration:none;white-space:pre">Stated Rate</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:11.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.28pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.88pt;position:var(--position);text-decoration:none;white-space:pre">Aggregate </span></div><div style="line-height:9pt;position:var(--position);top:12.28pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.15pt;position:var(--position);text-decoration:none;white-space:pre">Commitment </span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:426.75pt;position:var(--position);top:11.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.28pt;width:65.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.13pt;position:var(--position);white-space:pre">Debt </span></div><div style="line-height:9pt;position:var(--position);top:12.28pt;width:65.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.81pt;position:var(--position);white-space:pre">Balance</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:45.300000000000004pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:33pt;width:158.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:158.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">101 West Dickman Street</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:168.75pt;position:var(--position);top:33pt;width:45.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.37pt;position:var(--position);text-decoration:none;white-space:pre">10/29/26</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:214.5pt;position:var(--position);top:33pt;width:14.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:14.25pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:33pt;width:65.25pt"><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.76pt;position:var(--position);white-space:pre">SOFR+</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:34.99pt;position:var(--position);text-decoration:none;white-space:pre">1.95%</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:297.75pt;position:var(--position);top:33pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(4)</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:33pt;width:44.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:44.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.31pt;position:var(--position);text-decoration:none;white-space:pre">5.68%</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:33pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:26.38pt"></span></span><span style="left:34.01pt;position:var(--position)">26,750<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:426.75pt;position:var(--position);top:33pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:26.38pt"></span></span><span style="left:34.01pt;position:var(--position)">19,445<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:495pt;position:var(--position);top:33pt;width:45pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:45pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.69pt;position:var(--position);text-decoration:none;white-space:pre">58.4%</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:47.25pt;width:158.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:158.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">1655 and 1725 Third Street</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:168.75pt;position:var(--position);top:47.25pt;width:45.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.87pt;position:var(--position);text-decoration:none;white-space:pre">2/10/35</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:232.5pt;position:var(--position);top:47.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.81pt;position:var(--position);text-decoration:none;white-space:pre">6.37%</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:47.25pt;width:44.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:44.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.31pt;position:var(--position);text-decoration:none;white-space:pre">6.44%</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:47.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:26.38pt"></span></span><span style="left:29.009999999999998pt;position:var(--position)">500,000<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:426.75pt;position:var(--position);top:47.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:26.38pt"></span></span><span style="left:29.009999999999998pt;position:var(--position)">497,052<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:495pt;position:var(--position);top:47.25pt;width:45pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:45pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.69pt;position:var(--position);text-decoration:none;white-space:pre">10.0%</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:61.5pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:21.38pt"></span></span><span style="left:29.009999999999998pt;position:var(--position)">526,750<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:426.75pt;position:var(--position);top:61.5pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:21.38pt"></span></span><span style="left:29.009999999999998pt;position:var(--position)">516,497<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:550.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Includes interest expense and amortization of loan fees.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:558.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Represents outstanding principal, net of unamortized deferred financing costs, </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:297.72pt;position:var(--position);text-decoration:none;white-space:pre">as of June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:359.15pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:566.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">The unconsolidated real estate joint venture is in the process of working with prospective lenders to refinance this debt. As of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:441.12pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:485.45pt;position:var(--position);text-decoration:none;white-space:pre">, our</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:499.44pt;position:var(--position);text-decoration:none;white-space:pre"> investment in this </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:575.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">unconsolidated real estate joint venture was </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:191.99pt;position:var(--position);text-decoration:none;white-space:pre">$9.8 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:227.35pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:583.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(4)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">This loan is subject to a SOFR floor of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:173.67000000000002pt;position:var(--position);text-decoration:none;white-space:pre">0.75%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:193.5pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> 2026-10-29 0.0195 0.0568 26750000 19445000 0.584 2035-02-10 0.0637 0.0644 500000000 497052000 0.100 526750000 516497000 9800000 0.0075 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Refer</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:93.98pt;position:var(--position);text-decoration:none;white-space:pre"> to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:109.47pt;position:var(--position);text-decoration:none;white-space:pre">Lease accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:179.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">statements for information about lease accounting standards that set principles for the recognition, measurement, presentation, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors).</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Leases in which we are the lessor</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we had </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:188.49pt;position:var(--position);text-decoration:none;white-space:pre">336</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:203.49pt;position:var(--position);text-decoration:none;white-space:pre"> properties aggregating</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:295.94pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:298.44pt;position:var(--position);text-decoration:none;white-space:pre">36.0 million</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:343.89pt;position:var(--position);text-decoration:none;white-space:pre"> operating RSF</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:404.35pt;position:var(--position);text-decoration:none;white-space:pre"> in key cluster locations, including Greater </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.15pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. We primarily focus on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:139.5pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">developing Class A/A+ properties in AAA life science and advanced technology innovation clusters that offer the scale and strategic </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:149.85pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">design integral to our Megacampus strategy. Strategically located near top academic and medical research institutions, our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:160.2pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Megacampus ecosystems feature curated amenities and services and convenient access to transit, creating environments that help our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:170.55pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenants attract and retain top talent. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:191.25pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, all leases in which we are the lessor were classified as operating leases, w</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:453.81pt;position:var(--position);text-decoration:none;white-space:pre">ith the</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:478.3pt;position:var(--position);text-decoration:none;white-space:pre"> exception of</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:529.29pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:531.79pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:546.79pt;position:var(--position);text-decoration:none;white-space:pre"> direct </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:201.6pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">financing</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:71.97999999999999pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:91.97999999999999pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.98pt;position:var(--position);text-decoration:none;white-space:pre"> sales-type leas</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:169.45pt;position:var(--position);text-decoration:none;white-space:pre">e</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:174.45pt;position:var(--position);text-decoration:none;white-space:pre">. Our leases are described below.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:222.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:244.35pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, our</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:169.99pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:172.49pt;position:var(--position);text-decoration:none;white-space:pre">336</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:187.49pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:189.99pt;position:var(--position);text-decoration:none;white-space:pre">properties were subject to operating lease agreements. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.88pt;position:var(--position);text-decoration:none;white-space:pre">Five</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.86pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:431.36pt;position:var(--position);text-decoration:none;white-space:pre">of these properties are subject to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:255.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating lease agreements that each contain a purchase option as described below:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:271.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.49pt;position:var(--position);text-decoration:none;white-space:pre"> of these properties, representing </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:240.93pt;position:var(--position);text-decoration:none;white-space:pre">two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:254.92pt;position:var(--position);text-decoration:none;white-space:pre"> land parcels in the San Francisco Bay Area market, are subject to lease </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:282.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:293.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">each of the 30-day periods commencing on the dates that are</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:334.93pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:337.43pt;position:var(--position);text-decoration:none;white-space:pre">15 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:371.92pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:376.92pt;position:var(--position);text-decoration:none;white-space:pre">30 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.41pt;position:var(--position);text-decoration:none;white-space:pre">, and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:433.91pt;position:var(--position);text-decoration:none;white-space:pre">74.5 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:475.9pt;position:var(--position);text-decoration:none;white-space:pre"> after the rent </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:304.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">commencement date of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:186.47pt;position:var(--position);text-decoration:none;white-space:pre">October 1, 2017</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:250.96pt;position:var(--position);text-decoration:none;white-space:pre">. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:255.8pt;position:var(--position);text-decoration:none;white-space:pre">The remaining lease term related to each of the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:447.2pt;position:var(--position);text-decoration:none;white-space:pre">two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:461.19pt;position:var(--position);text-decoration:none;white-space:pre"> land p</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:488.18pt;position:var(--position);text-decoration:none;white-space:pre">arcel</span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:507.66pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">s is </span></span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:523.65pt;position:var(--position);text-decoration:none;white-space:pre">66.4 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:565.64pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:568.14pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:321.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.49pt;position:var(--position);text-decoration:none;white-space:pre"> operating properties in the Seattle market, held by a consolidated real estate joint venture, are subject to purchase </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:331.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">options held by our partner in this joint venture, which is also a tenant at these properties. One purchase option allows our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:342.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">partner to purchase our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:185.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">30%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:203.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> interest in one property for </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:313.9pt;position:var(--position);text-decoration:none;white-space:pre">$40.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:364.35pt;position:var(--position);text-decoration:none;white-space:pre"> in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:376.34pt;position:var(--position);text-decoration:none;white-space:pre">2031</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:396.34pt;position:var(--position);text-decoration:none;white-space:pre">. Contingent upon the exercise of this option, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:353.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the second purchase option allows our partner to purchase our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:341.9pt;position:var(--position);text-decoration:none;white-space:pre">30%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:359.9pt;position:var(--position);text-decoration:none;white-space:pre"> interest in one property for </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:469.84pt;position:var(--position);text-decoration:none;white-space:pre">$69.1 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:520.29pt;position:var(--position);text-decoration:none;white-space:pre"> in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:532.28pt;position:var(--position);text-decoration:none;white-space:pre">2034</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:552.28pt;position:var(--position);text-decoration:none;white-space:pre">. Our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:364.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">partner’s re</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:135.63pt;position:var(--position);text-decoration:none;white-space:pre">maining lease terms for these operating leases are</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:337.52pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:340.02pt;position:var(--position);text-decoration:none;white-space:pre">6.7 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:377.01pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:397.01pt;position:var(--position);text-decoration:none;white-space:pre">18.3 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:439pt;position:var(--position);text-decoration:none;white-space:pre">, res</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:456.49pt;position:var(--position);text-decoration:none;white-space:pre">pectively</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:490.81pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:381.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">One</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:107pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:109.5pt;position:var(--position);text-decoration:none;white-space:pre">property subject to an operating lease agreement contains a purchase option exercisable at fair market value in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:391.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">March 2034</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:137.48pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:408.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Certain operating leases contain options for tenants to extend their leases at prevailing market rates at the time of expiration. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:419.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">In addition, certain operating leases contain an early termination option that requires advance notification and payment of an early </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:430.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">termination fee by the tenant. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:451.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">At the commencement of each lease, we establish the lease term comprising the noncancelable period for each lease together </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:462.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">with periods covered by options to extend or terminate the lease that we determine the lessee is reasonably certain to exercise. Our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:473.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">assessment of whether a lessee is reasonably certain to exercise or not exercise an option considers all economic factors relevant to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:484.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the assessment, including property-based, market-based, and tenant-based factors. We do not reassess the lease term or a lessee </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:495.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">option to purchase the underlying asset unless there is a lease modification that is not accounted for as a separate contract.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:511.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Future lease payments to be received under the terms of our operating lease agreements, excluding expense </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:522.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">reimbursements, in effect as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:161.28pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:218.28pt;position:var(--position);text-decoration:none;white-space:pre"> are outlined in the table below (in thousands):</span></div><div style="position:var(--position);top:539.55pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:435.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:208.79pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:34.38pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">766,659<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,469,218<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,355,606<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,266,050<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,203,290<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:197.14pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">7,504,611<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:208.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:43.38pt"></span></span><span style="left:51.010000000000005pt;position:var(--position)">13,565,434<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:670.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Refer to Note 3 – “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:145.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:248.42pt;position:var(--position);text-decoration:none;white-space:pre">” to our unaudited consolidated financial statements for additional information </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:681.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">about our owned real estate assets, which are the underlying assets under our operating leases.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-31" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we have</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:190.49pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:192.99pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.99pt;position:var(--position);text-decoration:none;white-space:pre"> direct financing lease agreemen</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:337.92pt;position:var(--position);text-decoration:none;white-space:pre">t</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:340.42pt;position:var(--position);text-decoration:none;white-space:pre">, with a net investment balance of</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:473.87pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:476.37pt;position:var(--position);text-decoration:none;white-space:pre">$43.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:526.8199999999999pt;position:var(--position);text-decoration:none;white-space:pre">, for a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">parking structure with a remaining lease</span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:194.89pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> term of</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:225.37pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> </span></span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:227.87pt;position:var(--position);text-decoration:none;white-space:pre">66.4 years</span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:269.86pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">.</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:272.36pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> </span></span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:274.7pt;position:var(--position);text-decoration:none;white-space:pre">The lessee has an option to purchase the underlying asset at fair market </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value during each of the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:134.47pt;position:var(--position);text-decoration:none;white-space:pre">30</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:144.47pt;position:var(--position);text-decoration:none;white-space:pre">-day</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:161.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> periods commencing on the dates that are </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:334.9pt;position:var(--position);text-decoration:none;white-space:pre">15 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:369.39pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:374.39pt;position:var(--position);text-decoration:none;white-space:pre">30 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:408.88pt;position:var(--position);text-decoration:none;white-space:pre">, and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:431.38pt;position:var(--position);text-decoration:none;white-space:pre">74.5 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:473.37pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:475.87pt;position:var(--position);text-decoration:none;white-space:pre">after the rent </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">commencement date of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:132.47pt;position:var(--position);text-decoration:none;white-space:pre">October 1, 2017</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:196.96pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:199.46pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we also have </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:211.98pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:226.98pt;position:var(--position);text-decoration:none;white-space:pre"> sales-type lease for a property in the Seattle market. As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:462.89pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:519.89pt;position:var(--position);text-decoration:none;white-space:pre">, the net </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investment in this lease is </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:140.94pt;position:var(--position);text-decoration:none;white-space:pre">$16.9 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:191.39pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="color:#ee2724;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:193.89pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.9pt;position:var(--position);text-decoration:none;white-space:pre">At the end of the lease term in 2026, title to the property under this lease will transfer to the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenant for a sales price of approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:197.92pt;position:var(--position);text-decoration:none;white-space:pre">$18.5 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:248.37pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, our estimated provision for expected credit losses related to our direct financing and sales-type leases </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">aggregated </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:83.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">$1.8 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:129.44pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:134.44pt;position:var(--position);text-decoration:none;white-space:pre">which was predominantly related to our direct financing lease. We estimate the provision for expected credit </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">losses related to our direct financing lease using a probability of default methodology, which incorporates the borrower’s investment-</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">grade credit rating from S&amp;P Global Ratings, to evaluate the probability of default. Additionally, we incorporate the projected value of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">real estate securing the investments to estimate potential recoveries in the event of default, among other inputs. The estimate of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">expected credit loss related to our sales-type lease was determined using historical industry losses and transaction-specific information, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">including the estimated fair value of the underlying real estate asset securing this transaction, the short-term nature of this lease, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">other available information. For further details, refer to “Provision for expected credit losses” in Note 2 – “Summary of significant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting policies” to our unaudited consolidated financial statements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:283.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The components of our aggregate net investment in our direct financing and sales-type leases as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:470.35pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:527.35pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:114.97pt;position:var(--position);text-decoration:none;white-space:pre"> are summarized in the table below (in thousands):</span></div><div style="position:var(--position);top:315.6pt;width:612pt"><div style="font-size:0pt;left:36.75pt;position:var(--position);width:538.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:356.25pt"></td><td style="padding:0;width:89.25pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:84.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.12pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.89pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Gross investment in direct financing and sales-type leases</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:14.25pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:45.38pt"></span></span><span style="left:53.010000000000005pt;position:var(--position)">265,315<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:14.25pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:40.88pt"></span></span><span style="left:48.510000000000005pt;position:var(--position)">265,839<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Less: unearned income on direct financing lease</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:28.5pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:47.39pt"></span></span><span style="left:50.02pt;position:var(--position)">(203,671)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:28.5pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.89pt"></span></span><span style="left:45.52pt;position:var(--position)">(205,037)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Less: provision for expected credit losses</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:42.75pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.39pt"></span></span><span style="left:60.02pt;position:var(--position)">(1,817)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:42.75pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:52.89pt"></span></span><span style="left:55.52pt;position:var(--position)">(1,817)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net investment in leases</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:57pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:50.38pt"></span></span><span style="left:58.010000000000005pt;position:var(--position)">59,827<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:57pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:45.88pt"></span></span><span style="left:53.510000000000005pt;position:var(--position)">58,985<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:403.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Future lease payments to be received under the terms of our direct financing and sales-type leases as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:490.33pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:547.3299999999999pt;position:var(--position);text-decoration:none;white-space:pre"> are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:414.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">outlined in the table below (in thousands):</span></div><div style="position:var(--position);top:425.25pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:432pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.91pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:40.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:12.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">17,922<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:25.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:25.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,097<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:38.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:38.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,160<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:51pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:51pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,224<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:63.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:63.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,291<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:76.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.26pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:76.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">238,621<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:89.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.5pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:89.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">265,315<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:544.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:565.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:576.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands):</span></div><div style="position:var(--position);top:593.25pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:243pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:6.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:66.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);width:144.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:144.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.89pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);width:141.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:141.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.88pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:14.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.12pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:14.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.12pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.38pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:57pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">629,408<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:57pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">722,935<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:57pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,270,067<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:57pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,454,356<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.38pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:71.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:46.88pt"></span></span><span style="left:49.510000000000005pt;position:var(--position)">892<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:71.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.38pt"></span></span><span style="left:42.010000000000005pt;position:var(--position)">1,089<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:71.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:40.510000000000005pt;position:var(--position)">1,856<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:71.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:40.510000000000005pt;position:var(--position)">1,899<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:85.5pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.38pt"></span></span><span style="left:32.01pt;position:var(--position)">630,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:85.5pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.38pt"></span></span><span style="left:32.01pt;position:var(--position)">724,024<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:85.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:20.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,271,923<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:85.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:20.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,456,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the revenue recognition accounting </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.88pt;position:var(--position);text-decoration:none;white-space:pre">standard</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:99.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.38pt"></span></span><span style="left:37.010000000000005pt;position:var(--position)">12,910<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:99.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.38pt"></span></span><span style="left:37.010000000000005pt;position:var(--position)">13,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:99.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">24,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:99.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">24,199<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:123pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:123pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">643,210<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:123pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">737,279<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,296,223<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,480,454<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-32" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:63.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the revenue recognition accounting standard and classified in income from rentals consist primarily of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:74.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">short-term parking revenues that are not considered lease revenues under the lease accounting standard. Refer to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:496.81pt;position:var(--position);text-decoration:none;white-space:pre">Revenues</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:537.3pt;position:var(--position);text-decoration:none;white-space:pre">” and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">“</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:38.99pt;position:var(--position);text-decoration:none;white-space:pre">Recognition of revenue arising from contracts with customers</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:282.35pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant accounting policies” to our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:95.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">unaudited consolidated financial statements for additional information.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:117.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Residual value risk management strategy</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:139pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our leases do not have guarantees of residual value on the underlying assets. We manage risk associated with the residual </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:149.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value of our leased assets by (i) evaluating each potential acquisition of real estate to determine whether it meets our business </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">objective to invest primarily in high-demand markets, (ii) directly managing our leased properties, conducting frequent property </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:171.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">inspections, proactively addressing potential maintenance issues, and/or timely resolving any occurring issues, and (iii) carefully </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:182.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">selecting our tenants and monitoring their credit quality throughout their respective lease terms. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:203.8pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Leases in which we are the lessee</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:224.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease agreements</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:244.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We have ground and office operating lease agreements in which we are the lessee. Certain of these leases have options to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:255.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">extend or terminate the contract terms upon meeting certain criteria. There are no notable restrictions or covenants imposed by the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:266.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">leases, nor guarantees of residual value.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:287.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We recognize a right-of-use asset, which is classified within other assets in our consolidated balance sheets, and a related </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:298.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">liability, which is classified within accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets, to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">account for our future obligations under ground and office lease arrangements in which we are the lessee. Refer to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:496.62pt;position:var(--position);text-decoration:none;white-space:pre">Lessee accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:571.61pt;position:var(--position);text-decoration:none;white-space:pre">” </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial statements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:341.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, the present value of the remaining contractual payments aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:433.39pt;position:var(--position);text-decoration:none;white-space:pre">$759.4 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:488.84pt;position:var(--position);text-decoration:none;white-space:pre"> under our operating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:352.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease agreements, including our extension options that we are reasonably certain to exercise, was </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.32pt;position:var(--position);text-decoration:none;white-space:pre">$354.9 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:483.77pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:486.27pt;position:var(--position);text-decoration:none;white-space:pre"> Our corresponding </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:363.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating lease right-of-use assets, adjusted for initial direct leasing costs and other consideration exchanged with the landlord prior to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:374.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the commencement of the lease, aggregated</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:214.45pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:216.95pt;position:var(--position);text-decoration:none;white-space:pre">$689.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:272.4pt;position:var(--position);text-decoration:none;white-space:pre">. As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:299.91pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:356.91pt;position:var(--position);text-decoration:none;white-space:pre">, the weighted-average remaining lease term of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:385pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating leases in which we are the lessee was approximately</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:286.86pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:289.36pt;position:var(--position);text-decoration:none;white-space:pre">61 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:323.85pt;position:var(--position);text-decoration:none;white-space:pre">, including extension options that we are reasonably certain to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:395.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">exercise, and the weighted-average discount rate was</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:250.91pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:253.41pt;position:var(--position);text-decoration:none;white-space:pre">4.7%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:273.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre">. The weighted-average discount rate is based on the incremental </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:406.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">borrowing rate estimated for each lease, which is the interest rate that we estimate we would have to pay to borrow on a collateralized </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:417.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">basis over a similar term for an amount equal to the lease payments. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:439pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Ground lease obligations as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:252.95pt;position:var(--position);text-decoration:none;white-space:pre"> included leases for </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:332.91pt;position:var(--position);text-decoration:none;white-space:pre">31</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:342.91pt;position:var(--position);text-decoration:none;white-space:pre"> of our properties</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:410.87pt;position:var(--position);text-decoration:none;white-space:pre">, which accounted for approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:556.8pt;position:var(--position);text-decoration:none;white-space:pre">9%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:569.8pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:449.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of our total number of properties.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:166.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:168.93pt;position:var(--position);text-decoration:none;white-space:pre">Excluding </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:210.41pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:225.41pt;position:var(--position);text-decoration:none;white-space:pre"> ground lease that expires in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:340.86pt;position:var(--position);text-decoration:none;white-space:pre">2036</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:360.86pt;position:var(--position);text-decoration:none;white-space:pre"> related to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:403.34pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:418.34pt;position:var(--position);text-decoration:none;white-space:pre"> operating property </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:496.3pt;position:var(--position);text-decoration:none;white-space:pre">with a net book </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:460.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:69.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">$3.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:115.44pt;position:var(--position);text-decoration:none;white-space:pre"> as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:139.94pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:196.94pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:199.44pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:201.94pt;position:var(--position);text-decoration:none;white-space:pre">our ground lease obligations have remaining lease terms ranging from approximately</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:539.23pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:541.73pt;position:var(--position);text-decoration:none;white-space:pre">28</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:551.73pt;position:var(--position);text-decoration:none;white-space:pre"> to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:564.23pt;position:var(--position);text-decoration:none;white-space:pre">97 </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:471.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:57.989999999999995pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:60.489999999999995pt;position:var(--position);text-decoration:none;white-space:pre"> including extension options that we are reasonably certain to exercise.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:493pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:503.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease liability reflected in our unaudited consolidated balance sheet as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:326.86pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:383.86pt;position:var(--position);text-decoration:none;white-space:pre"> is in the table below (in thousands):</span></div><div style="position:var(--position);top:525.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:432pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.91pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:40.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">9,981<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">21,003<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">21,318<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">20,825<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">20,743<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.26pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">665,496<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total future payments under our operating leases in which we are the lessee</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">759,366<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Effect of discounting</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:114pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.89pt"></span></span><span style="left:60.52pt;position:var(--position)">(404,461)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:128.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease liability</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:128.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">354,905<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-33" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Lessee operating costs</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:74.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:85.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">annual rent payments and may also include escalation clauses and renewal options. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:373.36pt;position:var(--position);text-decoration:none;white-space:pre">For the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:404.34pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:534.3199999999999pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre">, amounts paid and classified as operating activities in our unaudited consolidated statements of cash flows for leases in which we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:106.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">are the lessee aggregated</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:140.47pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:142.97pt;position:var(--position);text-decoration:none;white-space:pre">$12.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:193.42pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:213.42pt;position:var(--position);text-decoration:none;white-space:pre">$156.1 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:268.87pt;position:var(--position);text-decoration:none;white-space:pre">, respectively. The decrease is primarily due to the ground lease prepayment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:117.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:46pt;position:var(--position);text-decoration:none;white-space:pre">$135.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:101.45pt;position:var(--position);text-decoration:none;white-space:pre"> made in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:138.43pt;position:var(--position);text-decoration:none;white-space:pre">January 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:192.92pt;position:var(--position);text-decoration:none;white-space:pre"> for a 24-year lease term extension to our existing ground lease agreement at the Alexandria </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:128.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Technology Square</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:112.98pt;position:var(--position);text-decoration:none;top:-2.293pt;vertical-align:super;white-space:pre">®</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:117.29pt;position:var(--position);text-decoration:none;white-space:pre"> Megacampus in our Cambridge submarket. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our operating lease obligations related to our office leases have remaining terms of up to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.16pt;position:var(--position);text-decoration:none;white-space:pre">10 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:462.65pt;position:var(--position);text-decoration:none;white-space:pre">, exclusive of extension </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:160.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">options. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:69.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">For the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:100.97pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:271.44pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:291.44pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:311.44pt;position:var(--position);text-decoration:none;white-space:pre">, our costs for operating leases in which we are the lessee were </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:171.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">as follows (in thousands):</span></div><div style="position:var(--position);top:182.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:220.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:69pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:69.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);width:165.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:165.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.39pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);width:142.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:142.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.26pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:14.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.5pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:14.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.5pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:14.25pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.5pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:14.25pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.87pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Gross operating lease costs</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:28.5pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:47.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">8,003<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:28.5pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.13pt"></span></span><span style="left:49.760000000000005pt;position:var(--position)">12,859<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:28.5pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">16,420<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:28.5pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.88pt"></span></span><span style="left:38.510000000000005pt;position:var(--position)">25,218<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Capitalized lease costs</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:42.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.14pt"></span></span><span style="left:51.77pt;position:var(--position)">(1,086)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:42.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:56.64pt"></span></span><span style="left:59.27pt;position:var(--position)">(720)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:42.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.14pt"></span></span><span style="left:39.77pt;position:var(--position)">(1,845)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:42.75pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.89pt"></span></span><span style="left:40.52pt;position:var(--position)">(1,413)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Expenses for operating leases in which we are the </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">lessee</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:57pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:47.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">6,917<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:57pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.13pt"></span></span><span style="left:49.760000000000005pt;position:var(--position)">12,139<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:57pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">14,575<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:57pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.88pt"></span></span><span style="left:38.510000000000005pt;position:var(--position)">23,805<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Refer</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:93.98pt;position:var(--position);text-decoration:none;white-space:pre"> to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:109.47pt;position:var(--position);text-decoration:none;white-space:pre">Lease accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:179.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">statements for information about lease accounting standards that set principles for the recognition, measurement, presentation, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors).</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Leases in which we are the lessor</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we had </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:188.49pt;position:var(--position);text-decoration:none;white-space:pre">336</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:203.49pt;position:var(--position);text-decoration:none;white-space:pre"> properties aggregating</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:295.94pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:298.44pt;position:var(--position);text-decoration:none;white-space:pre">36.0 million</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:343.89pt;position:var(--position);text-decoration:none;white-space:pre"> operating RSF</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:404.35pt;position:var(--position);text-decoration:none;white-space:pre"> in key cluster locations, including Greater </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.15pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. We primarily focus on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:139.5pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">developing Class A/A+ properties in AAA life science and advanced technology innovation clusters that offer the scale and strategic </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:149.85pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">design integral to our Megacampus strategy. Strategically located near top academic and medical research institutions, our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:160.2pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Megacampus ecosystems feature curated amenities and services and convenient access to transit, creating environments that help our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:170.55pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenants attract and retain top talent. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:191.25pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, all leases in which we are the lessor were classified as operating leases, w</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:453.81pt;position:var(--position);text-decoration:none;white-space:pre">ith the</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:478.3pt;position:var(--position);text-decoration:none;white-space:pre"> exception of</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:529.29pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:531.79pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:546.79pt;position:var(--position);text-decoration:none;white-space:pre"> direct </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:201.6pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">financing</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:71.97999999999999pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:91.97999999999999pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.98pt;position:var(--position);text-decoration:none;white-space:pre"> sales-type leas</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:169.45pt;position:var(--position);text-decoration:none;white-space:pre">e</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:174.45pt;position:var(--position);text-decoration:none;white-space:pre">. Our leases are described below.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:222.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:244.35pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, our</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:169.99pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:172.49pt;position:var(--position);text-decoration:none;white-space:pre">336</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:187.49pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:189.99pt;position:var(--position);text-decoration:none;white-space:pre">properties were subject to operating lease agreements. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.88pt;position:var(--position);text-decoration:none;white-space:pre">Five</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.86pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:431.36pt;position:var(--position);text-decoration:none;white-space:pre">of these properties are subject to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:255.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating lease agreements that each contain a purchase option as described below:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:271.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.49pt;position:var(--position);text-decoration:none;white-space:pre"> of these properties, representing </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:240.93pt;position:var(--position);text-decoration:none;white-space:pre">two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:254.92pt;position:var(--position);text-decoration:none;white-space:pre"> land parcels in the San Francisco Bay Area market, are subject to lease </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:282.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:293.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">each of the 30-day periods commencing on the dates that are</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:334.93pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:337.43pt;position:var(--position);text-decoration:none;white-space:pre">15 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:371.92pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:376.92pt;position:var(--position);text-decoration:none;white-space:pre">30 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.41pt;position:var(--position);text-decoration:none;white-space:pre">, and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:433.91pt;position:var(--position);text-decoration:none;white-space:pre">74.5 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:475.9pt;position:var(--position);text-decoration:none;white-space:pre"> after the rent </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:304.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">commencement date of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:186.47pt;position:var(--position);text-decoration:none;white-space:pre">October 1, 2017</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:250.96pt;position:var(--position);text-decoration:none;white-space:pre">. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:255.8pt;position:var(--position);text-decoration:none;white-space:pre">The remaining lease term related to each of the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:447.2pt;position:var(--position);text-decoration:none;white-space:pre">two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:461.19pt;position:var(--position);text-decoration:none;white-space:pre"> land p</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:488.18pt;position:var(--position);text-decoration:none;white-space:pre">arcel</span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:507.66pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">s is </span></span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:523.65pt;position:var(--position);text-decoration:none;white-space:pre">66.4 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:565.64pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:568.14pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:321.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.49pt;position:var(--position);text-decoration:none;white-space:pre"> operating properties in the Seattle market, held by a consolidated real estate joint venture, are subject to purchase </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:331.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">options held by our partner in this joint venture, which is also a tenant at these properties. One purchase option allows our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:342.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">partner to purchase our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:185.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">30%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:203.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> interest in one property for </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:313.9pt;position:var(--position);text-decoration:none;white-space:pre">$40.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:364.35pt;position:var(--position);text-decoration:none;white-space:pre"> in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:376.34pt;position:var(--position);text-decoration:none;white-space:pre">2031</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:396.34pt;position:var(--position);text-decoration:none;white-space:pre">. Contingent upon the exercise of this option, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:353.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the second purchase option allows our partner to purchase our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:341.9pt;position:var(--position);text-decoration:none;white-space:pre">30%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:359.9pt;position:var(--position);text-decoration:none;white-space:pre"> interest in one property for </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:469.84pt;position:var(--position);text-decoration:none;white-space:pre">$69.1 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:520.29pt;position:var(--position);text-decoration:none;white-space:pre"> in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:532.28pt;position:var(--position);text-decoration:none;white-space:pre">2034</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:552.28pt;position:var(--position);text-decoration:none;white-space:pre">. Our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:364.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">partner’s re</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:135.63pt;position:var(--position);text-decoration:none;white-space:pre">maining lease terms for these operating leases are</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:337.52pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:340.02pt;position:var(--position);text-decoration:none;white-space:pre">6.7 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:377.01pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:397.01pt;position:var(--position);text-decoration:none;white-space:pre">18.3 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:439pt;position:var(--position);text-decoration:none;white-space:pre">, res</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:456.49pt;position:var(--position);text-decoration:none;white-space:pre">pectively</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:490.81pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:381.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">One</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:107pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:109.5pt;position:var(--position);text-decoration:none;white-space:pre">property subject to an operating lease agreement contains a purchase option exercisable at fair market value in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:391.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">March 2034</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:137.48pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:408.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Certain operating leases contain options for tenants to extend their leases at prevailing market rates at the time of expiration. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:419.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">In addition, certain operating leases contain an early termination option that requires advance notification and payment of an early </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:430.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">termination fee by the tenant. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:451.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">At the commencement of each lease, we establish the lease term comprising the noncancelable period for each lease together </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:462.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">with periods covered by options to extend or terminate the lease that we determine the lessee is reasonably certain to exercise. Our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:473.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">assessment of whether a lessee is reasonably certain to exercise or not exercise an option considers all economic factors relevant to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:484.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the assessment, including property-based, market-based, and tenant-based factors. We do not reassess the lease term or a lessee </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:495.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">option to purchase the underlying asset unless there is a lease modification that is not accounted for as a separate contract.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:511.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Future lease payments to be received under the terms of our operating lease agreements, excluding expense </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:522.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">reimbursements, in effect as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:161.28pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:218.28pt;position:var(--position);text-decoration:none;white-space:pre"> are outlined in the table below (in thousands):</span></div><div style="position:var(--position);top:539.55pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:435.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:208.79pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:34.38pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">766,659<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,469,218<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,355,606<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,266,050<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,203,290<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:197.14pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">7,504,611<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:208.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:43.38pt"></span></span><span style="left:51.010000000000005pt;position:var(--position)">13,565,434<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:670.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Refer to Note 3 – “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:145.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:248.42pt;position:var(--position);text-decoration:none;white-space:pre">” to our unaudited consolidated financial statements for additional information </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:681.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">about our owned real estate assets, which are the underlying assets under our operating leases.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-31" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we have</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:190.49pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:192.99pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.99pt;position:var(--position);text-decoration:none;white-space:pre"> direct financing lease agreemen</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:337.92pt;position:var(--position);text-decoration:none;white-space:pre">t</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:340.42pt;position:var(--position);text-decoration:none;white-space:pre">, with a net investment balance of</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:473.87pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:476.37pt;position:var(--position);text-decoration:none;white-space:pre">$43.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:526.8199999999999pt;position:var(--position);text-decoration:none;white-space:pre">, for a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">parking structure with a remaining lease</span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:194.89pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> term of</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:225.37pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> </span></span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:227.87pt;position:var(--position);text-decoration:none;white-space:pre">66.4 years</span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:269.86pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">.</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:272.36pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> </span></span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:274.7pt;position:var(--position);text-decoration:none;white-space:pre">The lessee has an option to purchase the underlying asset at fair market </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value during each of the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:134.47pt;position:var(--position);text-decoration:none;white-space:pre">30</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:144.47pt;position:var(--position);text-decoration:none;white-space:pre">-day</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:161.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> periods commencing on the dates that are </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:334.9pt;position:var(--position);text-decoration:none;white-space:pre">15 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:369.39pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:374.39pt;position:var(--position);text-decoration:none;white-space:pre">30 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:408.88pt;position:var(--position);text-decoration:none;white-space:pre">, and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:431.38pt;position:var(--position);text-decoration:none;white-space:pre">74.5 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:473.37pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:475.87pt;position:var(--position);text-decoration:none;white-space:pre">after the rent </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">commencement date of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:132.47pt;position:var(--position);text-decoration:none;white-space:pre">October 1, 2017</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:196.96pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:199.46pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we also have </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:211.98pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:226.98pt;position:var(--position);text-decoration:none;white-space:pre"> sales-type lease for a property in the Seattle market. As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:462.89pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:519.89pt;position:var(--position);text-decoration:none;white-space:pre">, the net </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investment in this lease is </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:140.94pt;position:var(--position);text-decoration:none;white-space:pre">$16.9 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:191.39pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="color:#ee2724;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:193.89pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.9pt;position:var(--position);text-decoration:none;white-space:pre">At the end of the lease term in 2026, title to the property under this lease will transfer to the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenant for a sales price of approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:197.92pt;position:var(--position);text-decoration:none;white-space:pre">$18.5 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:248.37pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, our estimated provision for expected credit losses related to our direct financing and sales-type leases </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">aggregated </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:83.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">$1.8 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:129.44pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:134.44pt;position:var(--position);text-decoration:none;white-space:pre">which was predominantly related to our direct financing lease. We estimate the provision for expected credit </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">losses related to our direct financing lease using a probability of default methodology, which incorporates the borrower’s investment-</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">grade credit rating from S&amp;P Global Ratings, to evaluate the probability of default. Additionally, we incorporate the projected value of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">real estate securing the investments to estimate potential recoveries in the event of default, among other inputs. The estimate of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">expected credit loss related to our sales-type lease was determined using historical industry losses and transaction-specific information, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">including the estimated fair value of the underlying real estate asset securing this transaction, the short-term nature of this lease, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">other available information. For further details, refer to “Provision for expected credit losses” in Note 2 – “Summary of significant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting policies” to our unaudited consolidated financial statements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:283.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The components of our aggregate net investment in our direct financing and sales-type leases as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:470.35pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:527.35pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:114.97pt;position:var(--position);text-decoration:none;white-space:pre"> are summarized in the table below (in thousands):</span></div><div style="position:var(--position);top:315.6pt;width:612pt"><div style="font-size:0pt;left:36.75pt;position:var(--position);width:538.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:356.25pt"></td><td style="padding:0;width:89.25pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:84.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.12pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.89pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Gross investment in direct financing and sales-type leases</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:14.25pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:45.38pt"></span></span><span style="left:53.010000000000005pt;position:var(--position)">265,315<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:14.25pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:40.88pt"></span></span><span style="left:48.510000000000005pt;position:var(--position)">265,839<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Less: unearned income on direct financing lease</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:28.5pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:47.39pt"></span></span><span style="left:50.02pt;position:var(--position)">(203,671)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:28.5pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.89pt"></span></span><span style="left:45.52pt;position:var(--position)">(205,037)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Less: provision for expected credit losses</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:42.75pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.39pt"></span></span><span style="left:60.02pt;position:var(--position)">(1,817)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:42.75pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:52.89pt"></span></span><span style="left:55.52pt;position:var(--position)">(1,817)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net investment in leases</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:57pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:50.38pt"></span></span><span style="left:58.010000000000005pt;position:var(--position)">59,827<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:57pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:45.88pt"></span></span><span style="left:53.510000000000005pt;position:var(--position)">58,985<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:403.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Future lease payments to be received under the terms of our direct financing and sales-type leases as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:490.33pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:547.3299999999999pt;position:var(--position);text-decoration:none;white-space:pre"> are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:414.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">outlined in the table below (in thousands):</span></div><div style="position:var(--position);top:425.25pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:432pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.91pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:40.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:12.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">17,922<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:25.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:25.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,097<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:38.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:38.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,160<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:51pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:51pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,224<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:63.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:63.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,291<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:76.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.26pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:76.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">238,621<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:89.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.5pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:89.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">265,315<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:544.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:565.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:576.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands):</span></div><div style="position:var(--position);top:593.25pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:243pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:6.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:66.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);width:144.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:144.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.89pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);width:141.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:141.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.88pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:14.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.12pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:14.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.12pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.38pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:57pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">629,408<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:57pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">722,935<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:57pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,270,067<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:57pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,454,356<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.38pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:71.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:46.88pt"></span></span><span style="left:49.510000000000005pt;position:var(--position)">892<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:71.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.38pt"></span></span><span style="left:42.010000000000005pt;position:var(--position)">1,089<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:71.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:40.510000000000005pt;position:var(--position)">1,856<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:71.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:40.510000000000005pt;position:var(--position)">1,899<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:85.5pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.38pt"></span></span><span style="left:32.01pt;position:var(--position)">630,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:85.5pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.38pt"></span></span><span style="left:32.01pt;position:var(--position)">724,024<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:85.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:20.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,271,923<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:85.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:20.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,456,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the revenue recognition accounting </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.88pt;position:var(--position);text-decoration:none;white-space:pre">standard</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:99.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.38pt"></span></span><span style="left:37.010000000000005pt;position:var(--position)">12,910<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:99.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.38pt"></span></span><span style="left:37.010000000000005pt;position:var(--position)">13,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:99.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">24,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:99.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">24,199<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:123pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:123pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">643,210<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:123pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">737,279<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,296,223<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,480,454<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-32" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:63.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the revenue recognition accounting standard and classified in income from rentals consist primarily of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:74.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">short-term parking revenues that are not considered lease revenues under the lease accounting standard. Refer to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:496.81pt;position:var(--position);text-decoration:none;white-space:pre">Revenues</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:537.3pt;position:var(--position);text-decoration:none;white-space:pre">” and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">“</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:38.99pt;position:var(--position);text-decoration:none;white-space:pre">Recognition of revenue arising from contracts with customers</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:282.35pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant accounting policies” to our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:95.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">unaudited consolidated financial statements for additional information.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:117.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Residual value risk management strategy</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:139pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our leases do not have guarantees of residual value on the underlying assets. We manage risk associated with the residual </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:149.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value of our leased assets by (i) evaluating each potential acquisition of real estate to determine whether it meets our business </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">objective to invest primarily in high-demand markets, (ii) directly managing our leased properties, conducting frequent property </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:171.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">inspections, proactively addressing potential maintenance issues, and/or timely resolving any occurring issues, and (iii) carefully </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:182.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">selecting our tenants and monitoring their credit quality throughout their respective lease terms. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:203.8pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Leases in which we are the lessee</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:224.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease agreements</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:244.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We have ground and office operating lease agreements in which we are the lessee. Certain of these leases have options to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:255.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">extend or terminate the contract terms upon meeting certain criteria. There are no notable restrictions or covenants imposed by the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:266.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">leases, nor guarantees of residual value.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:287.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We recognize a right-of-use asset, which is classified within other assets in our consolidated balance sheets, and a related </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:298.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">liability, which is classified within accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets, to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">account for our future obligations under ground and office lease arrangements in which we are the lessee. Refer to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:496.62pt;position:var(--position);text-decoration:none;white-space:pre">Lessee accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:571.61pt;position:var(--position);text-decoration:none;white-space:pre">” </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial statements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:341.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, the present value of the remaining contractual payments aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:433.39pt;position:var(--position);text-decoration:none;white-space:pre">$759.4 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:488.84pt;position:var(--position);text-decoration:none;white-space:pre"> under our operating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:352.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease agreements, including our extension options that we are reasonably certain to exercise, was </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.32pt;position:var(--position);text-decoration:none;white-space:pre">$354.9 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:483.77pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:486.27pt;position:var(--position);text-decoration:none;white-space:pre"> Our corresponding </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:363.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating lease right-of-use assets, adjusted for initial direct leasing costs and other consideration exchanged with the landlord prior to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:374.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the commencement of the lease, aggregated</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:214.45pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:216.95pt;position:var(--position);text-decoration:none;white-space:pre">$689.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:272.4pt;position:var(--position);text-decoration:none;white-space:pre">. As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:299.91pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:356.91pt;position:var(--position);text-decoration:none;white-space:pre">, the weighted-average remaining lease term of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:385pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating leases in which we are the lessee was approximately</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:286.86pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:289.36pt;position:var(--position);text-decoration:none;white-space:pre">61 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:323.85pt;position:var(--position);text-decoration:none;white-space:pre">, including extension options that we are reasonably certain to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:395.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">exercise, and the weighted-average discount rate was</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:250.91pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:253.41pt;position:var(--position);text-decoration:none;white-space:pre">4.7%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:273.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre">. The weighted-average discount rate is based on the incremental </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:406.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">borrowing rate estimated for each lease, which is the interest rate that we estimate we would have to pay to borrow on a collateralized </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:417.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">basis over a similar term for an amount equal to the lease payments. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:439pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Ground lease obligations as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:252.95pt;position:var(--position);text-decoration:none;white-space:pre"> included leases for </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:332.91pt;position:var(--position);text-decoration:none;white-space:pre">31</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:342.91pt;position:var(--position);text-decoration:none;white-space:pre"> of our properties</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:410.87pt;position:var(--position);text-decoration:none;white-space:pre">, which accounted for approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:556.8pt;position:var(--position);text-decoration:none;white-space:pre">9%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:569.8pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:449.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of our total number of properties.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:166.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:168.93pt;position:var(--position);text-decoration:none;white-space:pre">Excluding </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:210.41pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:225.41pt;position:var(--position);text-decoration:none;white-space:pre"> ground lease that expires in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:340.86pt;position:var(--position);text-decoration:none;white-space:pre">2036</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:360.86pt;position:var(--position);text-decoration:none;white-space:pre"> related to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:403.34pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:418.34pt;position:var(--position);text-decoration:none;white-space:pre"> operating property </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:496.3pt;position:var(--position);text-decoration:none;white-space:pre">with a net book </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:460.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:69.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">$3.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:115.44pt;position:var(--position);text-decoration:none;white-space:pre"> as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:139.94pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:196.94pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:199.44pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:201.94pt;position:var(--position);text-decoration:none;white-space:pre">our ground lease obligations have remaining lease terms ranging from approximately</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:539.23pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:541.73pt;position:var(--position);text-decoration:none;white-space:pre">28</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:551.73pt;position:var(--position);text-decoration:none;white-space:pre"> to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:564.23pt;position:var(--position);text-decoration:none;white-space:pre">97 </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:471.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:57.989999999999995pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:60.489999999999995pt;position:var(--position);text-decoration:none;white-space:pre"> including extension options that we are reasonably certain to exercise.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:493pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:503.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease liability reflected in our unaudited consolidated balance sheet as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:326.86pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:383.86pt;position:var(--position);text-decoration:none;white-space:pre"> is in the table below (in thousands):</span></div><div style="position:var(--position);top:525.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:432pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.91pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:40.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">9,981<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">21,003<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">21,318<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">20,825<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">20,743<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.26pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">665,496<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total future payments under our operating leases in which we are the lessee</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">759,366<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Effect of discounting</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:114pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.89pt"></span></span><span style="left:60.52pt;position:var(--position)">(404,461)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:128.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease liability</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:128.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">354,905<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-33" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Lessee operating costs</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:74.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:85.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">annual rent payments and may also include escalation clauses and renewal options. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:373.36pt;position:var(--position);text-decoration:none;white-space:pre">For the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:404.34pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:534.3199999999999pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre">, amounts paid and classified as operating activities in our unaudited consolidated statements of cash flows for leases in which we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:106.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">are the lessee aggregated</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:140.47pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:142.97pt;position:var(--position);text-decoration:none;white-space:pre">$12.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:193.42pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:213.42pt;position:var(--position);text-decoration:none;white-space:pre">$156.1 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:268.87pt;position:var(--position);text-decoration:none;white-space:pre">, respectively. The decrease is primarily due to the ground lease prepayment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:117.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:46pt;position:var(--position);text-decoration:none;white-space:pre">$135.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:101.45pt;position:var(--position);text-decoration:none;white-space:pre"> made in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:138.43pt;position:var(--position);text-decoration:none;white-space:pre">January 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:192.92pt;position:var(--position);text-decoration:none;white-space:pre"> for a 24-year lease term extension to our existing ground lease agreement at the Alexandria </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:128.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Technology Square</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:112.98pt;position:var(--position);text-decoration:none;top:-2.293pt;vertical-align:super;white-space:pre">®</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:117.29pt;position:var(--position);text-decoration:none;white-space:pre"> Megacampus in our Cambridge submarket. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our operating lease obligations related to our office leases have remaining terms of up to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.16pt;position:var(--position);text-decoration:none;white-space:pre">10 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:462.65pt;position:var(--position);text-decoration:none;white-space:pre">, exclusive of extension </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:160.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">options. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:69.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">For the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:100.97pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:271.44pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:291.44pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:311.44pt;position:var(--position);text-decoration:none;white-space:pre">, our costs for operating leases in which we are the lessee were </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:171.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">as follows (in thousands):</span></div><div style="position:var(--position);top:182.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:220.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:69pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:69.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);width:165.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:165.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.39pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);width:142.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:142.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.26pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:14.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.5pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:14.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.5pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:14.25pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.5pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:14.25pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.87pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Gross operating lease costs</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:28.5pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:47.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">8,003<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:28.5pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.13pt"></span></span><span style="left:49.760000000000005pt;position:var(--position)">12,859<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:28.5pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">16,420<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:28.5pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.88pt"></span></span><span style="left:38.510000000000005pt;position:var(--position)">25,218<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Capitalized lease costs</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:42.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.14pt"></span></span><span style="left:51.77pt;position:var(--position)">(1,086)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:42.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:56.64pt"></span></span><span style="left:59.27pt;position:var(--position)">(720)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:42.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.14pt"></span></span><span style="left:39.77pt;position:var(--position)">(1,845)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:42.75pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.89pt"></span></span><span style="left:40.52pt;position:var(--position)">(1,413)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Expenses for operating leases in which we are the </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">lessee</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:57pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:47.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">6,917<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:57pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.13pt"></span></span><span style="left:49.760000000000005pt;position:var(--position)">12,139<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:57pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">14,575<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:57pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.88pt"></span></span><span style="left:38.510000000000005pt;position:var(--position)">23,805<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Refer</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:93.98pt;position:var(--position);text-decoration:none;white-space:pre"> to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:109.47pt;position:var(--position);text-decoration:none;white-space:pre">Lease accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:179.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">statements for information about lease accounting standards that set principles for the recognition, measurement, presentation, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors).</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Leases in which we are the lessor</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we had </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:188.49pt;position:var(--position);text-decoration:none;white-space:pre">336</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:203.49pt;position:var(--position);text-decoration:none;white-space:pre"> properties aggregating</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:295.94pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:298.44pt;position:var(--position);text-decoration:none;white-space:pre">36.0 million</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:343.89pt;position:var(--position);text-decoration:none;white-space:pre"> operating RSF</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:404.35pt;position:var(--position);text-decoration:none;white-space:pre"> in key cluster locations, including Greater </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.15pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. We primarily focus on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:139.5pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">developing Class A/A+ properties in AAA life science and advanced technology innovation clusters that offer the scale and strategic </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:149.85pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">design integral to our Megacampus strategy. Strategically located near top academic and medical research institutions, our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:160.2pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Megacampus ecosystems feature curated amenities and services and convenient access to transit, creating environments that help our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:170.55pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenants attract and retain top talent. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:191.25pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, all leases in which we are the lessor were classified as operating leases, w</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:453.81pt;position:var(--position);text-decoration:none;white-space:pre">ith the</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:478.3pt;position:var(--position);text-decoration:none;white-space:pre"> exception of</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:529.29pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:531.79pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:546.79pt;position:var(--position);text-decoration:none;white-space:pre"> direct </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:201.6pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">financing</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:71.97999999999999pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:91.97999999999999pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.98pt;position:var(--position);text-decoration:none;white-space:pre"> sales-type leas</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:169.45pt;position:var(--position);text-decoration:none;white-space:pre">e</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:174.45pt;position:var(--position);text-decoration:none;white-space:pre">. Our leases are described below.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:222.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:244.35pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, our</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:169.99pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:172.49pt;position:var(--position);text-decoration:none;white-space:pre">336</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:187.49pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:189.99pt;position:var(--position);text-decoration:none;white-space:pre">properties were subject to operating lease agreements. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.88pt;position:var(--position);text-decoration:none;white-space:pre">Five</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.86pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:431.36pt;position:var(--position);text-decoration:none;white-space:pre">of these properties are subject to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:255.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating lease agreements that each contain a purchase option as described below:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:271.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.49pt;position:var(--position);text-decoration:none;white-space:pre"> of these properties, representing </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:240.93pt;position:var(--position);text-decoration:none;white-space:pre">two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:254.92pt;position:var(--position);text-decoration:none;white-space:pre"> land parcels in the San Francisco Bay Area market, are subject to lease </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:282.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:293.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">each of the 30-day periods commencing on the dates that are</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:334.93pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:337.43pt;position:var(--position);text-decoration:none;white-space:pre">15 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:371.92pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:376.92pt;position:var(--position);text-decoration:none;white-space:pre">30 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.41pt;position:var(--position);text-decoration:none;white-space:pre">, and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:433.91pt;position:var(--position);text-decoration:none;white-space:pre">74.5 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:475.9pt;position:var(--position);text-decoration:none;white-space:pre"> after the rent </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:304.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">commencement date of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:186.47pt;position:var(--position);text-decoration:none;white-space:pre">October 1, 2017</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:250.96pt;position:var(--position);text-decoration:none;white-space:pre">. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:255.8pt;position:var(--position);text-decoration:none;white-space:pre">The remaining lease term related to each of the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:447.2pt;position:var(--position);text-decoration:none;white-space:pre">two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:461.19pt;position:var(--position);text-decoration:none;white-space:pre"> land p</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:488.18pt;position:var(--position);text-decoration:none;white-space:pre">arcel</span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:507.66pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">s is </span></span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:523.65pt;position:var(--position);text-decoration:none;white-space:pre">66.4 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:565.64pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:568.14pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:321.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.49pt;position:var(--position);text-decoration:none;white-space:pre"> operating properties in the Seattle market, held by a consolidated real estate joint venture, are subject to purchase </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:331.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">options held by our partner in this joint venture, which is also a tenant at these properties. One purchase option allows our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:342.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">partner to purchase our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:185.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">30%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:203.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> interest in one property for </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:313.9pt;position:var(--position);text-decoration:none;white-space:pre">$40.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:364.35pt;position:var(--position);text-decoration:none;white-space:pre"> in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:376.34pt;position:var(--position);text-decoration:none;white-space:pre">2031</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:396.34pt;position:var(--position);text-decoration:none;white-space:pre">. Contingent upon the exercise of this option, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:353.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the second purchase option allows our partner to purchase our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:341.9pt;position:var(--position);text-decoration:none;white-space:pre">30%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:359.9pt;position:var(--position);text-decoration:none;white-space:pre"> interest in one property for </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:469.84pt;position:var(--position);text-decoration:none;white-space:pre">$69.1 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:520.29pt;position:var(--position);text-decoration:none;white-space:pre"> in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:532.28pt;position:var(--position);text-decoration:none;white-space:pre">2034</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:552.28pt;position:var(--position);text-decoration:none;white-space:pre">. Our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:364.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">partner’s re</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:135.63pt;position:var(--position);text-decoration:none;white-space:pre">maining lease terms for these operating leases are</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:337.52pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:340.02pt;position:var(--position);text-decoration:none;white-space:pre">6.7 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:377.01pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:397.01pt;position:var(--position);text-decoration:none;white-space:pre">18.3 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:439pt;position:var(--position);text-decoration:none;white-space:pre">, res</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:456.49pt;position:var(--position);text-decoration:none;white-space:pre">pectively</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:490.81pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:381.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">One</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:107pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:109.5pt;position:var(--position);text-decoration:none;white-space:pre">property subject to an operating lease agreement contains a purchase option exercisable at fair market value in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:391.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">March 2034</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:137.48pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:408.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Certain operating leases contain options for tenants to extend their leases at prevailing market rates at the time of expiration. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:419.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">In addition, certain operating leases contain an early termination option that requires advance notification and payment of an early </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:430.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">termination fee by the tenant. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:451.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">At the commencement of each lease, we establish the lease term comprising the noncancelable period for each lease together </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:462.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">with periods covered by options to extend or terminate the lease that we determine the lessee is reasonably certain to exercise. Our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:473.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">assessment of whether a lessee is reasonably certain to exercise or not exercise an option considers all economic factors relevant to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:484.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the assessment, including property-based, market-based, and tenant-based factors. We do not reassess the lease term or a lessee </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:495.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">option to purchase the underlying asset unless there is a lease modification that is not accounted for as a separate contract.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:511.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Future lease payments to be received under the terms of our operating lease agreements, excluding expense </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:522.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">reimbursements, in effect as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:161.28pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:218.28pt;position:var(--position);text-decoration:none;white-space:pre"> are outlined in the table below (in thousands):</span></div><div style="position:var(--position);top:539.55pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:435.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:208.79pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:34.38pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">766,659<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,469,218<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,355,606<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,266,050<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,203,290<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:197.14pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">7,504,611<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:208.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:43.38pt"></span></span><span style="left:51.010000000000005pt;position:var(--position)">13,565,434<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:670.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Refer to Note 3 – “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:145.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:248.42pt;position:var(--position);text-decoration:none;white-space:pre">” to our unaudited consolidated financial statements for additional information </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:681.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">about our owned real estate assets, which are the underlying assets under our operating leases.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-31" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we have</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:190.49pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:192.99pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.99pt;position:var(--position);text-decoration:none;white-space:pre"> direct financing lease agreemen</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:337.92pt;position:var(--position);text-decoration:none;white-space:pre">t</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:340.42pt;position:var(--position);text-decoration:none;white-space:pre">, with a net investment balance of</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:473.87pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:476.37pt;position:var(--position);text-decoration:none;white-space:pre">$43.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:526.8199999999999pt;position:var(--position);text-decoration:none;white-space:pre">, for a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">parking structure with a remaining lease</span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:194.89pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> term of</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:225.37pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> </span></span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:227.87pt;position:var(--position);text-decoration:none;white-space:pre">66.4 years</span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:269.86pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">.</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:272.36pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> </span></span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:274.7pt;position:var(--position);text-decoration:none;white-space:pre">The lessee has an option to purchase the underlying asset at fair market </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value during each of the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:134.47pt;position:var(--position);text-decoration:none;white-space:pre">30</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:144.47pt;position:var(--position);text-decoration:none;white-space:pre">-day</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:161.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> periods commencing on the dates that are </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:334.9pt;position:var(--position);text-decoration:none;white-space:pre">15 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:369.39pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:374.39pt;position:var(--position);text-decoration:none;white-space:pre">30 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:408.88pt;position:var(--position);text-decoration:none;white-space:pre">, and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:431.38pt;position:var(--position);text-decoration:none;white-space:pre">74.5 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:473.37pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:475.87pt;position:var(--position);text-decoration:none;white-space:pre">after the rent </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">commencement date of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:132.47pt;position:var(--position);text-decoration:none;white-space:pre">October 1, 2017</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:196.96pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:199.46pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we also have </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:211.98pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:226.98pt;position:var(--position);text-decoration:none;white-space:pre"> sales-type lease for a property in the Seattle market. As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:462.89pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:519.89pt;position:var(--position);text-decoration:none;white-space:pre">, the net </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investment in this lease is </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:140.94pt;position:var(--position);text-decoration:none;white-space:pre">$16.9 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:191.39pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="color:#ee2724;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:193.89pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.9pt;position:var(--position);text-decoration:none;white-space:pre">At the end of the lease term in 2026, title to the property under this lease will transfer to the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenant for a sales price of approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:197.92pt;position:var(--position);text-decoration:none;white-space:pre">$18.5 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:248.37pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, our estimated provision for expected credit losses related to our direct financing and sales-type leases </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">aggregated </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:83.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">$1.8 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:129.44pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:134.44pt;position:var(--position);text-decoration:none;white-space:pre">which was predominantly related to our direct financing lease. We estimate the provision for expected credit </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">losses related to our direct financing lease using a probability of default methodology, which incorporates the borrower’s investment-</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">grade credit rating from S&amp;P Global Ratings, to evaluate the probability of default. Additionally, we incorporate the projected value of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">real estate securing the investments to estimate potential recoveries in the event of default, among other inputs. The estimate of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">expected credit loss related to our sales-type lease was determined using historical industry losses and transaction-specific information, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">including the estimated fair value of the underlying real estate asset securing this transaction, the short-term nature of this lease, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">other available information. For further details, refer to “Provision for expected credit losses” in Note 2 – “Summary of significant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting policies” to our unaudited consolidated financial statements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:283.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The components of our aggregate net investment in our direct financing and sales-type leases as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:470.35pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:527.35pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:114.97pt;position:var(--position);text-decoration:none;white-space:pre"> are summarized in the table below (in thousands):</span></div><div style="position:var(--position);top:315.6pt;width:612pt"><div style="font-size:0pt;left:36.75pt;position:var(--position);width:538.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:356.25pt"></td><td style="padding:0;width:89.25pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:84.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.12pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.89pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Gross investment in direct financing and sales-type leases</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:14.25pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:45.38pt"></span></span><span style="left:53.010000000000005pt;position:var(--position)">265,315<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:14.25pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:40.88pt"></span></span><span style="left:48.510000000000005pt;position:var(--position)">265,839<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Less: unearned income on direct financing lease</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:28.5pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:47.39pt"></span></span><span style="left:50.02pt;position:var(--position)">(203,671)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:28.5pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.89pt"></span></span><span style="left:45.52pt;position:var(--position)">(205,037)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Less: provision for expected credit losses</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:42.75pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.39pt"></span></span><span style="left:60.02pt;position:var(--position)">(1,817)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:42.75pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:52.89pt"></span></span><span style="left:55.52pt;position:var(--position)">(1,817)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net investment in leases</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:57pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:50.38pt"></span></span><span style="left:58.010000000000005pt;position:var(--position)">59,827<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:57pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:45.88pt"></span></span><span style="left:53.510000000000005pt;position:var(--position)">58,985<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:403.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Future lease payments to be received under the terms of our direct financing and sales-type leases as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:490.33pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:547.3299999999999pt;position:var(--position);text-decoration:none;white-space:pre"> are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:414.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">outlined in the table below (in thousands):</span></div><div style="position:var(--position);top:425.25pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:432pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.91pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:40.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:12.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">17,922<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:25.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:25.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,097<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:38.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:38.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,160<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:51pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:51pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,224<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:63.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:63.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,291<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:76.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.26pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:76.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">238,621<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:89.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.5pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:89.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">265,315<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:544.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:565.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:576.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands):</span></div><div style="position:var(--position);top:593.25pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:243pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:6.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:66.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);width:144.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:144.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.89pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);width:141.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:141.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.88pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:14.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.12pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:14.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.12pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.38pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:57pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">629,408<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:57pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">722,935<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:57pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,270,067<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:57pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,454,356<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.38pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:71.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:46.88pt"></span></span><span style="left:49.510000000000005pt;position:var(--position)">892<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:71.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.38pt"></span></span><span style="left:42.010000000000005pt;position:var(--position)">1,089<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:71.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:40.510000000000005pt;position:var(--position)">1,856<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:71.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:40.510000000000005pt;position:var(--position)">1,899<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:85.5pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.38pt"></span></span><span style="left:32.01pt;position:var(--position)">630,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:85.5pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.38pt"></span></span><span style="left:32.01pt;position:var(--position)">724,024<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:85.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:20.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,271,923<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:85.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:20.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,456,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the revenue recognition accounting </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.88pt;position:var(--position);text-decoration:none;white-space:pre">standard</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:99.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.38pt"></span></span><span style="left:37.010000000000005pt;position:var(--position)">12,910<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:99.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.38pt"></span></span><span style="left:37.010000000000005pt;position:var(--position)">13,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:99.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">24,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:99.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">24,199<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:123pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:123pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">643,210<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:123pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">737,279<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,296,223<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,480,454<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-32" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:63.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the revenue recognition accounting standard and classified in income from rentals consist primarily of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:74.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">short-term parking revenues that are not considered lease revenues under the lease accounting standard. Refer to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:496.81pt;position:var(--position);text-decoration:none;white-space:pre">Revenues</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:537.3pt;position:var(--position);text-decoration:none;white-space:pre">” and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">“</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:38.99pt;position:var(--position);text-decoration:none;white-space:pre">Recognition of revenue arising from contracts with customers</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:282.35pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant accounting policies” to our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:95.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">unaudited consolidated financial statements for additional information.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:117.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Residual value risk management strategy</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:139pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our leases do not have guarantees of residual value on the underlying assets. We manage risk associated with the residual </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:149.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value of our leased assets by (i) evaluating each potential acquisition of real estate to determine whether it meets our business </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">objective to invest primarily in high-demand markets, (ii) directly managing our leased properties, conducting frequent property </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:171.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">inspections, proactively addressing potential maintenance issues, and/or timely resolving any occurring issues, and (iii) carefully </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:182.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">selecting our tenants and monitoring their credit quality throughout their respective lease terms. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:203.8pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Leases in which we are the lessee</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:224.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease agreements</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:244.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We have ground and office operating lease agreements in which we are the lessee. Certain of these leases have options to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:255.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">extend or terminate the contract terms upon meeting certain criteria. There are no notable restrictions or covenants imposed by the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:266.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">leases, nor guarantees of residual value.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:287.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We recognize a right-of-use asset, which is classified within other assets in our consolidated balance sheets, and a related </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:298.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">liability, which is classified within accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets, to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">account for our future obligations under ground and office lease arrangements in which we are the lessee. Refer to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:496.62pt;position:var(--position);text-decoration:none;white-space:pre">Lessee accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:571.61pt;position:var(--position);text-decoration:none;white-space:pre">” </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial statements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:341.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, the present value of the remaining contractual payments aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:433.39pt;position:var(--position);text-decoration:none;white-space:pre">$759.4 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:488.84pt;position:var(--position);text-decoration:none;white-space:pre"> under our operating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:352.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease agreements, including our extension options that we are reasonably certain to exercise, was </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.32pt;position:var(--position);text-decoration:none;white-space:pre">$354.9 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:483.77pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:486.27pt;position:var(--position);text-decoration:none;white-space:pre"> Our corresponding </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:363.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating lease right-of-use assets, adjusted for initial direct leasing costs and other consideration exchanged with the landlord prior to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:374.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the commencement of the lease, aggregated</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:214.45pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:216.95pt;position:var(--position);text-decoration:none;white-space:pre">$689.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:272.4pt;position:var(--position);text-decoration:none;white-space:pre">. As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:299.91pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:356.91pt;position:var(--position);text-decoration:none;white-space:pre">, the weighted-average remaining lease term of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:385pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating leases in which we are the lessee was approximately</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:286.86pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:289.36pt;position:var(--position);text-decoration:none;white-space:pre">61 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:323.85pt;position:var(--position);text-decoration:none;white-space:pre">, including extension options that we are reasonably certain to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:395.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">exercise, and the weighted-average discount rate was</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:250.91pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:253.41pt;position:var(--position);text-decoration:none;white-space:pre">4.7%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:273.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre">. The weighted-average discount rate is based on the incremental </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:406.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">borrowing rate estimated for each lease, which is the interest rate that we estimate we would have to pay to borrow on a collateralized </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:417.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">basis over a similar term for an amount equal to the lease payments. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:439pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Ground lease obligations as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:252.95pt;position:var(--position);text-decoration:none;white-space:pre"> included leases for </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:332.91pt;position:var(--position);text-decoration:none;white-space:pre">31</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:342.91pt;position:var(--position);text-decoration:none;white-space:pre"> of our properties</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:410.87pt;position:var(--position);text-decoration:none;white-space:pre">, which accounted for approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:556.8pt;position:var(--position);text-decoration:none;white-space:pre">9%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:569.8pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:449.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of our total number of properties.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:166.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:168.93pt;position:var(--position);text-decoration:none;white-space:pre">Excluding </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:210.41pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:225.41pt;position:var(--position);text-decoration:none;white-space:pre"> ground lease that expires in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:340.86pt;position:var(--position);text-decoration:none;white-space:pre">2036</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:360.86pt;position:var(--position);text-decoration:none;white-space:pre"> related to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:403.34pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:418.34pt;position:var(--position);text-decoration:none;white-space:pre"> operating property </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:496.3pt;position:var(--position);text-decoration:none;white-space:pre">with a net book </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:460.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:69.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">$3.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:115.44pt;position:var(--position);text-decoration:none;white-space:pre"> as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:139.94pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:196.94pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:199.44pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:201.94pt;position:var(--position);text-decoration:none;white-space:pre">our ground lease obligations have remaining lease terms ranging from approximately</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:539.23pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:541.73pt;position:var(--position);text-decoration:none;white-space:pre">28</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:551.73pt;position:var(--position);text-decoration:none;white-space:pre"> to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:564.23pt;position:var(--position);text-decoration:none;white-space:pre">97 </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:471.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:57.989999999999995pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:60.489999999999995pt;position:var(--position);text-decoration:none;white-space:pre"> including extension options that we are reasonably certain to exercise.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:493pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:503.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease liability reflected in our unaudited consolidated balance sheet as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:326.86pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:383.86pt;position:var(--position);text-decoration:none;white-space:pre"> is in the table below (in thousands):</span></div><div style="position:var(--position);top:525.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:432pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.91pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:40.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">9,981<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">21,003<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">21,318<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">20,825<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">20,743<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.26pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">665,496<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total future payments under our operating leases in which we are the lessee</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">759,366<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Effect of discounting</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:114pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.89pt"></span></span><span style="left:60.52pt;position:var(--position)">(404,461)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:128.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease liability</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:128.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">354,905<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-33" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Lessee operating costs</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:74.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:85.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">annual rent payments and may also include escalation clauses and renewal options. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:373.36pt;position:var(--position);text-decoration:none;white-space:pre">For the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:404.34pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:534.3199999999999pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre">, amounts paid and classified as operating activities in our unaudited consolidated statements of cash flows for leases in which we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:106.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">are the lessee aggregated</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:140.47pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:142.97pt;position:var(--position);text-decoration:none;white-space:pre">$12.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:193.42pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:213.42pt;position:var(--position);text-decoration:none;white-space:pre">$156.1 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:268.87pt;position:var(--position);text-decoration:none;white-space:pre">, respectively. The decrease is primarily due to the ground lease prepayment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:117.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:46pt;position:var(--position);text-decoration:none;white-space:pre">$135.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:101.45pt;position:var(--position);text-decoration:none;white-space:pre"> made in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:138.43pt;position:var(--position);text-decoration:none;white-space:pre">January 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:192.92pt;position:var(--position);text-decoration:none;white-space:pre"> for a 24-year lease term extension to our existing ground lease agreement at the Alexandria </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:128.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Technology Square</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:112.98pt;position:var(--position);text-decoration:none;top:-2.293pt;vertical-align:super;white-space:pre">®</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:117.29pt;position:var(--position);text-decoration:none;white-space:pre"> Megacampus in our Cambridge submarket. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our operating lease obligations related to our office leases have remaining terms of up to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.16pt;position:var(--position);text-decoration:none;white-space:pre">10 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:462.65pt;position:var(--position);text-decoration:none;white-space:pre">, exclusive of extension </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:160.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">options. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:69.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">For the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:100.97pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:271.44pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:291.44pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:311.44pt;position:var(--position);text-decoration:none;white-space:pre">, our costs for operating leases in which we are the lessee were </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:171.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">as follows (in thousands):</span></div><div style="position:var(--position);top:182.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:220.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:69pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:69.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);width:165.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:165.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.39pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);width:142.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:142.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.26pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:14.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.5pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:14.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.5pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:14.25pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.5pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:14.25pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.87pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Gross operating lease costs</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:28.5pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:47.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">8,003<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:28.5pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.13pt"></span></span><span style="left:49.760000000000005pt;position:var(--position)">12,859<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:28.5pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">16,420<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:28.5pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.88pt"></span></span><span style="left:38.510000000000005pt;position:var(--position)">25,218<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Capitalized lease costs</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:42.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.14pt"></span></span><span style="left:51.77pt;position:var(--position)">(1,086)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:42.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:56.64pt"></span></span><span style="left:59.27pt;position:var(--position)">(720)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:42.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.14pt"></span></span><span style="left:39.77pt;position:var(--position)">(1,845)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:42.75pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.89pt"></span></span><span style="left:40.52pt;position:var(--position)">(1,413)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Expenses for operating leases in which we are the </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">lessee</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:57pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:47.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">6,917<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:57pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.13pt"></span></span><span style="left:49.760000000000005pt;position:var(--position)">12,139<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:57pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">14,575<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:57pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.88pt"></span></span><span style="left:38.510000000000005pt;position:var(--position)">23,805<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Refer</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:93.98pt;position:var(--position);text-decoration:none;white-space:pre"> to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:109.47pt;position:var(--position);text-decoration:none;white-space:pre">Lease accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:179.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">statements for information about lease accounting standards that set principles for the recognition, measurement, presentation, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors).</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Leases in which we are the lessor</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we had </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:188.49pt;position:var(--position);text-decoration:none;white-space:pre">336</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:203.49pt;position:var(--position);text-decoration:none;white-space:pre"> properties aggregating</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:295.94pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:298.44pt;position:var(--position);text-decoration:none;white-space:pre">36.0 million</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:343.89pt;position:var(--position);text-decoration:none;white-space:pre"> operating RSF</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:404.35pt;position:var(--position);text-decoration:none;white-space:pre"> in key cluster locations, including Greater </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.15pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. We primarily focus on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:139.5pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">developing Class A/A+ properties in AAA life science and advanced technology innovation clusters that offer the scale and strategic </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:149.85pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">design integral to our Megacampus strategy. Strategically located near top academic and medical research institutions, our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:160.2pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Megacampus ecosystems feature curated amenities and services and convenient access to transit, creating environments that help our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:170.55pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenants attract and retain top talent. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:191.25pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, all leases in which we are the lessor were classified as operating leases, w</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:453.81pt;position:var(--position);text-decoration:none;white-space:pre">ith the</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:478.3pt;position:var(--position);text-decoration:none;white-space:pre"> exception of</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:529.29pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:531.79pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:546.79pt;position:var(--position);text-decoration:none;white-space:pre"> direct </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:201.6pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">financing</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:71.97999999999999pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:91.97999999999999pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.98pt;position:var(--position);text-decoration:none;white-space:pre"> sales-type leas</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:169.45pt;position:var(--position);text-decoration:none;white-space:pre">e</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:174.45pt;position:var(--position);text-decoration:none;white-space:pre">. Our leases are described below.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:222.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:244.35pt;width:612pt"><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, our</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:169.99pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:172.49pt;position:var(--position);text-decoration:none;white-space:pre">336</span><span style="color:#231f20;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:187.49pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:189.99pt;position:var(--position);text-decoration:none;white-space:pre">properties were subject to operating lease agreements. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.88pt;position:var(--position);text-decoration:none;white-space:pre">Five</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.86pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:431.36pt;position:var(--position);text-decoration:none;white-space:pre">of these properties are subject to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:255.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating lease agreements that each contain a purchase option as described below:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:271.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.49pt;position:var(--position);text-decoration:none;white-space:pre"> of these properties, representing </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:240.93pt;position:var(--position);text-decoration:none;white-space:pre">two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:254.92pt;position:var(--position);text-decoration:none;white-space:pre"> land parcels in the San Francisco Bay Area market, are subject to lease </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:282.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:293.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">each of the 30-day periods commencing on the dates that are</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:334.93pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:337.43pt;position:var(--position);text-decoration:none;white-space:pre">15 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:371.92pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:376.92pt;position:var(--position);text-decoration:none;white-space:pre">30 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.41pt;position:var(--position);text-decoration:none;white-space:pre">, and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:433.91pt;position:var(--position);text-decoration:none;white-space:pre">74.5 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:475.9pt;position:var(--position);text-decoration:none;white-space:pre"> after the rent </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:304.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">commencement date of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:186.47pt;position:var(--position);text-decoration:none;white-space:pre">October 1, 2017</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:250.96pt;position:var(--position);text-decoration:none;white-space:pre">. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:255.8pt;position:var(--position);text-decoration:none;white-space:pre">The remaining lease term related to each of the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:447.2pt;position:var(--position);text-decoration:none;white-space:pre">two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:461.19pt;position:var(--position);text-decoration:none;white-space:pre"> land p</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:488.18pt;position:var(--position);text-decoration:none;white-space:pre">arcel</span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:507.66pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">s is </span></span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:523.65pt;position:var(--position);text-decoration:none;white-space:pre">66.4 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:565.64pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:568.14pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:321.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Two</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.49pt;position:var(--position);text-decoration:none;white-space:pre"> operating properties in the Seattle market, held by a consolidated real estate joint venture, are subject to purchase </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:331.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">options held by our partner in this joint venture, which is also a tenant at these properties. One purchase option allows our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:342.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">partner to purchase our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:185.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">30%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:203.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> interest in one property for </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:313.9pt;position:var(--position);text-decoration:none;white-space:pre">$40.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:364.35pt;position:var(--position);text-decoration:none;white-space:pre"> in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:376.34pt;position:var(--position);text-decoration:none;white-space:pre">2031</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:396.34pt;position:var(--position);text-decoration:none;white-space:pre">. Contingent upon the exercise of this option, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:353.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the second purchase option allows our partner to purchase our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:341.9pt;position:var(--position);text-decoration:none;white-space:pre">30%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:359.9pt;position:var(--position);text-decoration:none;white-space:pre"> interest in one property for </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:469.84pt;position:var(--position);text-decoration:none;white-space:pre">$69.1 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:520.29pt;position:var(--position);text-decoration:none;white-space:pre"> in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:532.28pt;position:var(--position);text-decoration:none;white-space:pre">2034</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:552.28pt;position:var(--position);text-decoration:none;white-space:pre">. Our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:364.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">partner’s re</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:135.63pt;position:var(--position);text-decoration:none;white-space:pre">maining lease terms for these operating leases are</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:337.52pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:340.02pt;position:var(--position);text-decoration:none;white-space:pre">6.7 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:377.01pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:397.01pt;position:var(--position);text-decoration:none;white-space:pre">18.3 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:439pt;position:var(--position);text-decoration:none;white-space:pre">, res</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:456.49pt;position:var(--position);text-decoration:none;white-space:pre">pectively</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:490.81pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:381.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">One</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:107pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:109.5pt;position:var(--position);text-decoration:none;white-space:pre">property subject to an operating lease agreement contains a purchase option exercisable at fair market value in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:391.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">March 2034</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:137.48pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:408.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Certain operating leases contain options for tenants to extend their leases at prevailing market rates at the time of expiration. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:419.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">In addition, certain operating leases contain an early termination option that requires advance notification and payment of an early </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:430.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">termination fee by the tenant. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:451.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">At the commencement of each lease, we establish the lease term comprising the noncancelable period for each lease together </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:462.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">with periods covered by options to extend or terminate the lease that we determine the lessee is reasonably certain to exercise. Our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:473.55pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">assessment of whether a lessee is reasonably certain to exercise or not exercise an option considers all economic factors relevant to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:484.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the assessment, including property-based, market-based, and tenant-based factors. We do not reassess the lease term or a lessee </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:495.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">option to purchase the underlying asset unless there is a lease modification that is not accounted for as a separate contract.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:511.95pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Future lease payments to be received under the terms of our operating lease agreements, excluding expense </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:522.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">reimbursements, in effect as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:161.28pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:218.28pt;position:var(--position);text-decoration:none;white-space:pre"> are outlined in the table below (in thousands):</span></div><div style="position:var(--position);top:539.55pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:435.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:208.79pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:34.38pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">766,659<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,469,218<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,355,606<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,266,050<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,203,290<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:197.14pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">7,504,611<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:208.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:43.38pt"></span></span><span style="left:51.010000000000005pt;position:var(--position)">13,565,434<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:670.35pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Refer to Note 3 – “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:145.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:248.42pt;position:var(--position);text-decoration:none;white-space:pre">” to our unaudited consolidated financial statements for additional information </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:681.15pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">about our owned real estate assets, which are the underlying assets under our operating leases.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-31" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we have</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:190.49pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:192.99pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.99pt;position:var(--position);text-decoration:none;white-space:pre"> direct financing lease agreemen</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:337.92pt;position:var(--position);text-decoration:none;white-space:pre">t</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:340.42pt;position:var(--position);text-decoration:none;white-space:pre">, with a net investment balance of</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:473.87pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:476.37pt;position:var(--position);text-decoration:none;white-space:pre">$43.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:526.8199999999999pt;position:var(--position);text-decoration:none;white-space:pre">, for a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">parking structure with a remaining lease</span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:194.89pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> term of</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:225.37pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> </span></span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:227.87pt;position:var(--position);text-decoration:none;white-space:pre">66.4 years</span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:269.86pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">.</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:272.36pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> </span></span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:274.7pt;position:var(--position);text-decoration:none;white-space:pre">The lessee has an option to purchase the underlying asset at fair market </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value during each of the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:134.47pt;position:var(--position);text-decoration:none;white-space:pre">30</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:144.47pt;position:var(--position);text-decoration:none;white-space:pre">-day</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:161.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> periods commencing on the dates that are </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:334.9pt;position:var(--position);text-decoration:none;white-space:pre">15 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:369.39pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:374.39pt;position:var(--position);text-decoration:none;white-space:pre">30 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:408.88pt;position:var(--position);text-decoration:none;white-space:pre">, and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:431.38pt;position:var(--position);text-decoration:none;white-space:pre">74.5 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:473.37pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:475.87pt;position:var(--position);text-decoration:none;white-space:pre">after the rent </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">commencement date of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:132.47pt;position:var(--position);text-decoration:none;white-space:pre">October 1, 2017</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:196.96pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:199.46pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we also have </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:211.98pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:226.98pt;position:var(--position);text-decoration:none;white-space:pre"> sales-type lease for a property in the Seattle market. As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:462.89pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:519.89pt;position:var(--position);text-decoration:none;white-space:pre">, the net </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investment in this lease is </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:140.94pt;position:var(--position);text-decoration:none;white-space:pre">$16.9 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:191.39pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="color:#ee2724;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:193.89pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.9pt;position:var(--position);text-decoration:none;white-space:pre">At the end of the lease term in 2026, title to the property under this lease will transfer to the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenant for a sales price of approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:197.92pt;position:var(--position);text-decoration:none;white-space:pre">$18.5 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:248.37pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, our estimated provision for expected credit losses related to our direct financing and sales-type leases </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">aggregated </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:83.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">$1.8 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:129.44pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:134.44pt;position:var(--position);text-decoration:none;white-space:pre">which was predominantly related to our direct financing lease. We estimate the provision for expected credit </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">losses related to our direct financing lease using a probability of default methodology, which incorporates the borrower’s investment-</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">grade credit rating from S&amp;P Global Ratings, to evaluate the probability of default. Additionally, we incorporate the projected value of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">real estate securing the investments to estimate potential recoveries in the event of default, among other inputs. The estimate of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">expected credit loss related to our sales-type lease was determined using historical industry losses and transaction-specific information, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">including the estimated fair value of the underlying real estate asset securing this transaction, the short-term nature of this lease, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:248.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">other available information. For further details, refer to “Provision for expected credit losses” in Note 2 – “Summary of significant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting policies” to our unaudited consolidated financial statements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:283.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The components of our aggregate net investment in our direct financing and sales-type leases as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:470.35pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:527.35pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:114.97pt;position:var(--position);text-decoration:none;white-space:pre"> are summarized in the table below (in thousands):</span></div><div style="position:var(--position);top:315.6pt;width:612pt"><div style="font-size:0pt;left:36.75pt;position:var(--position);width:538.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:356.25pt"></td><td style="padding:0;width:89.25pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:84.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.12pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.89pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Gross investment in direct financing and sales-type leases</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:14.25pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:45.38pt"></span></span><span style="left:53.010000000000005pt;position:var(--position)">265,315<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:14.25pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:40.88pt"></span></span><span style="left:48.510000000000005pt;position:var(--position)">265,839<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Less: unearned income on direct financing lease</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:28.5pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:47.39pt"></span></span><span style="left:50.02pt;position:var(--position)">(203,671)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:28.5pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.89pt"></span></span><span style="left:45.52pt;position:var(--position)">(205,037)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Less: provision for expected credit losses</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:42.75pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.39pt"></span></span><span style="left:60.02pt;position:var(--position)">(1,817)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:42.75pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:52.89pt"></span></span><span style="left:55.52pt;position:var(--position)">(1,817)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net investment in leases</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:57pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:50.38pt"></span></span><span style="left:58.010000000000005pt;position:var(--position)">59,827<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:57pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:45.88pt"></span></span><span style="left:53.510000000000005pt;position:var(--position)">58,985<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:403.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Future lease payments to be received under the terms of our direct financing and sales-type leases as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:490.33pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:547.3299999999999pt;position:var(--position);text-decoration:none;white-space:pre"> are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:414.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">outlined in the table below (in thousands):</span></div><div style="position:var(--position);top:425.25pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:432pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.91pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:40.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:12.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">17,922<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:25.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:25.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,097<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:38.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:38.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,160<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:51pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:51pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,224<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:63.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:63.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,291<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:76.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.26pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:76.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">238,621<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:89.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.5pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:89.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">265,315<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:544.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:565.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:576.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands):</span></div><div style="position:var(--position);top:593.25pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:243pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:6.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:66.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);width:144.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:144.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.89pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);width:141.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:141.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.88pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:14.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.12pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:14.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.12pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.38pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:57pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">629,408<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:57pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">722,935<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:57pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,270,067<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:57pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,454,356<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.38pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:71.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:46.88pt"></span></span><span style="left:49.510000000000005pt;position:var(--position)">892<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:71.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.38pt"></span></span><span style="left:42.010000000000005pt;position:var(--position)">1,089<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:71.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:40.510000000000005pt;position:var(--position)">1,856<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:71.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:40.510000000000005pt;position:var(--position)">1,899<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:85.5pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.38pt"></span></span><span style="left:32.01pt;position:var(--position)">630,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:85.5pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.38pt"></span></span><span style="left:32.01pt;position:var(--position)">724,024<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:85.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:20.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,271,923<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:85.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:20.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,456,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the revenue recognition accounting </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.88pt;position:var(--position);text-decoration:none;white-space:pre">standard</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:99.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.38pt"></span></span><span style="left:37.010000000000005pt;position:var(--position)">12,910<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:99.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.38pt"></span></span><span style="left:37.010000000000005pt;position:var(--position)">13,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:99.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">24,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:99.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">24,199<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:123pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:123pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">643,210<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:123pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">737,279<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,296,223<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,480,454<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-32" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:63.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the revenue recognition accounting standard and classified in income from rentals consist primarily of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:74.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">short-term parking revenues that are not considered lease revenues under the lease accounting standard. Refer to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:496.81pt;position:var(--position);text-decoration:none;white-space:pre">Revenues</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:537.3pt;position:var(--position);text-decoration:none;white-space:pre">” and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">“</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:38.99pt;position:var(--position);text-decoration:none;white-space:pre">Recognition of revenue arising from contracts with customers</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:282.35pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant accounting policies” to our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:95.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">unaudited consolidated financial statements for additional information.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:117.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Residual value risk management strategy</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:139pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our leases do not have guarantees of residual value on the underlying assets. We manage risk associated with the residual </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:149.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value of our leased assets by (i) evaluating each potential acquisition of real estate to determine whether it meets our business </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:160.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">objective to invest primarily in high-demand markets, (ii) directly managing our leased properties, conducting frequent property </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:171.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">inspections, proactively addressing potential maintenance issues, and/or timely resolving any occurring issues, and (iii) carefully </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:182.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">selecting our tenants and monitoring their credit quality throughout their respective lease terms. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:203.8pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Leases in which we are the lessee</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:224.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease agreements</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:244.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We have ground and office operating lease agreements in which we are the lessee. Certain of these leases have options to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:255.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">extend or terminate the contract terms upon meeting certain criteria. There are no notable restrictions or covenants imposed by the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:266.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">leases, nor guarantees of residual value.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:287.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We recognize a right-of-use asset, which is classified within other assets in our consolidated balance sheets, and a related </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:298.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">liability, which is classified within accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets, to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:309.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">account for our future obligations under ground and office lease arrangements in which we are the lessee. Refer to “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:496.62pt;position:var(--position);text-decoration:none;white-space:pre">Lessee accounting</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:571.61pt;position:var(--position);text-decoration:none;white-space:pre">” </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:320.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial statements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:341.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, the present value of the remaining contractual payments aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:433.39pt;position:var(--position);text-decoration:none;white-space:pre">$759.4 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:488.84pt;position:var(--position);text-decoration:none;white-space:pre"> under our operating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:352.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease agreements, including our extension options that we are reasonably certain to exercise, was </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.32pt;position:var(--position);text-decoration:none;white-space:pre">$354.9 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:483.77pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:486.27pt;position:var(--position);text-decoration:none;white-space:pre"> Our corresponding </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:363.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating lease right-of-use assets, adjusted for initial direct leasing costs and other consideration exchanged with the landlord prior to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:374.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the commencement of the lease, aggregated</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:214.45pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:216.95pt;position:var(--position);text-decoration:none;white-space:pre">$689.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:272.4pt;position:var(--position);text-decoration:none;white-space:pre">. As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:299.91pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:356.91pt;position:var(--position);text-decoration:none;white-space:pre">, the weighted-average remaining lease term of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:385pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">operating leases in which we are the lessee was approximately</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:286.86pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:289.36pt;position:var(--position);text-decoration:none;white-space:pre">61 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:323.85pt;position:var(--position);text-decoration:none;white-space:pre">, including extension options that we are reasonably certain to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:395.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">exercise, and the weighted-average discount rate was</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:250.91pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:253.41pt;position:var(--position);text-decoration:none;white-space:pre">4.7%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:273.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre">. The weighted-average discount rate is based on the incremental </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:406.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">borrowing rate estimated for each lease, which is the interest rate that we estimate we would have to pay to borrow on a collateralized </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:417.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">basis over a similar term for an amount equal to the lease payments. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:439pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Ground lease obligations as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:252.95pt;position:var(--position);text-decoration:none;white-space:pre"> included leases for </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:332.91pt;position:var(--position);text-decoration:none;white-space:pre">31</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:342.91pt;position:var(--position);text-decoration:none;white-space:pre"> of our properties</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:410.87pt;position:var(--position);text-decoration:none;white-space:pre">, which accounted for approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:556.8pt;position:var(--position);text-decoration:none;white-space:pre">9%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:569.8pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:449.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of our total number of properties.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:166.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:168.93pt;position:var(--position);text-decoration:none;white-space:pre">Excluding </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:210.41pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:225.41pt;position:var(--position);text-decoration:none;white-space:pre"> ground lease that expires in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:340.86pt;position:var(--position);text-decoration:none;white-space:pre">2036</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:360.86pt;position:var(--position);text-decoration:none;white-space:pre"> related to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:403.34pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:418.34pt;position:var(--position);text-decoration:none;white-space:pre"> operating property </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:496.3pt;position:var(--position);text-decoration:none;white-space:pre">with a net book </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:460.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:69.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">$3.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:115.44pt;position:var(--position);text-decoration:none;white-space:pre"> as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:139.94pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:196.94pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:199.44pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:201.94pt;position:var(--position);text-decoration:none;white-space:pre">our ground lease obligations have remaining lease terms ranging from approximately</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:539.23pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:541.73pt;position:var(--position);text-decoration:none;white-space:pre">28</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:551.73pt;position:var(--position);text-decoration:none;white-space:pre"> to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:564.23pt;position:var(--position);text-decoration:none;white-space:pre">97 </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:471.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:57.989999999999995pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:60.489999999999995pt;position:var(--position);text-decoration:none;white-space:pre"> including extension options that we are reasonably certain to exercise.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:493pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:503.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease liability reflected in our unaudited consolidated balance sheet as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:326.86pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:383.86pt;position:var(--position);text-decoration:none;white-space:pre"> is in the table below (in thousands):</span></div><div style="position:var(--position);top:525.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:432pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.91pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:40.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">9,981<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">21,003<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">21,318<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">20,825<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">20,743<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.26pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">665,496<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total future payments under our operating leases in which we are the lessee</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">759,366<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Effect of discounting</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:114pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.89pt"></span></span><span style="left:60.52pt;position:var(--position)">(404,461)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:128.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease liability</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:128.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">354,905<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-33" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Lessee operating costs</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:74.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:85.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">annual rent payments and may also include escalation clauses and renewal options. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:373.36pt;position:var(--position);text-decoration:none;white-space:pre">For the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:404.34pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:534.3199999999999pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre">, amounts paid and classified as operating activities in our unaudited consolidated statements of cash flows for leases in which we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:106.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">are the lessee aggregated</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:140.47pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:142.97pt;position:var(--position);text-decoration:none;white-space:pre">$12.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:193.42pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:213.42pt;position:var(--position);text-decoration:none;white-space:pre">$156.1 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:268.87pt;position:var(--position);text-decoration:none;white-space:pre">, respectively. The decrease is primarily due to the ground lease prepayment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:117.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:46pt;position:var(--position);text-decoration:none;white-space:pre">$135.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:101.45pt;position:var(--position);text-decoration:none;white-space:pre"> made in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:138.43pt;position:var(--position);text-decoration:none;white-space:pre">January 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:192.92pt;position:var(--position);text-decoration:none;white-space:pre"> for a 24-year lease term extension to our existing ground lease agreement at the Alexandria </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:128.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Technology Square</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:112.98pt;position:var(--position);text-decoration:none;top:-2.293pt;vertical-align:super;white-space:pre">®</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:117.29pt;position:var(--position);text-decoration:none;white-space:pre"> Megacampus in our Cambridge submarket. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our operating lease obligations related to our office leases have remaining terms of up to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.16pt;position:var(--position);text-decoration:none;white-space:pre">10 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:462.65pt;position:var(--position);text-decoration:none;white-space:pre">, exclusive of extension </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:160.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">options. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:69.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">For the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:100.97pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:271.44pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:291.44pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:311.44pt;position:var(--position);text-decoration:none;white-space:pre">, our costs for operating leases in which we are the lessee were </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:171.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">as follows (in thousands):</span></div><div style="position:var(--position);top:182.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:220.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:69pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:69.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);width:165.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:165.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.39pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);width:142.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:142.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.26pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:14.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.5pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:14.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.5pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:14.25pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.5pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:14.25pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.87pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Gross operating lease costs</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:28.5pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:47.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">8,003<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:28.5pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.13pt"></span></span><span style="left:49.760000000000005pt;position:var(--position)">12,859<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:28.5pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">16,420<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:28.5pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.88pt"></span></span><span style="left:38.510000000000005pt;position:var(--position)">25,218<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Capitalized lease costs</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:42.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.14pt"></span></span><span style="left:51.77pt;position:var(--position)">(1,086)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:42.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:56.64pt"></span></span><span style="left:59.27pt;position:var(--position)">(720)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:42.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.14pt"></span></span><span style="left:39.77pt;position:var(--position)">(1,845)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:42.75pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.89pt"></span></span><span style="left:40.52pt;position:var(--position)">(1,413)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Expenses for operating leases in which we are the </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">lessee</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:57pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:47.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">6,917<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:57pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.13pt"></span></span><span style="left:49.760000000000005pt;position:var(--position)">12,139<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:57pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">14,575<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:57pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.88pt"></span></span><span style="left:38.510000000000005pt;position:var(--position)">23,805<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 336 36000000.0 1 1 336 5 2 2 P15Y P30Y P74Y6M 2017-10-01 2 P66Y4M24D 2 0.30 40000000.0 0.30 69100000 P6Y8M12D P18Y3M18D 1 March 2034 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Future lease payments to be received under the terms of our operating lease agreements, excluding expense </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:522.75pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">reimbursements, in effect as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:161.28pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:218.28pt;position:var(--position);text-decoration:none;white-space:pre"> are outlined in the table below (in thousands):</span></div><div style="position:var(--position);top:539.55pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:435.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:208.79pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:34.38pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">766,659<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,469,218<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,355,606<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,266,050<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:207.87pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,203,290<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:197.14pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">7,504,611<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:435.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:435.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:208.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:43.38pt"></span></span><span style="left:51.010000000000005pt;position:var(--position)">13,565,434<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 766659000 1469218000 1355606000 1266050000 1203290000 7504611000 13565434000 1 43000000.0 P66Y4M24D P30D P15Y P30Y P74Y6M 2017-10-01 1 16900000 18500000 1800000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The components of our aggregate net investment in our direct financing and sales-type leases as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:470.35pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:527.35pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:114.97pt;position:var(--position);text-decoration:none;white-space:pre"> are summarized in the table below (in thousands):</span></div><div style="position:var(--position);top:315.6pt;width:612pt"><div style="font-size:0pt;left:36.75pt;position:var(--position);width:538.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:356.25pt"></td><td style="padding:0;width:89.25pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:84.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.12pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.89pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Gross investment in direct financing and sales-type leases</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:14.25pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:45.38pt"></span></span><span style="left:53.010000000000005pt;position:var(--position)">265,315<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:14.25pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:40.88pt"></span></span><span style="left:48.510000000000005pt;position:var(--position)">265,839<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Less: unearned income on direct financing lease</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:28.5pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:47.39pt"></span></span><span style="left:50.02pt;position:var(--position)">(203,671)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:28.5pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.89pt"></span></span><span style="left:45.52pt;position:var(--position)">(205,037)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Less: provision for expected credit losses</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:42.75pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.39pt"></span></span><span style="left:60.02pt;position:var(--position)">(1,817)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:42.75pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:52.89pt"></span></span><span style="left:55.52pt;position:var(--position)">(1,817)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:356.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:356.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net investment in leases</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:356.25pt;position:var(--position);top:57pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:89.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:50.38pt"></span></span><span style="left:58.010000000000005pt;position:var(--position)">59,827<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:57pt;width:84.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:45.88pt"></span></span><span style="left:53.510000000000005pt;position:var(--position)">58,985<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 265315000 265839000 203671000 205037000 1817000 1817000 59827000 58985000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Future lease payments to be received under the terms of our direct financing and sales-type leases as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:490.33pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:547.3299999999999pt;position:var(--position);text-decoration:none;white-space:pre"> are </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:414.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">outlined in the table below (in thousands):</span></div><div style="position:var(--position);top:425.25pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:432pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.91pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:40.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:12.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">17,922<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:25.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:25.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,097<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:38.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:38.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,160<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:51pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:51pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,224<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:63.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:63.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,291<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:76.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.26pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:76.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">238,621<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:89.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.5pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:89.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">265,315<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 17922000 2097000 2160000 2224000 2291000 238621000 265315000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:576.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands):</span></div><div style="position:var(--position);top:593.25pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:243pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:6.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:66.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);width:144.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:144.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.89pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);width:141.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:141.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.88pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:14.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.12pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:14.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.12pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.38pt;position:var(--position);text-decoration:none;white-space:pre">Operating leases</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:57pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">629,408<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:57pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">722,935<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:57pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,270,067<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:57pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,454,356<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.38pt;position:var(--position);text-decoration:none;white-space:pre">Direct financing and sales-type leases</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:71.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:46.88pt"></span></span><span style="left:49.510000000000005pt;position:var(--position)">892<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:71.25pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.38pt"></span></span><span style="left:42.010000000000005pt;position:var(--position)">1,089<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:71.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:40.510000000000005pt;position:var(--position)">1,856<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:71.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:40.510000000000005pt;position:var(--position)">1,899<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the lease accounting standard</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:85.5pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.38pt"></span></span><span style="left:32.01pt;position:var(--position)">630,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:85.5pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.38pt"></span></span><span style="left:32.01pt;position:var(--position)">724,024<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:85.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:20.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,271,923<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:85.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:20.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,456,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Revenues subject to the revenue recognition accounting </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.88pt;position:var(--position);text-decoration:none;white-space:pre">standard</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:99.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.38pt"></span></span><span style="left:37.010000000000005pt;position:var(--position)">12,910<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:99.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.38pt"></span></span><span style="left:37.010000000000005pt;position:var(--position)">13,255<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:99.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">24,300<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:99.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">24,199<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:123pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Income from rentals</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:246.75pt;position:var(--position);top:123pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">643,210<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:323.25pt;position:var(--position);top:123pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:68.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.38pt"></span></span><span style="left:32.01pt;position:var(--position)">737,279<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,296,223<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,480,454<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 629408000 722935000 1270067000 1454356000 892000 1089000 1856000 1899000 630300000 724024000 1271923000 1456255000 12910000 13255000 24300000 24199000 643210000 737279000 1296223000 1480454000 759400000 354900000 689200000 P61Y 0.047 31 0.09 1 1 3300000 P28Y P97Y <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:503.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">lease liability reflected in our unaudited consolidated balance sheet as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:326.86pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:383.86pt;position:var(--position);text-decoration:none;white-space:pre"> is in the table below (in thousands):</span></div><div style="position:var(--position);top:525.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:432pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.91pt;position:var(--position);text-decoration:none;white-space:pre">Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:40.38pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">9,981<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">21,003<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">21,318<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">20,825<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">20,743<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:195.26pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">665,496<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total future payments under our operating leases in which we are the lessee</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">759,366<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Effect of discounting</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:114pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:57.89pt"></span></span><span style="left:60.52pt;position:var(--position)">(404,461)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:128.25pt;width:432pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:432pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease liability</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:128.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">354,905<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 9981000 21003000 21318000 20825000 20743000 665496000 759366000 404461000 354905000 12200000 156100000 135000000.0 P10Y <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:69.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">For the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:100.97pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:271.44pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:291.44pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:311.44pt;position:var(--position);text-decoration:none;white-space:pre">, our costs for operating leases in which we are the lessee were </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:171.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">as follows (in thousands):</span></div><div style="position:var(--position);top:182.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:220.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:69pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:69.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);width:165.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:165.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.39pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);width:142.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:142.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.26pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:14.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.5pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:14.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.5pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:14.25pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.5pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:14.25pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.87pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Gross operating lease costs</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:28.5pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:47.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">8,003<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:28.5pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.13pt"></span></span><span style="left:49.760000000000005pt;position:var(--position)">12,859<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:28.5pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">16,420<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:28.5pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.88pt"></span></span><span style="left:38.510000000000005pt;position:var(--position)">25,218<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Capitalized lease costs</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:42.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.14pt"></span></span><span style="left:51.77pt;position:var(--position)">(1,086)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:42.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:56.64pt"></span></span><span style="left:59.27pt;position:var(--position)">(720)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:42.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.14pt"></span></span><span style="left:39.77pt;position:var(--position)">(1,845)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:42.75pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.89pt"></span></span><span style="left:40.52pt;position:var(--position)">(1,413)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:220.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Expenses for operating leases in which we are the </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:220.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">lessee</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:223.5pt;position:var(--position);top:57pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:47.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">6,917<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:308.25pt;position:var(--position);top:57pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.13pt"></span></span><span style="left:49.760000000000005pt;position:var(--position)">12,139<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:397.5pt;position:var(--position);top:57pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">14,575<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:470.25pt;position:var(--position);top:57pt;width:69.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.88pt"></span></span><span style="left:38.510000000000005pt;position:var(--position)">23,805<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 8003000 12859000 16420000 25218000 1086000 720000 1845000 1413000 6917000 12139000 14575000 23805000 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:54pt;position:var(--position);text-decoration:none;white-space:pre">CASH, CASH EQUIVALENTS, AND RESTRICTED CASH</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:298.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Cash, cash equivalents, and restricted cash consisted of the following as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:373.39pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:430.39pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:450.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:529.36pt;position:var(--position);text-decoration:none;white-space:pre"> (in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:309.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">thousands):</span></div><div style="position:var(--position);top:326.25pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:336.75pt"></td><td style="padding:0;width:99.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:167.12pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div></div></div></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.37pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Cash and cash equivalents</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">470,449<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">549,062<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Restricted cash:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Development escrows</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,130<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,142<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Security deposits</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">1,809<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">1,729<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Other</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:78.38pt"></span></span><span style="left:81.00999999999999pt;position:var(--position)">751<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:78.38pt"></span></span><span style="left:81.00999999999999pt;position:var(--position)">822<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">4,690<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">4,693<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">475,139<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">553,755<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Cash, cash equivalents, and restricted cash consisted of the following as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:373.39pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:430.39pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:450.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:529.36pt;position:var(--position);text-decoration:none;white-space:pre"> (in </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:309.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">thousands):</span></div><div style="position:var(--position);top:326.25pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:336.75pt"></td><td style="padding:0;width:99.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:167.12pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div></div></div></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.37pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Cash and cash equivalents</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">470,449<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">549,062<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Restricted cash:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Development escrows</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,130<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">2,142<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Security deposits</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">1,809<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">1,729<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Other</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:78.38pt"></span></span><span style="left:81.00999999999999pt;position:var(--position)">751<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:78.38pt"></span></span><span style="left:81.00999999999999pt;position:var(--position)">822<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">4,690<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:70.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">4,693<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:336.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:336.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:336.75pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">475,139<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:440.25pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">553,755<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 470449000 549062000 2130000 2142000 1809000 1729000 751000 822000 4690000 4693000 475139000 553755000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. As a </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">REIT, we generally limit our ownership of each individual entity’s voting stock to less than </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:391.63pt;position:var(--position);text-decoration:none;white-space:pre">10%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:409.63pt;position:var(--position);text-decoration:none;white-space:pre">. We </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:430.46pt;position:var(--position);text-decoration:none;white-space:pre">evaluate each investment to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">determine whether we have the ability to exercise significant influence, but not control, over an investee. We evaluate investments in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">which our ownership is equal to or greater than 20%, but less than or equal to 50%, of an investee’s voting stock with a presumption </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">that we have this ability. For our investments in limited partnerships that maintain specific ownership accounts, we presume that such </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">ability exists when our ownership interest exceeds 3% to 5%. In addition to our ownership interest, we consider whether we have a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">board seat or whether we participate in the investee’s policy-making process, among other criteria, to determine if we have the ability to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">exert significant influence, but not control, over an investee. If we determine that we have such ability, we account for the investment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">under the equity method, as described below. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">From time to time, we may hold equity investments in publicly traded companies that are subject to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:466.78pt;position:var(--position);text-decoration:none;white-space:pre">temporary</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:507.25pt;position:var(--position);text-decoration:none;white-space:pre"> contractual sale </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">restrictions. We do not recognize a discount related to such contractual sale </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:339.71pt;position:var(--position);text-decoration:none;white-space:pre">restrictions</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:383.17pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investments accounted for under the equity method </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Under the equity method of accounting, we initially recognize our investment at cost and subsequently adjust the carrying </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">amount of the investment for our share of earnings or losses reported by the investee, distributions received, and other-than-temporary </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">impairments.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, we had </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:188.49pt;position:var(--position);text-decoration:none;white-space:pre">nine</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:205.48pt;position:var(--position);text-decoration:none;white-space:pre"> investments in limited partnerships</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:345.88pt;position:var(--position);text-decoration:none;white-space:pre"> maintaining specific ownership accounts for each </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investor, which were accounted for under the equity method. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:278.25pt;position:var(--position);text-decoration:none;white-space:pre">These investments aggregated </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:404.21pt;position:var(--position);text-decoration:none;white-space:pre">$397.4 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:459.66pt;position:var(--position);text-decoration:none;white-space:pre">. Our ownership interest in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:280.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">each of these </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:92.5pt;position:var(--position);text-decoration:none;white-space:pre">nine</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:109.49pt;position:var(--position);text-decoration:none;white-space:pre"> investments was greater than 5%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:244.94pt;position:var(--position);text-decoration:none;white-space:pre">. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investments that do not qualify for the equity method of accounting</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">For investees over which we determine that we do not have the ability to exercise significant influence or control, we account </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:334.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">for each investment depending on whether it is an investment in a (i) publicly traded company, (ii) privately held entity that reports NAV </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">per share, or (iii) privately held entity that does not report NAV per share, as described below. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investments in publicly traded companies</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:200.42pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our investments in publicly traded companies are classified as investments with readily determinable fair values and are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:399.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">presented at fair value in our consolidated balance sheets, with changes in fair value classified in investment income (loss) in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations. The fair values for our investments in publicly traded companies are determined based on sales </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:421.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">prices or quotes available on securities exchanges.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investments in privately held companies</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our investments in privately held entities without readily determinable fair values consist of (i) investments in privately held </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">entities that report NAV per share and (ii) investments in privately held entities that do not report NAV per share. These investments are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounted for as follows:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:underline;white-space:pre">Investments in privately held entities that report NAV per share </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Investments in privately held entities that report NAV per share, such as our privately held investments in limited partnerships, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">are presented at fair value using NAV as a practical expedient, with changes in fair value classified in investment income (loss) in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consolidated statements of operations. We use NAV per share reported by limited partnerships generally without adjustment, unless we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">are aware of information indicating that the NAV reported by a limited partnership does not accurately reflect the fair value of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investment at our reporting date.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:underline;white-space:pre">Investments in privately held entities that do not report NAV per share</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:615.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Investments in privately held entities that do not report NAV per share are accounted for using a measurement alternative </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:626.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">under which these investments are measured at cost, adjusted for observable price changes and impairments, with changes classified </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">in investment income (loss) in our consolidated statements of operations.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:658.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">An observable price arises from an orderly transaction for an identical or similar investment of the same issuer, which is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:669.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">observed by an investor without expending undue cost and effort. Observable price changes result from, among other things, equity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:680.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transactions of the same issuer executed during the reporting period, including subsequent equity offerings or other reported equity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:691.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">transactions related to the same issuer. To determine whether these transactions are indicative of an observable price change, we </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">evaluate, among other factors, whether these transactions have similar rights and obligations, including voting rights, distribution </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:712.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">preferences, and conversion rights to the investments we hold.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-35" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:56.482pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre">I</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:8.9pt;font-style:normal;font-weight:bold;left:38.5pt;position:var(--position);text-decoration:none;top:-2.454pt;white-space:pre">mpairment evaluation of equity method investments and investments in privately held entities that do not report NAV per share</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:575.33pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We monitor equity method investments and investments in privately held entities that do not report NAV per share for new </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">developments, including operating results, prospects and results of clinical trials, new product initiatives, new collaborative agreements, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">capital-raising events, and merger and acquisition activities. These investments are evaluated on the basis of a qualitative assessment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">for indicators of impairment by monitoring the presence of the following triggering events or impairment indicators: </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">a significant adverse change in the regulatory, economic, or technological environment of the investee; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">a significant adverse change in the general market condition, including the research and development of technology and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">products that the investee is bringing or attempting to bring to the market; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iv)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">significant concerns about the investee’s ability to continue as a going concern; and/or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(v)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">a decision by investors to cease providing support or reduce their financial commitment to the investee. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If such indicators are present, we are required to estimate the investment’s fair value and immediately recognize an </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Investment income/loss recognition and classification </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We recognize both realized and unrealized gains and losses in our consolidated statements of operations, classified in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investment income (loss) in our consolidated statements of operations. Unrealized gains and losses represent:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(i)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">changes in fair value for investments in publicly traded companies; </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(ii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">changes in NAV for investments in privately held entities that report NAV per share;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iii)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">observable price changes for investments in privately held entities that do not report NAV per share; and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(iv)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">our share of unrealized gains or losses reported by our equity method investees. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Realized gains and losses on our investments represent the difference between proceeds received upon disposition of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:356.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investments and their historical or adjusted cost basis. For our equity method investments, realized gains and losses represent our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:367.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">share of realized gains or losses reported by the investee. Impairments are realized losses, which result in an adjusted cost basis, and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">represent charges to reduce the carrying values of investments in privately held entities that do not report NAV per share and equity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">method investments, if impairments are deemed other than temporary, to their estimated fair value. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.4pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Funding commitments to investments in privately held entities that report NAV</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We are committed to funding approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:247.74pt;position:var(--position);text-decoration:none;white-space:pre">$317.6 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:303.19pt;position:var(--position);text-decoration:none;white-space:pre"> for our investments in privately held entities that report NAV</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:541.0699999999999pt;position:var(--position);text-decoration:none;white-space:pre">. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:546.0699999999999pt;position:var(--position);text-decoration:none;white-space:pre">Our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:442.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">funding commitments expire at various dates over the next </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:271.4pt;position:var(--position);text-decoration:none;white-space:pre">12 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:305.89pt;position:var(--position);text-decoration:none;white-space:pre">, with a weighted-average expiration of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:462.3pt;position:var(--position);text-decoration:none;white-space:pre">7.9 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:499.29pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:501.79pt;position:var(--position);text-decoration:none;white-space:pre">as of June 30, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:58.5pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:60.84pt;position:var(--position);text-decoration:none;white-space:pre">These investments are not redeemable by us, but we may receive distributions from these investments throughout their terms. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Our investments in privately held entities that report NAV generally have expected</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:361.18pt;position:var(--position);text-decoration:none;white-space:pre"> initial terms </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.62pt;position:var(--position);text-decoration:none;white-space:pre">in</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:418.61pt;position:var(--position);text-decoration:none;white-space:pre"> excess of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:461.61pt;position:var(--position);text-decoration:none;white-space:pre">10</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:471.61pt;position:var(--position);text-decoration:none;white-space:pre"> year</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:491.6pt;position:var(--position);text-decoration:none;white-space:pre">s</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:496.1pt;position:var(--position);text-decoration:none;white-space:pre">. The weighted-</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">average remaining term during which these </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:210.89pt;position:var(--position);text-decoration:none;white-space:pre">investments are </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:276.86pt;position:var(--position);text-decoration:none;white-space:pre">expected to be liquidated was </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:397.82pt;position:var(--position);text-decoration:none;white-space:pre">5.5 years</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:434.81pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:437.31pt;position:var(--position);text-decoration:none;white-space:pre">as of June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:516.31pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:496.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following tables summarize our investments as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:288.37pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:345.37pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:365.37pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:444.34pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span></div><div style="position:var(--position);top:513.6pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:259.5pt"></td><td style="padding:0;width:67.5pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:67.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:67.5pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:67.5pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="7" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);width:280.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:280.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:111.75pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td></tr><tr style="height:23.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:14.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.44pt;position:var(--position);text-decoration:none;white-space:pre">Cost</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:14.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.21pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.94pt;position:var(--position);text-decoration:none;white-space:pre">Gains</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:14.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.21pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.44pt;position:var(--position);text-decoration:none;white-space:pre">Losses</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:14.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.71pt;position:var(--position);text-decoration:none;white-space:pre">Carrying </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.19pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:37.5pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:3.38pt;position:var(--position);text-decoration:none;white-space:pre">Publicly traded companies</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:37.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:36.260000000000005pt;position:var(--position)">86,268<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:37.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:36.260000000000005pt;position:var(--position)">50,949<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:37.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:25.64pt"></span></span><span style="left:33.27pt;position:var(--position)">(14,405)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:37.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:23.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">122,812<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:51.75pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities that report NAV</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:51.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">496,043<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:51.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">180,952<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:51.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.64pt"></span></span><span style="left:33.27pt;position:var(--position)">(40,937)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:51.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">636,058<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:66pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:3.38pt;position:var(--position);text-decoration:none;white-space:pre">Entities that do not report NAV:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:80.25pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities with observable price changes </span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:80.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:33.63pt"></span></span><span style="left:36.260000000000005pt;position:var(--position)">91,621<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:80.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:33.63pt"></span></span><span style="left:36.260000000000005pt;position:var(--position)">58,568<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:80.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.64pt"></span></span><span style="left:33.27pt;position:var(--position)">(11,210)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:80.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">138,979<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:94.5pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities without observable price changes</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:94.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">390,401<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:94.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:52.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:94.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:52.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:94.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">390,401<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:108.75pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments accounted for under the equity method</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:108.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:51.76pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:108.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:51.76pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:108.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:51.76pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:108.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">397,445<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:123pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total investments</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:123pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:16.13pt"></span></span><span style="left:23.759999999999998pt;position:var(--position)">1,064,333<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:123pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:23.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">290,469<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:123pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:25.64pt"></span></span><span style="left:33.27pt;position:var(--position)">(66,552)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:123pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:16.13pt"></span></span><span style="left:23.759999999999998pt;position:var(--position)">1,685,695<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-36" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="position:var(--position);top:54pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:260.25pt"></td><td style="padding:0;width:69pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="7" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);width:279.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:279.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:100.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:23.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:14.25pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26.19pt;position:var(--position);text-decoration:none;white-space:pre">Cost</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.83pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.57pt;position:var(--position);text-decoration:none;white-space:pre">Gains</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.83pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.06pt;position:var(--position);text-decoration:none;white-space:pre">Losses</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.33pt;position:var(--position);text-decoration:none;white-space:pre">Carrying </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:18.82pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:37.5pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Publicly traded companies</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:37.5pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">54,752<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">44,319<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.89pt"></span></span><span style="left:37.52pt;position:var(--position)">(4,143)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">94,928<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:51.75pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities that report NAV</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:51.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:32.76pt;position:var(--position)">460,160<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">89,514<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(37,298)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">512,376<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:66pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities that do not report NAV:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:80.25pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities with observable price changes</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:80.25pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">82,252<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:80.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">50,601<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:80.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:37.52pt;position:var(--position)">(9,615)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:80.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">123,238<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:94.5pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities without observable price changes</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:94.5pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:32.76pt;position:var(--position)">413,324<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:94.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:51.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:94.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:51.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:94.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">413,324<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:108.75pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments accounted for under the equity method</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:108.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:53.26pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:108.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:51.01pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:108.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:51.01pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:108.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">357,383<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:123pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total investments</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:123pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:17.63pt"></span></span><span style="left:25.259999999999998pt;position:var(--position)">1,010,488<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:22.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">184,434<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(51,056)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,501,249<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:208.05pt;width:612pt"><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">C</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:78.49pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">umulative gains and losses (realized and unrealized) on investments in privately held entities that do not report NAV still held </span></span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:218.85pt;width:612pt"><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">as of June 30, 2026</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:115pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> aggregated to a </span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:182.99pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">loss</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:198.98pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit"> of </span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:211.48pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">$122.8 million</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:266.93pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">, which consisted of </span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:347.9pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">upward adjustments aggregating </span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:480.84pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">$58.6 million</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:531.29pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">, </span></span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:229.65pt;width:612pt"><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">downward </span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:79.47pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">adjustments aggregating </span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:180.43pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">$11.2 million</span></span><span style="background-color:#ffffff;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:230.22pt;position:var(--position);text-decoration:none;white-space:pre"><span style="background-color:inherit">, and impairments aggreg</span></span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:332.16pt;position:var(--position);text-decoration:none;white-space:pre">ating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:354.15pt;position:var(--position);text-decoration:none;white-space:pre">$170.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:409.6pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:251.25pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our investment income (loss) for the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:219.41pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:389.88pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:409.88pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:429.88pt;position:var(--position);text-decoration:none;white-space:pre"> consisted of the following (in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:262.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">thousands):</span></div><div style="position:var(--position);top:278.85pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:204pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:75.75pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:75.75pt"></td><td style="padding:0;width:6.75pt"></td><td style="padding:0;width:74.25pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:74.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:207.75pt;position:var(--position);width:164.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:164.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.64pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:378.75pt;position:var(--position);width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.63pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:207.75pt;position:var(--position);top:14.25pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.87pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:296.25pt;position:var(--position);top:14.25pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.87pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:378.75pt;position:var(--position);top:14.25pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.12pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:465.75pt;position:var(--position);top:14.25pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.12pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:204pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:204pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Realized gains (losses)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:207.75pt;position:var(--position);top:28.5pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:41.88pt"></span></span><span style="left:49.510000000000005pt;position:var(--position)">1,294<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:283.5pt;position:var(--position);top:28.5pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:296.25pt;position:var(--position);top:28.5pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:38.89pt"></span></span><span style="left:46.52pt;position:var(--position)">(8,684)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:378.75pt;position:var(--position);top:28.5pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:40.38pt"></span></span><span style="left:48.010000000000005pt;position:var(--position)">7,044<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:28.5pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:465.75pt;position:var(--position);top:28.5pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:40.38pt"></span></span><span style="left:48.010000000000005pt;position:var(--position)">9,469<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:204pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:204pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized gains (losses)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:207.75pt;position:var(--position);top:42.75pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36.88pt"></span></span><span style="left:39.510000000000005pt;position:var(--position)">131,933<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:296.25pt;position:var(--position);top:42.75pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.89pt"></span></span><span style="left:41.52pt;position:var(--position)">(21,938)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:378.75pt;position:var(--position);top:42.75pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.38pt"></span></span><span style="left:38.010000000000005pt;position:var(--position)">121,601<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:465.75pt;position:var(--position);top:42.75pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.39pt"></span></span><span style="left:40.02pt;position:var(--position)">(90,083)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:204pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:204pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investment income (losses)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:207.75pt;position:var(--position);top:57pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:31.88pt"></span></span><span style="left:39.510000000000005pt;position:var(--position)">133,227<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:283.5pt;position:var(--position);top:57pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:296.25pt;position:var(--position);top:57pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:33.89pt"></span></span><span style="left:41.52pt;position:var(--position)">(30,622)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:378.75pt;position:var(--position);top:57pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.38pt"></span></span><span style="left:38.010000000000005pt;position:var(--position)">128,645<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:57pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:465.75pt;position:var(--position);top:57pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:32.39pt"></span></span><span style="left:40.02pt;position:var(--position)">(80,614)</span></span></div></div></div></td></tr><tr style="height:3.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:362.332pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">Consists of realized gains of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:143.39pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$10.3 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:182.64pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:198.19pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$28.5 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:237.44pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">, partially offset by</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:293.65999999999997pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> impairmen</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:328.25pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">t charges of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:366.73pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$9.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:402.09pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:404.59pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">and</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:416.26pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:418.76pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$21.4 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:458.01pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:459.95pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">during the </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:492.99pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">three and six months </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:370.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:119.72pt;position:var(--position);text-decoration:none;white-space:pre">, respectively.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:381.532pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">(2)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">Investment </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:90.15pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">income</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:112.7pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:122.41pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$133.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:165.55pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:168.05pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:181.66pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$128.6 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:224.8pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> include</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:248.9pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">d </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:254.73pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$30.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:293.98pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:296.48pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:310.09pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$28.5 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:349.34pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> of equity in </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:387.03pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">earnings</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:413.86pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> of our equity method investments during the </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:553.79pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">three </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:389.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:168.7pt;position:var(--position);text-decoration:none;white-space:pre">, respectively</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:209pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:410.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Additional details on our non-real estate investments still held as of the end of each period are presented below (in thousands):</span></div><div style="position:var(--position);top:426.85pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:350.25pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:86.25pt"></td><td style="padding:0;width:9pt"></td><td style="padding:0;width:86.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);width:181.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:181.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:35.76pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:14.25pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.28pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:33.12pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:14.25pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.28pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:33.12pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:27pt;width:350.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:350.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments in privately held entities that do not report NAV still held as of the end of </span></div><div style="line-height:9pt;position:var(--position);top:13.03pt;width:350.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">each period: </span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:50.25pt;width:350.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:350.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Upward adjustments</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:50.25pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:47.38pt"></span></span><span style="left:55.010000000000005pt;position:var(--position)">12,308<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:50.25pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:52.38pt"></span></span><span style="left:60.010000000000005pt;position:var(--position)">8,800<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:64.5pt;width:350.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:350.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Downward adjustments and impairments</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:64.5pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.39pt"></span></span><span style="left:52.02pt;position:var(--position)">(26,518)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:64.5pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.39pt"></span></span><span style="left:52.02pt;position:var(--position)">(66,397)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:78.75pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.39pt"></span></span><span style="left:52.02pt;position:var(--position)">(14,210)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:78.75pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.39pt"></span></span><span style="left:52.02pt;position:var(--position)">(57,597)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:93pt;width:350.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:350.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized gains (losses) on non-real estate investments still held as of the end of </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:350.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">each period (excluding equity method investments)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:93pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">107,222<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:93pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.39pt"></span></span><span style="left:52.02pt;position:var(--position)">(30,745)</span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:558.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Refer to “Investments” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:569.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">statements for additional information</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:180.91pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> 0.10 9 397400000 9 317600000 P12Y P7Y10M24D P10Y P5Y6M <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following tables summarize our investments as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:288.37pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:345.37pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:365.37pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:444.34pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span><div style="position:var(--position);top:513.6pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:259.5pt"></td><td style="padding:0;width:67.5pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:67.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:67.5pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:67.5pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="7" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);width:280.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:280.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:111.75pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td></tr><tr style="height:23.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:14.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.44pt;position:var(--position);text-decoration:none;white-space:pre">Cost</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:14.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.21pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.94pt;position:var(--position);text-decoration:none;white-space:pre">Gains</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:14.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.21pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.44pt;position:var(--position);text-decoration:none;white-space:pre">Losses</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:14.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.71pt;position:var(--position);text-decoration:none;white-space:pre">Carrying </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.19pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:37.5pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:3.38pt;position:var(--position);text-decoration:none;white-space:pre">Publicly traded companies</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:37.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:36.260000000000005pt;position:var(--position)">86,268<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:37.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:36.260000000000005pt;position:var(--position)">50,949<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:37.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:25.64pt"></span></span><span style="left:33.27pt;position:var(--position)">(14,405)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:37.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:23.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">122,812<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:51.75pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities that report NAV</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:51.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">496,043<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:51.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">180,952<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:51.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.64pt"></span></span><span style="left:33.27pt;position:var(--position)">(40,937)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:51.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">636,058<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:66pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:3.38pt;position:var(--position);text-decoration:none;white-space:pre">Entities that do not report NAV:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:80.25pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities with observable price changes </span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:80.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:33.63pt"></span></span><span style="left:36.260000000000005pt;position:var(--position)">91,621<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:80.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:33.63pt"></span></span><span style="left:36.260000000000005pt;position:var(--position)">58,568<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:80.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.64pt"></span></span><span style="left:33.27pt;position:var(--position)">(11,210)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:80.25pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">138,979<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:94.5pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities without observable price changes</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:94.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">390,401<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:94.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:52.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:94.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:52.13pt"></span></span><span style="left:54.760000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:94.5pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">390,401<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:108.75pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments accounted for under the equity method</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:108.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:51.76pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:108.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:51.76pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:108.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:51.76pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:108.75pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:28.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">397,445<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:123pt;width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total investments</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:123pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:16.13pt"></span></span><span style="left:23.759999999999998pt;position:var(--position)">1,064,333<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:330.75pt;position:var(--position);top:123pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:23.63pt"></span></span><span style="left:31.259999999999998pt;position:var(--position)">290,469<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:401.25pt;position:var(--position);top:123pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:25.64pt"></span></span><span style="left:33.27pt;position:var(--position)">(66,552)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:472.5pt;position:var(--position);top:123pt;width:67.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:67.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:16.13pt"></span></span><span style="left:23.759999999999998pt;position:var(--position)">1,685,695<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-36" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="position:var(--position);top:54pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:260.25pt"></td><td style="padding:0;width:69pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="7" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);width:279.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:279.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:100.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:23.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:14.25pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26.19pt;position:var(--position);text-decoration:none;white-space:pre">Cost</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.83pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.57pt;position:var(--position);text-decoration:none;white-space:pre">Gains</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.83pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.06pt;position:var(--position);text-decoration:none;white-space:pre">Losses</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:14.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.33pt;position:var(--position);text-decoration:none;white-space:pre">Carrying </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:18.82pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:37.5pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Publicly traded companies</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:37.5pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">54,752<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">44,319<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.89pt"></span></span><span style="left:37.52pt;position:var(--position)">(4,143)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">94,928<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:51.75pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities that report NAV</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:51.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:32.76pt;position:var(--position)">460,160<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">89,514<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(37,298)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">512,376<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:66pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities that do not report NAV:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:80.25pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities with observable price changes</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:80.25pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.13pt"></span></span><span style="left:37.760000000000005pt;position:var(--position)">82,252<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:80.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.88pt"></span></span><span style="left:35.510000000000005pt;position:var(--position)">50,601<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:80.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:37.52pt;position:var(--position)">(9,615)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:80.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">123,238<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:94.5pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Entities without observable price changes</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:94.5pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.13pt"></span></span><span style="left:32.76pt;position:var(--position)">413,324<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:94.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:51.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:94.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:51.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:94.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">413,324<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:108.75pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments accounted for under the equity method</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:108.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:53.26pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:108.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:51.01pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:108.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:51.01pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:108.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">357,383<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:123pt;width:260.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:260.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total investments</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:260.25pt;position:var(--position);top:123pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:69pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:17.63pt"></span></span><span style="left:25.259999999999998pt;position:var(--position)">1,010,488<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:333pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:22.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">184,434<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(51,056)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:123pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:15.38pt"></span></span><span style="left:23.009999999999998pt;position:var(--position)">1,501,249<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 86268000 50949000 14405000 122812000 496043000 180952000 40937000 636058000 91621000 58568000 11210000 138979000 390401000 0 0 390401000 397445000 1064333000 290469000 66552000 1685695000 54752000 44319000 4143000 94928000 460160000 89514000 37298000 512376000 82252000 50601000 9615000 123238000 413324000 0 0 413324000 357383000 1010488000 184434000 51056000 1501249000 -122800000 58600000 11200000 170200000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our investment income (loss) for the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:219.41pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:389.88pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:409.88pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:429.88pt;position:var(--position);text-decoration:none;white-space:pre"> consisted of the following (in </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:262.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">thousands):</span></div><div style="position:var(--position);top:278.85pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:204pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:75.75pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:75.75pt"></td><td style="padding:0;width:6.75pt"></td><td style="padding:0;width:74.25pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:74.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:207.75pt;position:var(--position);width:164.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:164.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.64pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:378.75pt;position:var(--position);width:161.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.63pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:207.75pt;position:var(--position);top:14.25pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.87pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:296.25pt;position:var(--position);top:14.25pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.87pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:378.75pt;position:var(--position);top:14.25pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.12pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:465.75pt;position:var(--position);top:14.25pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.12pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:204pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:204pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Realized gains (losses)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:207.75pt;position:var(--position);top:28.5pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:41.88pt"></span></span><span style="left:49.510000000000005pt;position:var(--position)">1,294<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:283.5pt;position:var(--position);top:28.5pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:296.25pt;position:var(--position);top:28.5pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:38.89pt"></span></span><span style="left:46.52pt;position:var(--position)">(8,684)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:378.75pt;position:var(--position);top:28.5pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:40.38pt"></span></span><span style="left:48.010000000000005pt;position:var(--position)">7,044<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:28.5pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:465.75pt;position:var(--position);top:28.5pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:40.38pt"></span></span><span style="left:48.010000000000005pt;position:var(--position)">9,469<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:204pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:204pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized gains (losses)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:207.75pt;position:var(--position);top:42.75pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36.88pt"></span></span><span style="left:39.510000000000005pt;position:var(--position)">131,933<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:296.25pt;position:var(--position);top:42.75pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.89pt"></span></span><span style="left:41.52pt;position:var(--position)">(21,938)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:378.75pt;position:var(--position);top:42.75pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.38pt"></span></span><span style="left:38.010000000000005pt;position:var(--position)">121,601<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:465.75pt;position:var(--position);top:42.75pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.39pt"></span></span><span style="left:40.02pt;position:var(--position)">(90,083)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:204pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:204pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investment income (losses)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:207.75pt;position:var(--position);top:57pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:31.88pt"></span></span><span style="left:39.510000000000005pt;position:var(--position)">133,227<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:283.5pt;position:var(--position);top:57pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:296.25pt;position:var(--position);top:57pt;width:75.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:33.89pt"></span></span><span style="left:41.52pt;position:var(--position)">(30,622)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:378.75pt;position:var(--position);top:57pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.38pt"></span></span><span style="left:38.010000000000005pt;position:var(--position)">128,645<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:57pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:465.75pt;position:var(--position);top:57pt;width:74.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:74.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:32.39pt"></span></span><span style="left:40.02pt;position:var(--position)">(80,614)</span></span></div></div></div></td></tr><tr style="height:3.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:362.332pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">Consists of realized gains of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:143.39pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$10.3 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:182.64pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:198.19pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$28.5 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:237.44pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">, partially offset by</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:293.65999999999997pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> impairmen</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:328.25pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">t charges of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:366.73pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$9.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:402.09pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:404.59pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">and</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:416.26pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:418.76pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$21.4 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:458.01pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:459.95pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">during the </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:492.99pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">three and six months </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:370.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:119.72pt;position:var(--position);text-decoration:none;white-space:pre">, respectively.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:381.532pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">(2)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">Investment </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:90.15pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">income</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:112.7pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:122.41pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$133.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:165.55pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:168.05pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:181.66pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$128.6 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:224.8pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> include</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:248.9pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">d </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:254.73pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$30.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:293.98pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:296.48pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:310.09pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$28.5 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:349.34pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> of equity in </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:387.03pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">earnings</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:413.86pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> of our equity method investments during the </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:553.79pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">three </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:389.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:168.7pt;position:var(--position);text-decoration:none;white-space:pre">, respectively</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:209pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> 1294000 -8684000 7044000 9469000 131933000 -21938000 121601000 -90083000 133227000 -30622000 128645000 -80614000 10300000 28500000 9000000.0 21400000 133200000 128600000 30200000 28500000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Additional details on our non-real estate investments still held as of the end of each period are presented below (in thousands):</span><div style="position:var(--position);top:426.85pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:350.25pt"></td><td style="padding:0;width:8.25pt"></td><td style="padding:0;width:86.25pt"></td><td style="padding:0;width:9pt"></td><td style="padding:0;width:86.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);width:181.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:181.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:35.76pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:14.25pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.28pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:33.12pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:14.25pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.28pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:33.12pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:27pt;width:350.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:350.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments in privately held entities that do not report NAV still held as of the end of </span></div><div style="line-height:9pt;position:var(--position);top:13.03pt;width:350.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">each period: </span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:50.25pt;width:350.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:350.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Upward adjustments</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:50.25pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:47.38pt"></span></span><span style="left:55.010000000000005pt;position:var(--position)">12,308<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:50.25pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:52.38pt"></span></span><span style="left:60.010000000000005pt;position:var(--position)">8,800<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:64.5pt;width:350.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:350.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Downward adjustments and impairments</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:64.5pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.39pt"></span></span><span style="left:52.02pt;position:var(--position)">(26,518)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:64.5pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.39pt"></span></span><span style="left:52.02pt;position:var(--position)">(66,397)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:78.75pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.39pt"></span></span><span style="left:52.02pt;position:var(--position)">(14,210)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:78.75pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.39pt"></span></span><span style="left:52.02pt;position:var(--position)">(57,597)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:93pt;width:350.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:350.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized gains (losses) on non-real estate investments still held as of the end of </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:350.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">each period (excluding equity method investments)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"><div style="left:358.5pt;position:var(--position);top:93pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">107,222<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:93pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.39pt"></span></span><span style="left:52.02pt;position:var(--position)">(30,745)</span></span></div></div></div></td></tr></tbody></table></div></div></div> 12308000 8800000 26518000 66397000 -14210000 -57597000 107222000 -30745000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table summarizes the components of other assets as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:350.38pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:407.38pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:427.38pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:506.35pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span><div style="position:var(--position);top:75.6pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:324.75pt"></td><td style="padding:0;width:99.75pt"></td><td style="padding:0;width:15pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.37pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Acquired in-place leases</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">178,540<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">204,008<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Deferred compensation plan</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">61,096<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">53,529<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Deferred financing costs – unsecured senior line of credit</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">34,581<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">39,406<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Deposits</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">28,034<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">28,618<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Furniture, fixtures, equipment, and software</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">76,474<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">70,311<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net investment in leases</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">59,827<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">58,985<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Notes receivable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">269,737<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">258,033<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease right-of-use assets</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:114pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">689,153<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:114pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">697,865<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:128.25pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Other assets </span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:128.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">92,017<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:128.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">87,036<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:142.5pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Prepaid expenses</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:142.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">27,323<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:142.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">33,718<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:156.75pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Property, plant, and equipment</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:156.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">128,661<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:156.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">130,263<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:171pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:171pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,645,443<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:171pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,661,772<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table summarizes the components of other assets as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:350.38pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:407.38pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:427.38pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:506.35pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span><div style="position:var(--position);top:75.6pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:324.75pt"></td><td style="padding:0;width:99.75pt"></td><td style="padding:0;width:15pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.37pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Acquired in-place leases</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">178,540<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">204,008<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Deferred compensation plan</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">61,096<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">53,529<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Deferred financing costs – unsecured senior line of credit</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">34,581<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">39,406<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Deposits</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">28,034<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">28,618<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Furniture, fixtures, equipment, and software</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">76,474<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">70,311<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net investment in leases</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">59,827<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">58,985<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Notes receivable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">269,737<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">258,033<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease right-of-use assets</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:114pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">689,153<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:114pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">697,865<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:128.25pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Other assets </span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:128.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">92,017<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:128.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">87,036<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:142.5pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Prepaid expenses</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:142.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">27,323<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:142.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">33,718<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:156.75pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Property, plant, and equipment</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:156.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">128,661<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:156.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">130,263<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:171pt;width:324.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:324.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:324.75pt;position:var(--position);top:171pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,645,443<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:439.5pt;position:var(--position);top:171pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,661,772<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:275.25pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Notes receivable</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:296.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our notes receivable as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:179.45999999999998pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:236.46pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:256.46000000000004pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:335.43pt;position:var(--position);text-decoration:none;white-space:pre"> consisted of the following (dollars in thousands):  </span></div><div style="position:var(--position);top:307.65pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:243pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:57.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:54.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:75pt"></td><td style="padding:0;width:14.25pt"></td><td style="padding:0;width:86.25pt"></td></tr><tr style="height:15.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="5" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246pt;position:var(--position);width:193.5pt"><div><div style="line-height:9pt;position:var(--position);top:5.81pt;width:193.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:68.25pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:15.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246pt;position:var(--position);top:15.75pt;width:115.5pt"><div><div style="line-height:9pt;position:var(--position);top:5.81pt;width:115.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.68pt;position:var(--position);text-decoration:none;white-space:pre">Weighted-Average</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:23.25pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:31.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:86.27pt;position:var(--position);text-decoration:none;white-space:pre">Notes Receivable</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246pt;position:var(--position);top:31.5pt;width:57.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.71pt;position:var(--position);text-decoration:none;white-space:pre">Effective </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:3.13pt;position:var(--position);text-decoration:none;white-space:pre">Interest Rate</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:306.75pt;position:var(--position);top:31.5pt;width:54.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:54.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.39pt;position:var(--position);text-decoration:none;white-space:pre">Maturity </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:54.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.88pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:364.5pt;position:var(--position);top:31.5pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.25pt;position:var(--position);text-decoration:none;white-space:pre">Balance</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:31.5pt;width:86.25pt"><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:13.31pt;width:86.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:3.64pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:54.75pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Secured by real estate assets in San Diego</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246pt;position:var(--position);top:54.75pt;width:57.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.56pt;position:var(--position);text-decoration:none;white-space:pre">9.9%</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:306.75pt;position:var(--position);top:54.75pt;width:54.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:54.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.37pt;position:var(--position);text-decoration:none;white-space:pre">1/10/29</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:364.5pt;position:var(--position);top:54.75pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:31.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">254,890<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:54.75pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">240,476<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:69pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Secured by real estate assets in Greater Boston</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:246pt;position:var(--position);top:69pt;width:57.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.56pt;position:var(--position);text-decoration:none;white-space:pre">6.1%</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:306.75pt;position:var(--position);top:69pt;width:54.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:54.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.87pt;position:var(--position);text-decoration:none;white-space:pre">12/16/29</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:364.5pt;position:var(--position);top:69pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.13pt"></span></span><span style="left:43.760000000000005pt;position:var(--position)">15,379<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:69pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:52.38pt"></span></span><span style="left:55.010000000000005pt;position:var(--position)">18,089<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:83.25pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Less: provision for expected credit losses</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:364.5pt;position:var(--position);top:83.25pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:50.64pt"></span></span><span style="left:53.27pt;position:var(--position)">(532)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:83.25pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:61.89pt"></span></span><span style="left:64.52pt;position:var(--position)">(532)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:97.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Notes receivable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:364.5pt;position:var(--position);top:97.5pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:31.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">269,737<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:97.5pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">258,033<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:436.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our notes receivable represent held-to-maturity debt securities carried at amortized cost and are generally secured by real </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">estate. Under the current expected credit losses accounting standard, we are required to estimate and, if necessary, recognize a </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:457.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">provision for expected credit losses related to these notes. We do not have a history of losses on such securities; therefore, we utilize </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:468.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">available information on historical losses for the commercial real estate industry. We determine expected credit losses for our notes </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:479.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">receivable using historical industry losses and considering loan-specific information, including credit ratings of the borrowers, estimated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:490.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">fair values of underlying real estate assets, loan-to-value ratios, the presence of guarantors, and/or other available information. During </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the three and six months ended </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:164.47pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:221.47pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:223.97pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:226.47pt;position:var(--position);text-decoration:none;white-space:pre">no</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:236.47pt;position:var(--position);text-decoration:none;white-space:pre"> adjustment to the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:310.45pt;position:var(--position);text-decoration:none;white-space:pre">provision for expected credit losses related to our notes receivable </span></div><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">was required</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:87.46000000000001pt;position:var(--position);text-decoration:none;white-space:pre">. </span>The provision is evaluated on an ongoing basis, with any necessary adjustments recognized in the corresponding period. 178540000 204008000 61096000 53529000 34581000 39406000 28034000 28618000 76474000 70311000 59827000 58985000 269737000 258033000 689153000 697865000 92017000 87036000 27323000 33718000 128661000 130263000 1645443000 1661772000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our notes receivable as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:179.45999999999998pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:236.46pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:256.46000000000004pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:335.43pt;position:var(--position);text-decoration:none;white-space:pre"> consisted of the following (dollars in thousands):  </span><div style="position:var(--position);top:307.65pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:243pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:57.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:54.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:75pt"></td><td style="padding:0;width:14.25pt"></td><td style="padding:0;width:86.25pt"></td></tr><tr style="height:15.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="5" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246pt;position:var(--position);width:193.5pt"><div><div style="line-height:9pt;position:var(--position);top:5.81pt;width:193.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:68.25pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:15.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246pt;position:var(--position);top:15.75pt;width:115.5pt"><div><div style="line-height:9pt;position:var(--position);top:5.81pt;width:115.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.68pt;position:var(--position);text-decoration:none;white-space:pre">Weighted-Average</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:23.25pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:31.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:86.27pt;position:var(--position);text-decoration:none;white-space:pre">Notes Receivable</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246pt;position:var(--position);top:31.5pt;width:57.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.71pt;position:var(--position);text-decoration:none;white-space:pre">Effective </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:3.13pt;position:var(--position);text-decoration:none;white-space:pre">Interest Rate</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:306.75pt;position:var(--position);top:31.5pt;width:54.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:54.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.39pt;position:var(--position);text-decoration:none;white-space:pre">Maturity </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:54.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.88pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:364.5pt;position:var(--position);top:31.5pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.25pt;position:var(--position);text-decoration:none;white-space:pre">Balance</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:31.5pt;width:86.25pt"><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:13.31pt;width:86.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:3.64pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:54.75pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Secured by real estate assets in San Diego</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:246pt;position:var(--position);top:54.75pt;width:57.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.56pt;position:var(--position);text-decoration:none;white-space:pre">9.9%</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:306.75pt;position:var(--position);top:54.75pt;width:54.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:54.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.37pt;position:var(--position);text-decoration:none;white-space:pre">1/10/29</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:364.5pt;position:var(--position);top:54.75pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:31.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">254,890<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:54.75pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">240,476<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:69pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Secured by real estate assets in Greater Boston</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:246pt;position:var(--position);top:69pt;width:57.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.56pt;position:var(--position);text-decoration:none;white-space:pre">6.1%</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:306.75pt;position:var(--position);top:69pt;width:54.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:54.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.87pt;position:var(--position);text-decoration:none;white-space:pre">12/16/29</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:364.5pt;position:var(--position);top:69pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.13pt"></span></span><span style="left:43.760000000000005pt;position:var(--position)">15,379<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:69pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:52.38pt"></span></span><span style="left:55.010000000000005pt;position:var(--position)">18,089<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:83.25pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Less: provision for expected credit losses</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:364.5pt;position:var(--position);top:83.25pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:50.64pt"></span></span><span style="left:53.27pt;position:var(--position)">(532)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:83.25pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:61.89pt"></span></span><span style="left:64.52pt;position:var(--position)">(532)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:97.5pt;width:243pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:243pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Notes receivable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:364.5pt;position:var(--position);top:97.5pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:31.13pt"></span></span><span style="left:38.760000000000005pt;position:var(--position)">269,737<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453.75pt;position:var(--position);top:97.5pt;width:86.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:86.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.38pt"></span></span><span style="left:50.010000000000005pt;position:var(--position)">258,033<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 0.099 2029-01-10 254890000 240476000 0.061 2029-12-16 15379000 18089000 532000 532000 269737000 258033000 0 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We provide fair value information about all financial instruments for which it is practicable to estimate fair value. We measure </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and disclose the estimated fair value of financial assets and liabilities by utilizing a fair value hierarchy that distinguishes between data </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(Level 1), (ii) significant other observable inputs (Level 2), and (iii) significant unobservable inputs (Level 3). Significant other observable </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">inputs can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">liability, such as interest rates, foreign exchange rates, and yield curves. Significant unobservable inputs are typically based on an </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">factors specific to the asset or liability.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Assets and liabilities measured at fair value on a recurring basis</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table sets forth the assets and liabilities that we measure at fair value on a recurring basis by level in the fair </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value hierarchy as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.46pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:178.46pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:198.46pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:277.43pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands). </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:341.74pt;position:var(--position);text-decoration:none;white-space:pre">There were </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:389.7pt;position:var(--position);text-decoration:none;white-space:pre">no</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:399.7pt;position:var(--position);text-decoration:none;white-space:pre"> transfers of assets measured at fair value </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">on a recurring basis to or from Level 3 in the fair value hierarchy during the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:335.32pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:465.3pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="position:var(--position);top:254.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:538.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:194.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:77.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:84pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:84pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:84pt"></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="5" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:279pt;position:var(--position);width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:68.12pt;position:var(--position);text-decoration:none;white-space:pre">Fair Value Measurement Using</span></div></div></div></td></tr><tr style="height:41.25pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12.75pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Description </span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:198pt;position:var(--position);top:12.75pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:77.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.13pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:279pt;position:var(--position);top:12.75pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.76pt;position:var(--position);text-decoration:none;white-space:pre">Quoted Prices in</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.51pt;position:var(--position);text-decoration:none;white-space:pre">Active Markets</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.26pt;position:var(--position);text-decoration:none;white-space:pre">for Identical Assets</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.51pt;position:var(--position);text-decoration:none;white-space:pre">(Level 1)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:366.75pt;position:var(--position);top:12.75pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.26pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.75pt;position:var(--position);text-decoration:none;white-space:pre">Other</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.51pt;position:var(--position);text-decoration:none;white-space:pre">Observable Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.51pt;position:var(--position);text-decoration:none;white-space:pre">(Level 2)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:454.5pt;position:var(--position);top:12.75pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.26pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.26pt;position:var(--position);text-decoration:none;white-space:pre">Unobservable</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.75pt;position:var(--position);text-decoration:none;white-space:pre">Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.51pt;position:var(--position);text-decoration:none;white-space:pre">(Level 3)</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:54pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Assets:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:68.25pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments in publicly traded companies: </span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:82.5pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">As of June 30, 2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:198pt;position:var(--position);top:82.5pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:77.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:33.38pt"></span></span><span style="left:41.010000000000005pt;position:var(--position)">122,812<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:279pt;position:var(--position);top:82.5pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:40.13pt"></span></span><span style="left:47.760000000000005pt;position:var(--position)">122,812<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:366.75pt;position:var(--position);top:82.5pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:454.5pt;position:var(--position);top:82.5pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:96.75pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">As of December 31, 2025</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:198pt;position:var(--position);top:96.75pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:77.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:38.38pt"></span></span><span style="left:46.010000000000005pt;position:var(--position)">94,928<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:279pt;position:var(--position);top:96.75pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:45.13pt"></span></span><span style="left:52.760000000000005pt;position:var(--position)">94,928<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:366.75pt;position:var(--position);top:96.75pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:454.5pt;position:var(--position);top:96.75pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:111pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">Cross-currency swap agreements:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:125.25pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">As of June 30, 2026</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:198pt;position:var(--position);top:125.25pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:77.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:43.38pt"></span></span><span style="left:51.010000000000005pt;position:var(--position)">6,455<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:279pt;position:var(--position);top:125.25pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:366.75pt;position:var(--position);top:125.25pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:50.13pt"></span></span><span style="left:57.760000000000005pt;position:var(--position)">6,455<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:454.5pt;position:var(--position);top:125.25pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:139.5pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Liabilities:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:153.75pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">Cross-currency swap agreements:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:168pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">As of December 31, 2025</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:198pt;position:var(--position);top:168pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:77.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:50.88pt"></span></span><span style="left:58.510000000000005pt;position:var(--position)">928<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:279pt;position:var(--position);top:168pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:366.75pt;position:var(--position);top:168pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:57.63pt"></span></span><span style="left:65.26pt;position:var(--position)">928<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:454.5pt;position:var(--position);top:168pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:453.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our investments in publicly traded companies represent investments with readily determinable fair values, and are carried at </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:464.25pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">fair value, with changes in fair value classified in investment income (loss) in our consolidated financial statements. We also hold </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:475.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investments in privately held entities, which consist of (i) investments that report NAV and (ii) investments that do not report NAV, as </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:485.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">further described below.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:507.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our investments in privately held entities that report NAV, such as our privately held investments in limited partnerships, are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:518.25pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">carried at fair value using NAV as a practical expedient, with changes in fair value classified in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.12pt;position:var(--position);text-decoration:none;white-space:pre">net income</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:455.1pt;position:var(--position);text-decoration:none;white-space:pre">. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:459.61pt;position:var(--position);text-decoration:none;white-space:pre">As of June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:539.61pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:529.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:114.97pt;position:var(--position);text-decoration:none;white-space:pre">, the carrying values of investments in privately held entities that report NAV aggregated </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:466.14pt;position:var(--position);text-decoration:none;white-space:pre">$636.1 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:521.5899999999999pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:539.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">$512.4 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:91.45pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:93.95pt;position:var(--position);text-decoration:none;white-space:pre"> respectively</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:143.26pt;position:var(--position);text-decoration:none;white-space:pre">. These investments are excluded from the fair value hierarchy above as required by the fair value </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:550.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting standard. We estimate the fair value of each of our investments in limited partnerships based on the most recent NAV </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:561.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">prepared by the general partner and reported by each limited partnership. As a result, the determination of fair values of our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:572.25pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">investments in privately held entities that report NAV generally does not involve significant estimates, assumptions, or judgments on our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:583.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">part.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:604.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our cross-currency swap agreements are recognized at fair value. Refer to Note 2 – “Summary of significant accounting </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:615.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">policies” and Note 11 – “Hedge agreements” to our unaudited consolidated financial statements for additional information.</span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-39" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Assets and liabilities measured at fair value on a nonrecurring basis</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table sets forth our assets measured at fair value on a nonrecurring basis, categorized by level within the fair </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value hierarchy, as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:123.3pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:200.3pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:279.27pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands).</span></div><div style="position:var(--position);top:103.2pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:216pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:57pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:71.25pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:63.75pt"></td><td style="padding:0;width:15.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="7" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:289.5pt;position:var(--position);width:250.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:250.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:63.62pt;position:var(--position);text-decoration:none;white-space:pre">Fair Value Measurement Using</span></div></div></div></td></tr><tr style="height:41.25pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Description </span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:219.75pt;position:var(--position);top:14.25pt;width:57pt"><div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:57pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.52pt;position:var(--position);text-decoration:none;white-space:pre">Carrying </span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:57pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:289.5pt;position:var(--position);top:14.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.26pt;position:var(--position);text-decoration:none;white-space:pre">Quoted Prices in</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.01pt;position:var(--position);text-decoration:none;white-space:pre">Active Markets</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.76pt;position:var(--position);text-decoration:none;white-space:pre">for Identical Assets</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.01pt;position:var(--position);text-decoration:none;white-space:pre">(Level 1)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:373.5pt;position:var(--position);top:14.25pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.26pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.75pt;position:var(--position);text-decoration:none;white-space:pre">Other</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.51pt;position:var(--position);text-decoration:none;white-space:pre">Observable Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.51pt;position:var(--position);text-decoration:none;white-space:pre">(Level 2)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:460.5pt;position:var(--position);top:14.25pt;width:79.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:79.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.01pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:79.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.01pt;position:var(--position);text-decoration:none;white-space:pre">Unobservable</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:79.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.5pt;position:var(--position);text-decoration:none;white-space:pre">Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:79.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.26pt;position:var(--position);text-decoration:none;white-space:pre">(Level 3)</span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:55.5pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Real estate assets with carrying values adjusted </span></div><div style="line-height:9pt;position:var(--position);top:12.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">based on fair values during the:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:78.75pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">Six months ended June 30, 2026</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:219.75pt;position:var(--position);top:78.75pt;width:57pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:13.13pt"></span></span><span style="left:20.759999999999998pt;position:var(--position)">616,998<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:78.75pt;width:12.75pt"><div><div style="line-height:6pt;position:var(--position);top:3.75pt;width:12.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:6pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:289.5pt;position:var(--position);top:78.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:373.5pt;position:var(--position);top:78.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:50.88pt"></span></span><span style="left:58.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:460.5pt;position:var(--position);top:78.75pt;width:63.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.88pt"></span></span><span style="left:27.509999999999998pt;position:var(--position)">616,998<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:93pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">Year ended December 31, 2025</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:219.75pt;position:var(--position);top:93pt;width:57pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:13.13pt"></span></span><span style="left:20.759999999999998pt;position:var(--position)">581,737<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:93pt;width:12.75pt"><div><div style="line-height:6pt;position:var(--position);top:3.75pt;width:12.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:6pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:289.5pt;position:var(--position);top:93pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:373.5pt;position:var(--position);top:93pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:50.88pt"></span></span><span style="left:58.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:460.5pt;position:var(--position);top:93pt;width:63.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.88pt"></span></span><span style="left:27.509999999999998pt;position:var(--position)">581,737<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:32.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:107.25pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments in privately held entities that do not </span></div><div style="line-height:9pt;position:var(--position);top:12.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">report NAV with carrying values adjusted based on </span></div><div style="line-height:9pt;position:var(--position);top:21.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">fair values during the:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:139.5pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">Six months ended June 30, 2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:219.75pt;position:var(--position);top:139.5pt;width:57pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:18.13pt"></span></span><span style="left:25.759999999999998pt;position:var(--position)">46,008<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:289.5pt;position:var(--position);top:139.5pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:373.5pt;position:var(--position);top:139.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:32.38pt"></span></span><span style="left:40.010000000000005pt;position:var(--position)">45,239<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:444.75pt;position:var(--position);top:139.5pt;width:12.75pt"><div><div style="line-height:6pt;position:var(--position);top:3.75pt;width:12.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:6pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:460.5pt;position:var(--position);top:139.5pt;width:63.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:37.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">769<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:524.25pt;position:var(--position);top:139.5pt;width:15.75pt"><div><div style="line-height:6pt;position:var(--position);top:3.75pt;width:15.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:6pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:153.75pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">Year ended December 31, 2025</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:219.75pt;position:var(--position);top:153.75pt;width:57pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:18.13pt"></span></span><span style="left:25.759999999999998pt;position:var(--position)">68,738<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:289.5pt;position:var(--position);top:153.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:373.5pt;position:var(--position);top:153.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:32.38pt"></span></span><span style="left:40.010000000000005pt;position:var(--position)">62,261<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:444.75pt;position:var(--position);top:153.75pt;width:12.75pt"><div><div style="line-height:6pt;position:var(--position);top:3.75pt;width:12.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:6pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:460.5pt;position:var(--position);top:153.75pt;width:63.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.88pt"></span></span><span style="left:37.510000000000005pt;position:var(--position)">6,477<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:524.25pt;position:var(--position);top:153.75pt;width:15.75pt"><div><div style="line-height:6pt;position:var(--position);top:3.75pt;width:15.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:6pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span></div></div></div></td></tr><tr style="height:3pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:280.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">These amounts represent the aggregate carrying amounts of real estate assets for which adjustments based on nonrecurring fair value measurements were recognized </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:288.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">during the respective periods, including assets for which impairment losses or reversals of previously recognized impairment losses were recorded. These assets </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">primarily include a subset of our total real estate assets classified as held for sale as of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:323.72pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:368.05pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:383.6pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:445.03pt;position:var(--position);text-decoration:none;white-space:pre">. The fair values for these real estate </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">assets were estimated based on executed purchase and sale agreements, letters of intent, valuations provided by third-party real estate brokers, or market comparables </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:313.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">from recent transactions. Refer to “</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:162.04000000000002pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:241.72pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant accounting policies” and “Assets held for sale” in Note 3 – </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:322.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">“</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:56.33pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:136.01pt;position:var(--position);text-decoration:none;white-space:pre">” to our unaudited consolidated financial statements for additional information.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:330.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">T</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:58.269999999999996pt;position:var(--position);text-decoration:none;white-space:pre">hese amounts represent the carrying amounts of our equity investments in privately held entities with observable price changes for which adjustments based on </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">nonrecurring fair value measurements were recognized during the respective periods. These amounts are included in the investment balance</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:490.04pt;position:var(--position);text-decoration:none;white-space:pre">s of</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:501.31pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:503.25pt;position:var(--position);text-decoration:none;white-space:pre">$1.69 billion</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:540.56pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:542.5pt;position:var(--position);text-decoration:none;white-space:pre">and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:556.11pt;position:var(--position);text-decoration:none;white-space:pre">$1.50 </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:347.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">billion</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:71.87pt;position:var(--position);text-decoration:none;white-space:pre"> in our unaudited consolidated balance sheets as of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:233.2pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:277.53pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:293.08000000000004pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:354.51pt;position:var(--position);text-decoration:none;white-space:pre">, respectively, </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:398.69pt;position:var(--position);text-decoration:none;white-space:pre">disclosed in Note 7 – “Investments” to our unaudited </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:355.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">consolidated financial statements.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:364.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">These</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:73.44pt;position:var(--position);text-decoration:none;white-space:pre"> amounts are included in the investments in privately held entities without observable price changes balances aggregating</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:449.72pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:451.66pt;position:var(--position);text-decoration:none;white-space:pre">$390.4 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:494.8pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:510.35pt;position:var(--position);text-decoration:none;white-space:pre">$413.3 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:553.49pt;position:var(--position);text-decoration:none;white-space:pre"> as of </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:372.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:98.33pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:113.88pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:175.31pt;position:var(--position);text-decoration:none;white-space:pre">, respectively, disclosed in Note 7 – “Investments” to our unaudited consolidated financial statements, and represent the carrying </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">amounts of investments in privately held entities that do not report NAV for which impairments have been recognized during the respective periods in accordance with </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:389.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">the measurement alternative guidance described in “</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:216.88pt;position:var(--position);text-decoration:none;white-space:pre">Investments</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:254.59pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:397.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">statements.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:underline;white-space:pre">Investments in privately held entities that do not report NAV</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:438.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our investments in privately held entities that do not report NAV are measured at cost, adjusted for observable price changes </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:449.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and impairments, with changes recognized in net income (loss). These investments are adjusted based on the observable price </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:460.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">changes in orderly transactions for the identical or similar investment of the same issuer. Further adjustments are not made until </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">another observable transaction occurs. Therefore, the determination of fair values of our investments in privately held entities that do </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:481.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">not report NAV does not involve significant estimates and assumptions or subjective and complex judgments.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:503.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We also subject our investments in privately held entities that do not report NAV to a qualitative assessment for indicators of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:514.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">impairment. If indicators of impairment are present, we are required to estimate the investment’s fair value and immediately recognize </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:546.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The estimates of fair value typically incorporate valuation techniques that include an income approach reflecting a discounted </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:557.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">cash flow analysis, and a market approach that includes a comparative analysis of acquisition multiples and pricing multiples generated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:568.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">by market participants. In certain instances, we may use multiple valuation techniques for a particular investment and estimate its fair </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value based on an average of multiple valuation results.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:600.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Refer to Note 7 – “Investments” to our unaudited consolidated financial statements for additional information.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:622.2pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Assets and liabilities not measured at fair value in the statement of financial position but for which the fair value is disclosed</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:643.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The fair values of our unsecured senior notes payable and the amounts outstanding on our unsecured senior line of credit and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:654.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">commercial paper program were estimated using widely accepted valuation techniques, including discounted cash flow analyses using </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:665.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">significant other observable inputs such as available market information on discount and borrowing rates with similar terms, maturities, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:676.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and credit ratings. Because the valuations of our financial instruments are based on these types of estimates, the actual fair value of our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:687pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">financial instruments may differ materially if our estimates do not prove to be accurate. Additionally, the use of different market </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:697.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">assumptions or estimation methods may have a material effect on the estimated fair value amounts.</span></div></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-40" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:172pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:250.97pt;position:var(--position);text-decoration:none;white-space:pre">, the book and estimated fair values of our unsecured senior notes payable and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the amounts outstanding under our unsecured senior line of credit and commercial paper program, including the level within the fair </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value hierarchy for which the estimates were derived, were as follows (in thousands):</span></div><div style="position:var(--position);top:92.4pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:155.25pt"></td><td style="padding:0;width:63pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:72.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="9" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);width:384pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:384pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:163.5pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td></tr><tr style="height:15pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:14.25pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:46.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.83pt;position:var(--position);text-decoration:none;white-space:pre">Book Value</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td colspan="5" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:14.25pt;width:236.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:236.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:77.49pt;position:var(--position);text-decoration:none;white-space:pre">Fair Value Hierarchy</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:14.25pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:37.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.38pt;position:var(--position);text-decoration:none;white-space:pre">Estimated </span></div><div style="line-height:9pt;position:var(--position);top:46.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.22pt;position:var(--position);text-decoration:none;white-space:pre">Fair Value</span></div></div></div></td></tr><tr style="height:41.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:29.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.26pt;position:var(--position);text-decoration:none;white-space:pre">Quoted Prices in</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.01pt;position:var(--position);text-decoration:none;white-space:pre">Active Markets</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.76pt;position:var(--position);text-decoration:none;white-space:pre">for Identical Assets</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.01pt;position:var(--position);text-decoration:none;white-space:pre">(Level 1)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:29.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.76pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.25pt;position:var(--position);text-decoration:none;white-space:pre">Other</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.01pt;position:var(--position);text-decoration:none;white-space:pre">Observable Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.01pt;position:var(--position);text-decoration:none;white-space:pre">(Level 2)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:29.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.64pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.64pt;position:var(--position);text-decoration:none;white-space:pre">Unobservable</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.12pt;position:var(--position);text-decoration:none;white-space:pre">Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.89pt;position:var(--position);text-decoration:none;white-space:pre">(Level 3)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:70.5pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Liabilities:</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:84.75pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:84.75pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:6.63pt"></span></span><span style="left:14.260000000000002pt;position:var(--position)">10,818,366<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:84.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:84.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">9,805,510<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:84.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:46.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:84.75pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:21.38pt"></span></span><span style="left:29.009999999999998pt;position:var(--position)">9,805,510<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);white-space:pre">Unsecured senior line of credit</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:99pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.63pt"></span></span><span style="left:50.260000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:99pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:99pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:99pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:46.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:99pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:52.38pt"></span></span><span style="left:60.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:113.25pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Commercial paper program</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:113.25pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:11.63pt"></span></span><span style="left:19.259999999999998pt;position:var(--position)">1,994,508<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:113.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:113.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">1,995,070<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:113.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:46.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:113.25pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:21.38pt"></span></span><span style="left:29.009999999999998pt;position:var(--position)">1,995,070<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position:var(--position);top:236.7pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:155.25pt"></td><td style="padding:0;width:63pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:72.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="9" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);width:384pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:384pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152.51pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:15pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:14.25pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:46.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.83pt;position:var(--position);text-decoration:none;white-space:pre">Book Value</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td colspan="5" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:14.25pt;width:236.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:236.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:77.49pt;position:var(--position);text-decoration:none;white-space:pre">Fair Value Hierarchy</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:14.25pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:37.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.38pt;position:var(--position);text-decoration:none;white-space:pre">Estimated </span></div><div style="line-height:9pt;position:var(--position);top:46.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.22pt;position:var(--position);text-decoration:none;white-space:pre">Fair Value</span></div></div></div></td></tr><tr style="height:41.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:29.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.26pt;position:var(--position);text-decoration:none;white-space:pre">Quoted Prices in</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.01pt;position:var(--position);text-decoration:none;white-space:pre">Active Markets</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.76pt;position:var(--position);text-decoration:none;white-space:pre">for Identical Assets</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.01pt;position:var(--position);text-decoration:none;white-space:pre">(Level 1)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:29.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.76pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.25pt;position:var(--position);text-decoration:none;white-space:pre">Other</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.01pt;position:var(--position);text-decoration:none;white-space:pre">Observable Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.01pt;position:var(--position);text-decoration:none;white-space:pre">(Level 2)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:29.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.64pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.64pt;position:var(--position);text-decoration:none;white-space:pre">Unobservable</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.12pt;position:var(--position);text-decoration:none;white-space:pre">Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.89pt;position:var(--position);text-decoration:none;white-space:pre">(Level 3)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:70.5pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Liabilities:</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:84.75pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:84.75pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:6.63pt"></span></span><span style="left:14.260000000000002pt;position:var(--position)">12,047,394<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:84.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:84.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.63pt"></span></span><span style="left:32.26pt;position:var(--position)">10,675,433<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:84.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:46.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:84.75pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:16.38pt"></span></span><span style="left:24.009999999999998pt;position:var(--position)">10,675,433<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);white-space:pre">Unsecured senior line of credit</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:99pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.63pt"></span></span><span style="left:50.260000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:99pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:99pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:99pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:46.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:99pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:52.38pt"></span></span><span style="left:60.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:113.25pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Commercial paper program</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:113.25pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.13pt"></span></span><span style="left:26.759999999999998pt;position:var(--position)">353,161<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:113.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:113.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:37.13pt"></span></span><span style="left:44.760000000000005pt;position:var(--position)">353,189<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:113.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:46.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:113.25pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.88pt"></span></span><span style="left:36.510000000000005pt;position:var(--position)">353,189<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:380pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The carrying values of cash and cash equivalents, restricted cash, tenant receivables, deposits, notes receivable, accounts </span></div>payable, accrued expenses, and other short-term liabilities approximate their fair value. <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table sets forth the assets and liabilities that we measure at fair value on a recurring basis by level in the fair </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value hierarchy as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.46pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:178.46pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:198.46pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:277.43pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands). </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:341.74pt;position:var(--position);text-decoration:none;white-space:pre">There were </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:389.7pt;position:var(--position);text-decoration:none;white-space:pre">no</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:399.7pt;position:var(--position);text-decoration:none;white-space:pre"> transfers of assets measured at fair value </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">on a recurring basis to or from Level 3 in the fair value hierarchy during the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:335.32pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:465.3pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="position:var(--position);top:254.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:538.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:194.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:77.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:84pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:84pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:84pt"></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="5" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:279pt;position:var(--position);width:259.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:259.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:68.12pt;position:var(--position);text-decoration:none;white-space:pre">Fair Value Measurement Using</span></div></div></div></td></tr><tr style="height:41.25pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12.75pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Description </span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:198pt;position:var(--position);top:12.75pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:77.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.13pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:279pt;position:var(--position);top:12.75pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.76pt;position:var(--position);text-decoration:none;white-space:pre">Quoted Prices in</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.51pt;position:var(--position);text-decoration:none;white-space:pre">Active Markets</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.26pt;position:var(--position);text-decoration:none;white-space:pre">for Identical Assets</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.51pt;position:var(--position);text-decoration:none;white-space:pre">(Level 1)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:366.75pt;position:var(--position);top:12.75pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.26pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.75pt;position:var(--position);text-decoration:none;white-space:pre">Other</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.51pt;position:var(--position);text-decoration:none;white-space:pre">Observable Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.51pt;position:var(--position);text-decoration:none;white-space:pre">(Level 2)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:454.5pt;position:var(--position);top:12.75pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.26pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.26pt;position:var(--position);text-decoration:none;white-space:pre">Unobservable</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.75pt;position:var(--position);text-decoration:none;white-space:pre">Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.51pt;position:var(--position);text-decoration:none;white-space:pre">(Level 3)</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:54pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Assets:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:68.25pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments in publicly traded companies: </span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:82.5pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">As of June 30, 2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:198pt;position:var(--position);top:82.5pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:77.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:33.38pt"></span></span><span style="left:41.010000000000005pt;position:var(--position)">122,812<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:279pt;position:var(--position);top:82.5pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:40.13pt"></span></span><span style="left:47.760000000000005pt;position:var(--position)">122,812<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:366.75pt;position:var(--position);top:82.5pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:454.5pt;position:var(--position);top:82.5pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:96.75pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">As of December 31, 2025</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:198pt;position:var(--position);top:96.75pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:77.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:38.38pt"></span></span><span style="left:46.010000000000005pt;position:var(--position)">94,928<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:279pt;position:var(--position);top:96.75pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:45.13pt"></span></span><span style="left:52.760000000000005pt;position:var(--position)">94,928<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:366.75pt;position:var(--position);top:96.75pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:454.5pt;position:var(--position);top:96.75pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:111pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">Cross-currency swap agreements:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:125.25pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">As of June 30, 2026</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:198pt;position:var(--position);top:125.25pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:77.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:43.38pt"></span></span><span style="left:51.010000000000005pt;position:var(--position)">6,455<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:279pt;position:var(--position);top:125.25pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:366.75pt;position:var(--position);top:125.25pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:50.13pt"></span></span><span style="left:57.760000000000005pt;position:var(--position)">6,455<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:454.5pt;position:var(--position);top:125.25pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:139.5pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Liabilities:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:153.75pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">Cross-currency swap agreements:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:168pt;width:194.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:194.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">As of December 31, 2025</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:198pt;position:var(--position);top:168pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:77.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:50.88pt"></span></span><span style="left:58.510000000000005pt;position:var(--position)">928<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:279pt;position:var(--position);top:168pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:366.75pt;position:var(--position);top:168pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:57.63pt"></span></span><span style="left:65.26pt;position:var(--position)">928<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:454.5pt;position:var(--position);top:168pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:63.63pt"></span></span><span style="left:71.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 0 122812000 122812000 0 0 94928000 94928000 0 0 6455000 0 6455000 0 928000 0 928000 0 636100000 512400000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table sets forth our assets measured at fair value on a nonrecurring basis, categorized by level within the fair </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value hierarchy, as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:123.3pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:180.3pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:200.3pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:279.27pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands).</span></div><div style="position:var(--position);top:103.2pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:216pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:57pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:71.25pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:63.75pt"></td><td style="padding:0;width:15.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="7" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:289.5pt;position:var(--position);width:250.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:250.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:63.62pt;position:var(--position);text-decoration:none;white-space:pre">Fair Value Measurement Using</span></div></div></div></td></tr><tr style="height:41.25pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Description </span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:219.75pt;position:var(--position);top:14.25pt;width:57pt"><div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:57pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.52pt;position:var(--position);text-decoration:none;white-space:pre">Carrying </span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:57pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:289.5pt;position:var(--position);top:14.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.26pt;position:var(--position);text-decoration:none;white-space:pre">Quoted Prices in</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.01pt;position:var(--position);text-decoration:none;white-space:pre">Active Markets</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.76pt;position:var(--position);text-decoration:none;white-space:pre">for Identical Assets</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.01pt;position:var(--position);text-decoration:none;white-space:pre">(Level 1)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:373.5pt;position:var(--position);top:14.25pt;width:84pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.26pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.75pt;position:var(--position);text-decoration:none;white-space:pre">Other</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.51pt;position:var(--position);text-decoration:none;white-space:pre">Observable Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:84pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.51pt;position:var(--position);text-decoration:none;white-space:pre">(Level 2)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:460.5pt;position:var(--position);top:14.25pt;width:79.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:79.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.01pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:79.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.01pt;position:var(--position);text-decoration:none;white-space:pre">Unobservable</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:79.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:27.5pt;position:var(--position);text-decoration:none;white-space:pre">Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:79.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.26pt;position:var(--position);text-decoration:none;white-space:pre">(Level 3)</span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:55.5pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Real estate assets with carrying values adjusted </span></div><div style="line-height:9pt;position:var(--position);top:12.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">based on fair values during the:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:78.75pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">Six months ended June 30, 2026</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:219.75pt;position:var(--position);top:78.75pt;width:57pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:13.13pt"></span></span><span style="left:20.759999999999998pt;position:var(--position)">616,998<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:78.75pt;width:12.75pt"><div><div style="line-height:6pt;position:var(--position);top:3.75pt;width:12.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:6pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:289.5pt;position:var(--position);top:78.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:373.5pt;position:var(--position);top:78.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:50.88pt"></span></span><span style="left:58.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:460.5pt;position:var(--position);top:78.75pt;width:63.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.88pt"></span></span><span style="left:27.509999999999998pt;position:var(--position)">616,998<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:93pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">Year ended December 31, 2025</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:219.75pt;position:var(--position);top:93pt;width:57pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:13.13pt"></span></span><span style="left:20.759999999999998pt;position:var(--position)">581,737<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:93pt;width:12.75pt"><div><div style="line-height:6pt;position:var(--position);top:3.75pt;width:12.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:6pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:289.5pt;position:var(--position);top:93pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:373.5pt;position:var(--position);top:93pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:50.88pt"></span></span><span style="left:58.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:460.5pt;position:var(--position);top:93pt;width:63.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.88pt"></span></span><span style="left:27.509999999999998pt;position:var(--position)">581,737<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:32.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:107.25pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Investments in privately held entities that do not </span></div><div style="line-height:9pt;position:var(--position);top:12.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">report NAV with carrying values adjusted based on </span></div><div style="line-height:9pt;position:var(--position);top:21.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">fair values during the:</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:139.5pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">Six months ended June 30, 2026</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:219.75pt;position:var(--position);top:139.5pt;width:57pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:18.13pt"></span></span><span style="left:25.759999999999998pt;position:var(--position)">46,008<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:289.5pt;position:var(--position);top:139.5pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:373.5pt;position:var(--position);top:139.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:32.38pt"></span></span><span style="left:40.010000000000005pt;position:var(--position)">45,239<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:444.75pt;position:var(--position);top:139.5pt;width:12.75pt"><div><div style="line-height:6pt;position:var(--position);top:3.75pt;width:12.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:6pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:460.5pt;position:var(--position);top:139.5pt;width:63.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:37.38pt"></span></span><span style="left:45.010000000000005pt;position:var(--position)">769<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:524.25pt;position:var(--position);top:139.5pt;width:15.75pt"><div><div style="line-height:6pt;position:var(--position);top:3.75pt;width:15.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:6pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:153.75pt;width:216pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:216pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">Year ended December 31, 2025</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:219.75pt;position:var(--position);top:153.75pt;width:57pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:57pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:18.13pt"></span></span><span style="left:25.759999999999998pt;position:var(--position)">68,738<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:289.5pt;position:var(--position);top:153.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:373.5pt;position:var(--position);top:153.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:32.38pt"></span></span><span style="left:40.010000000000005pt;position:var(--position)">62,261<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:444.75pt;position:var(--position);top:153.75pt;width:12.75pt"><div><div style="line-height:6pt;position:var(--position);top:3.75pt;width:12.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:6pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:460.5pt;position:var(--position);top:153.75pt;width:63.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.88pt"></span></span><span style="left:37.510000000000005pt;position:var(--position)">6,477<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:524.25pt;position:var(--position);top:153.75pt;width:15.75pt"><div><div style="line-height:6pt;position:var(--position);top:3.75pt;width:15.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:6pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span></div></div></div></td></tr><tr style="height:3pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:280.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">These amounts represent the aggregate carrying amounts of real estate assets for which adjustments based on nonrecurring fair value measurements were recognized </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:288.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">during the respective periods, including assets for which impairment losses or reversals of previously recognized impairment losses were recorded. These assets </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">primarily include a subset of our total real estate assets classified as held for sale as of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:323.72pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:368.05pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:383.6pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:445.03pt;position:var(--position);text-decoration:none;white-space:pre">. The fair values for these real estate </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:305.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">assets were estimated based on executed purchase and sale agreements, letters of intent, valuations provided by third-party real estate brokers, or market comparables </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:313.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">from recent transactions. Refer to “</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:162.04000000000002pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:241.72pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant accounting policies” and “Assets held for sale” in Note 3 – </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:322.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">“</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:56.33pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:136.01pt;position:var(--position);text-decoration:none;white-space:pre">” to our unaudited consolidated financial statements for additional information.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:330.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">T</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:58.269999999999996pt;position:var(--position);text-decoration:none;white-space:pre">hese amounts represent the carrying amounts of our equity investments in privately held entities with observable price changes for which adjustments based on </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">nonrecurring fair value measurements were recognized during the respective periods. These amounts are included in the investment balance</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:490.04pt;position:var(--position);text-decoration:none;white-space:pre">s of</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:501.31pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:503.25pt;position:var(--position);text-decoration:none;white-space:pre">$1.69 billion</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:540.56pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:542.5pt;position:var(--position);text-decoration:none;white-space:pre">and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:556.11pt;position:var(--position);text-decoration:none;white-space:pre">$1.50 </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:347.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">billion</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:71.87pt;position:var(--position);text-decoration:none;white-space:pre"> in our unaudited consolidated balance sheets as of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:233.2pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:277.53pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:293.08000000000004pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:354.51pt;position:var(--position);text-decoration:none;white-space:pre">, respectively, </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:398.69pt;position:var(--position);text-decoration:none;white-space:pre">disclosed in Note 7 – “Investments” to our unaudited </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:355.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">consolidated financial statements.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:364.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">These</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:73.44pt;position:var(--position);text-decoration:none;white-space:pre"> amounts are included in the investments in privately held entities without observable price changes balances aggregating</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:449.72pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:451.66pt;position:var(--position);text-decoration:none;white-space:pre">$390.4 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:494.8pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:510.35pt;position:var(--position);text-decoration:none;white-space:pre">$413.3 million</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:553.49pt;position:var(--position);text-decoration:none;white-space:pre"> as of </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:372.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:98.33pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:113.88pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:175.31pt;position:var(--position);text-decoration:none;white-space:pre">, respectively, disclosed in Note 7 – “Investments” to our unaudited consolidated financial statements, and represent the carrying </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">amounts of investments in privately held entities that do not report NAV for which impairments have been recognized during the respective periods in accordance with </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:389.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">the measurement alternative guidance described in “</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:216.88pt;position:var(--position);text-decoration:none;white-space:pre">Investments</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:254.59pt;position:var(--position);text-decoration:none;white-space:pre">” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:397.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">statements.</span></div><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:172pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:250.97pt;position:var(--position);text-decoration:none;white-space:pre">, the book and estimated fair values of our unsecured senior notes payable and </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the amounts outstanding under our unsecured senior line of credit and commercial paper program, including the level within the fair </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">value hierarchy for which the estimates were derived, were as follows (in thousands):</span></div><div style="position:var(--position);top:92.4pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:155.25pt"></td><td style="padding:0;width:63pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:72.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="9" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);width:384pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:384pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:163.5pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td></tr><tr style="height:15pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:14.25pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:46.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.83pt;position:var(--position);text-decoration:none;white-space:pre">Book Value</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td colspan="5" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:14.25pt;width:236.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:236.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:77.49pt;position:var(--position);text-decoration:none;white-space:pre">Fair Value Hierarchy</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:14.25pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:37.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.38pt;position:var(--position);text-decoration:none;white-space:pre">Estimated </span></div><div style="line-height:9pt;position:var(--position);top:46.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.22pt;position:var(--position);text-decoration:none;white-space:pre">Fair Value</span></div></div></div></td></tr><tr style="height:41.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:29.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.26pt;position:var(--position);text-decoration:none;white-space:pre">Quoted Prices in</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.01pt;position:var(--position);text-decoration:none;white-space:pre">Active Markets</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.76pt;position:var(--position);text-decoration:none;white-space:pre">for Identical Assets</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.01pt;position:var(--position);text-decoration:none;white-space:pre">(Level 1)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:29.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.76pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.25pt;position:var(--position);text-decoration:none;white-space:pre">Other</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.01pt;position:var(--position);text-decoration:none;white-space:pre">Observable Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.01pt;position:var(--position);text-decoration:none;white-space:pre">(Level 2)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:29.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.64pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.64pt;position:var(--position);text-decoration:none;white-space:pre">Unobservable</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.12pt;position:var(--position);text-decoration:none;white-space:pre">Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.89pt;position:var(--position);text-decoration:none;white-space:pre">(Level 3)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:70.5pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Liabilities:</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:84.75pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:84.75pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:6.63pt"></span></span><span style="left:14.260000000000002pt;position:var(--position)">10,818,366<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:84.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:84.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">9,805,510<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:84.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:46.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:84.75pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:21.38pt"></span></span><span style="left:29.009999999999998pt;position:var(--position)">9,805,510<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);white-space:pre">Unsecured senior line of credit</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:99pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.63pt"></span></span><span style="left:50.260000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:99pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:99pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:99pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:46.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:99pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:52.38pt"></span></span><span style="left:60.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:113.25pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Commercial paper program</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:113.25pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:11.63pt"></span></span><span style="left:19.259999999999998pt;position:var(--position)">1,994,508<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:113.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:113.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">1,995,070<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:113.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:46.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:113.25pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:21.38pt"></span></span><span style="left:29.009999999999998pt;position:var(--position)">1,995,070<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position:var(--position);top:236.7pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:155.25pt"></td><td style="padding:0;width:63pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:81pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:72.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="9" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);width:384pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:384pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152.51pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:15pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:14.25pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:46.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.83pt;position:var(--position);text-decoration:none;white-space:pre">Book Value</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td colspan="5" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:14.25pt;width:236.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:236.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:77.49pt;position:var(--position);text-decoration:none;white-space:pre">Fair Value Hierarchy</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:14.25pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:37.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.38pt;position:var(--position);text-decoration:none;white-space:pre">Estimated </span></div><div style="line-height:9pt;position:var(--position);top:46.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:16.22pt;position:var(--position);text-decoration:none;white-space:pre">Fair Value</span></div></div></div></td></tr><tr style="height:41.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:29.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.26pt;position:var(--position);text-decoration:none;white-space:pre">Quoted Prices in</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.01pt;position:var(--position);text-decoration:none;white-space:pre">Active Markets</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.76pt;position:var(--position);text-decoration:none;white-space:pre">for Identical Assets</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.01pt;position:var(--position);text-decoration:none;white-space:pre">(Level 1)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:29.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.76pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.25pt;position:var(--position);text-decoration:none;white-space:pre">Other</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.01pt;position:var(--position);text-decoration:none;white-space:pre">Observable Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.01pt;position:var(--position);text-decoration:none;white-space:pre">(Level 2)</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:29.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:12.64pt;position:var(--position);text-decoration:none;white-space:pre">Significant</span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.64pt;position:var(--position);text-decoration:none;white-space:pre">Unobservable</span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.12pt;position:var(--position);text-decoration:none;white-space:pre">Inputs</span></div><div style="line-height:9pt;position:var(--position);top:31.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.89pt;position:var(--position);text-decoration:none;white-space:pre">(Level 3)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:70.5pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Liabilities:</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:84.75pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:84.75pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:6.63pt"></span></span><span style="left:14.260000000000002pt;position:var(--position)">12,047,394<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:84.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:84.75pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.63pt"></span></span><span style="left:32.26pt;position:var(--position)">10,675,433<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:84.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:46.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:84.75pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:16.38pt"></span></span><span style="left:24.009999999999998pt;position:var(--position)">10,675,433<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);white-space:pre">Unsecured senior line of credit</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:99pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:42.63pt"></span></span><span style="left:50.260000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:99pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:99pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:99pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:46.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:99pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:52.38pt"></span></span><span style="left:60.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:113.25pt;width:155.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:155.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Commercial paper program</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:155.25pt;position:var(--position);top:113.25pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:63pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.13pt"></span></span><span style="left:26.759999999999998pt;position:var(--position)">353,161<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:224.25pt;position:var(--position);top:113.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:60.63pt"></span></span><span style="left:68.25999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:309pt;position:var(--position);top:113.25pt;width:81pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:81pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:37.13pt"></span></span><span style="left:44.760000000000005pt;position:var(--position)">353,189<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:393.75pt;position:var(--position);top:113.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:46.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:113.25pt;width:72.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.88pt"></span></span><span style="left:36.510000000000005pt;position:var(--position)">353,189<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 616998000 0 0 616998000 581737000 0 0 581737000 46008000 0 45239000 769000 68738000 0 62261000 6477000 1690000000 1500000000 390400000 413300000 10818366000 0 9805510000 0 9805510000 0 0 0 0 0 1994508000 0 1995070000 0 1995070000 12047394000 0 10675433000 0 10675433000 0 0 0 0 0 353161000 0 353189000 0 353189000 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">SECURED AND UNSECURED SENIOR DEBT</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">T</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:59.49pt;position:var(--position);text-decoration:none;white-space:pre">h</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:64.49pt;position:var(--position);text-decoration:none;white-space:pre">e following table summarizes our outstanding indebtedness and respective principal payments remaining as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:505.26pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:562.26pt;position:var(--position);text-decoration:none;white-space:pre"> (dollars in thousands):</span><div style="position:var(--position);top:64.8pt;width:792pt"><div style="font-size:0pt;left:18pt;position:var(--position);width:756pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:161.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:57.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:36pt"></td><td style="padding:0;width:11.25pt"></td><td style="padding:0;width:36.75pt"></td><td style="padding:0;width:12pt"></td><td style="padding:0;width:40.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:41.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:40.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:40.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:46.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:50.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:52.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:45.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:52.5pt"></td></tr><tr style="height:33.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:31pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:16.22pt;position:var(--position);text-decoration:none;white-space:pre">Stated </span></div><div style="line-height:8pt;position:var(--position);top:39pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:20.44pt;position:var(--position);text-decoration:none;white-space:pre">Rate</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);width:36pt"><div><div style="line-height:8pt;position:var(--position);top:31pt;width:36pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:4.68pt;position:var(--position);white-space:pre">Interest </span></div><div style="line-height:8pt;position:var(--position);top:39pt;width:36pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:6.39pt;position:var(--position);white-space:pre">Rate</span><span style="font-family:'Arial', sans-serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:23.26pt;position:var(--position);top:-2.037pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:30.2pt;width:36.75pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:4.17pt;position:var(--position);white-space:pre">Maturity </span></div><div style="line-height:8pt;position:var(--position);top:39pt;width:36.75pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:6.76pt;position:var(--position);white-space:pre">Date</span><span style="font-family:'Arial', sans-serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:23.630000000000003pt;position:var(--position);top:-2.037pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="11" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);width:274.5pt"><div><div style="line-height:8pt;position:var(--position);top:24.75pt;width:274.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:16.05pt;position:var(--position);text-decoration:none;white-space:pre">Principal Payments Remaining for the Periods Ending December 31,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);width:45.75pt"><div><div style="line-height:7pt;position:var(--position);top:4.94pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:3.05pt;position:var(--position);text-decoration:none;white-space:pre">Unamortized </span></div><div style="line-height:7pt;position:var(--position);top:11.94pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:8.1pt;position:var(--position);text-decoration:none;white-space:pre">(Deferred </span></div><div style="line-height:7pt;position:var(--position);top:18.94pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:7.71pt;position:var(--position);text-decoration:none;white-space:pre">Financing </span></div><div style="line-height:7pt;position:var(--position);top:25.94pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:13.55pt;position:var(--position);text-decoration:none;white-space:pre">Cost), </span></div><div style="line-height:7pt;position:var(--position);top:32.94pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:5.97pt;position:var(--position);text-decoration:none;white-space:pre">(Discount)/ </span></div><div style="line-height:7pt;position:var(--position);top:39.94pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:8.88pt;position:var(--position);text-decoration:none;white-space:pre">Premium</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:33.75pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:72.19pt;position:var(--position);text-decoration:none;white-space:pre">Debt</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:33.75pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.37pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:33.75pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.74pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:33.75pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.37pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:33.75pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.37pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:33.75pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:14.37pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:33.75pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:6.7pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:33.75pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:10.94pt;position:var(--position);text-decoration:none;white-space:pre">Principal</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:33.75pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:17.81pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td></tr><tr style="height:21pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:48pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:4pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior line of credit and </span></div><div style="line-height:8pt;position:var(--position);top:12pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);white-space:pre">commercial paper program</span><span style="font-family:'Arial', sans-serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:107.07pt;position:var(--position);top:-2.037pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:48pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:57.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:38.63pt;position:var(--position);top:-2.037pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:48pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.27%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:261.75pt;position:var(--position);top:48pt;width:11.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.75pt;width:11.25pt"><span style="font-family:'Arial', sans-serif;font-size:4.875pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.911pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:48pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">1/22/30</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:309.75pt;position:var(--position);top:48pt;width:12pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.75pt;width:12pt"><span style="font-family:'Arial', sans-serif;font-size:4.875pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.911pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:48pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:22.02pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:48pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:22.77pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:48pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:22.02pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:48pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:22.02pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:48pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:0.5pt"></span></span><span style="left:7.57pt;position:var(--position)">1,996,859<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:48pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:31.77pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:48pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:6.5pt"></span></span><span style="left:13.57pt;position:var(--position)">1,996,859<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:48pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:12.63pt"></span></span><span style="left:19.7pt;position:var(--position)">(2,351)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:48pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:6.5pt"></span></span><span style="left:13.57pt;position:var(--position)">1,994,508<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:69pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:69pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">3.95%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:69pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.13<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:69pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">1/15/27</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:69pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:69pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:6.35pt"></span></span><span style="left:8.98pt;position:var(--position)">350,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:69pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:69pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:69pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:69pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:36.21pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:69pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">350,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:69pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:23.73pt"></span></span><span style="left:26.36pt;position:var(--position)">(296)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:69pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">349,704<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:81pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:81pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">3.95%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:81pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.07<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:81pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">1/15/28</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:81pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:81pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:81pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:5.6pt"></span></span><span style="left:8.23pt;position:var(--position)">425,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:81pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:81pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:81pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:36.21pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:81pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">425,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:81pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:23.73pt"></span></span><span style="left:26.36pt;position:var(--position)">(675)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:81pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">424,325<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:93pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:93pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">4.50%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:93pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.60<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:93pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">7/30/29</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:93pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:93pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:93pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:93pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:5.6pt"></span></span><span style="left:8.23pt;position:var(--position)">300,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:93pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:93pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:36.21pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:93pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">300,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:93pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:23.73pt"></span></span><span style="left:26.36pt;position:var(--position)">(693)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:93pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">299,307<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:105pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:105pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">2.75%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:105pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">2.87<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:105pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:3.04pt;position:var(--position);text-decoration:none;white-space:pre">12/15/29</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:105pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:105pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:105pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:105pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:5.6pt"></span></span><span style="left:8.23pt;position:var(--position)">400,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:105pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:105pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:36.21pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:105pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">400,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:105pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(1,449)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:105pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">398,551<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:117pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:117pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">4.70%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:117pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.81<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:117pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.92pt;position:var(--position);text-decoration:none;white-space:pre">7/1/30</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:117pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:117pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:117pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:117pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:117pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:11.6pt"></span></span><span style="left:14.23pt;position:var(--position)">450,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:117pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:36.21pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:117pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">450,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:117pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(1,501)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:117pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">448,499<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:129pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:129pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">4.90%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:129pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">5.05<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:129pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:3.04pt;position:var(--position);text-decoration:none;white-space:pre">12/15/30</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:129pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:129pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:129pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:129pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:129pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:11.6pt"></span></span><span style="left:14.23pt;position:var(--position)">700,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:129pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:36.21pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:129pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">700,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:129pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(3,555)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:129pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">696,445<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:141pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:141pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:27.25pt;position:var(--position)"></span><span style="left:27.25pt;position:var(--position)">3.375%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:141pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">3.48<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:141pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">8/15/31</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:141pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:141pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:141pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:141pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:141pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:141pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">750,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:141pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">750,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:141pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(3,381)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:141pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">746,619<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:153pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:153pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">2.00%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:153pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">2.12<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:153pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">5/18/32</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:153pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:153pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:153pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:153pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:153pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:153pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">900,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:153pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">900,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:153pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(5,579)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:153pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">894,421<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:165pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:165pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:27.25pt;position:var(--position)"></span><span style="left:27.25pt;position:var(--position)">1.875%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:165pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">1.97<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:165pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.92pt;position:var(--position);text-decoration:none;white-space:pre">2/1/33</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:165pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:165pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:165pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:165pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:165pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:165pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:8.69pt"></span></span><span style="left:11.32pt;position:var(--position)">1,000,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:165pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:10.94pt"></span></span><span style="left:13.57pt;position:var(--position)">1,000,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:165pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(5,805)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:165pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">994,195<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:177pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:177pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">2.95%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:177pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">3.07<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:177pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">3/15/34</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:177pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:177pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:177pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:177pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:177pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:177pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">800,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:177pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">800,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:177pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(6,096)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:177pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">793,904<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:189pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:189pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">4.75%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:189pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.88<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:189pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">4/15/35</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:189pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:189pt;width:41.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:27.71pt"></span></span><span style="left:30.34pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:189pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:189pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:189pt;width:46.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:32.96pt"></span></span><span style="left:35.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:189pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">500,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:189pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">500,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:189pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(4,270)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:189pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">495,730<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:201pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:201pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">5.50%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:201pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">5.66<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:201pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">10/1/35</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:201pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:201pt;width:41.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:27.71pt"></span></span><span style="left:30.34pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:201pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:201pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:201pt;width:46.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:32.96pt"></span></span><span style="left:35.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:201pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">550,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:201pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">550,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:201pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(6,007)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:201pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">543,993<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:213pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:213pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">5.25%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:213pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">5.41<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:213pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">3/15/36</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:213pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:213pt;width:41.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:27.71pt"></span></span><span style="left:30.34pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:213pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:213pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:213pt;width:46.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:32.96pt"></span></span><span style="left:35.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:213pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">750,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:213pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">750,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:213pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:12.63pt"></span></span><span style="left:15.260000000000002pt;position:var(--position)">(10,866)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:213pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">739,134<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:225pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:225pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">5.25%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:225pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">5.38<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:225pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">5/15/36</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:225pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:225pt;width:41.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:27.71pt"></span></span><span style="left:30.34pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:225pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:225pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:225pt;width:46.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:32.96pt"></span></span><span style="left:35.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:225pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">400,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:225pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">400,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:225pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(3,595)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:225pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">396,405<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:237pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:237pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">4.85%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:237pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.93<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:237pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">4/15/49</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:237pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:237pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:237pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:237pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:237pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:237pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">300,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:237pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">300,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:237pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(2,698)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:237pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">297,302<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:249pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:249pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">4.00%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:249pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">3.95<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:249pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.92pt;position:var(--position);text-decoration:none;white-space:pre">2/1/50</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:249pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:249pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:249pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:249pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:249pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:249pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">390,801<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:249pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">390,801<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:249pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:19.73pt"></span></span><span style="left:22.36pt;position:var(--position)">5,441<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:249pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">396,242<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:261pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:261pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">3.00%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:261pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">3.16<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:261pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">5/18/51</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:261pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:261pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:261pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:261pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:261pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:261pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">352,398<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:261pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">352,398<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:261pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(4,413)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:261pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">347,985<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:273pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:273pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">3.55%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:273pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">3.70<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:273pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">3/15/52</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:273pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:273pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:273pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:273pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:273pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:273pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">475,406<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:273pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">475,406<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:273pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(6,180)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:273pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">469,226<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:285pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:285pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">5.15%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:285pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">5.26<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:285pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">4/15/53</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:285pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:285pt;width:41.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:27.71pt"></span></span><span style="left:30.34pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:285pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:285pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:285pt;width:46.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:32.96pt"></span></span><span style="left:35.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:285pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">500,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:285pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">500,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:285pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(7,260)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:285pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">492,740<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:297pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:297pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:27.25pt;position:var(--position)"></span><span style="left:27.25pt;position:var(--position)">5.625%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:297pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">5.71<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:297pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">5/15/54</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:297pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:297pt;width:41.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:27.71pt"></span></span><span style="left:30.34pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:297pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:297pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:297pt;width:46.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:32.96pt"></span></span><span style="left:35.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:297pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">600,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:297pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">600,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:297pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(6,361)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:297pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">593,639<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:20.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:309pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.25pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured debt weighted-average interest </span></div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">rate/Total</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:309pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.08%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:309pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:22.02pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:309pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:1.91pt"></span></span><span style="left:8.98pt;position:var(--position)">350,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:309pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:1.16pt"></span></span><span style="left:8.23pt;position:var(--position)">425,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:309pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:1.16pt"></span></span><span style="left:8.23pt;position:var(--position)">700,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:309pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:0.5pt"></span></span><span style="left:7.57pt;position:var(--position)">3,146,859<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:309pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:4.25pt"></span></span><span style="left:11.32pt;position:var(--position)">8,268,605<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:309pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:2.06pt"></span></span><span style="left:9.129999999999999pt;position:var(--position)">12,890,464<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:309pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:8.19pt"></span></span><span style="left:15.260000000000002pt;position:var(--position)">(77,590)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:309pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:2.06pt"></span></span><span style="left:9.129999999999999pt;position:var(--position)">12,812,874<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:3.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:403.8pt;width:792pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:18pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:412.2pt;width:792pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:18pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Reflects any extension options that we control.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:423.082pt;width:792pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:18pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">(3)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">Refer to footnote 3 on the following page.</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:163.87pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> In July 2026, we executed an agreement to amend our </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:336.86pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$5.0 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:370.28pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:372.78pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">unsecured senior line of credit. </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:469.83pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">The amendment is expected to become effective in September 2026, upon the satisfaction of </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:431.4pt;width:792pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">certain conditions. The amendment extends the maturity date from </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:243.44pt;position:var(--position);text-decoration:none;white-space:pre">January 22, 2030</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:297.49pt;position:var(--position);text-decoration:none;white-space:pre"> to </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:307.2pt;position:var(--position);text-decoration:none;white-space:pre">January 22, 2032</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:361.25pt;position:var(--position);text-decoration:none;white-space:pre">, including extension options that we control. In addition, the amendment reduces the applicable borrowing rate and eliminates the </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:439.8pt;width:792pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">existing sustainability-linked pricing adjustments, resulting in an applicable borrowing rate and facility fee of SOFR plus </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:404.42pt;position:var(--position);text-decoration:none;white-space:pre">0.725%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:428.14pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:430.08pt;position:var(--position);text-decoration:none;white-space:pre">and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:443.69pt;position:var(--position);text-decoration:none;white-space:pre">0.15%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:463.52pt;position:var(--position);text-decoration:none;white-space:pre">, respectively, </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:507.7pt;position:var(--position);text-decoration:none;white-space:pre">from the currently applicable borrowing rate and facility fee of SOFR plus </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:734.65pt;position:var(--position);text-decoration:none;white-space:pre">0.835%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:758.37pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:448.2pt;width:792pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">0.14%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:55.83pt;position:var(--position);text-decoration:none;white-space:pre">, respectively.</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:98.07pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table summarizes our unsecured senior debt and amounts outstanding under our unsecured senior line of credit </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and commercial paper program as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:185.41pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:242.41pt;position:var(--position);text-decoration:none;white-space:pre"> (dollars in thousands):</span></div><div style="position:var(--position);top:75.6pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:141.75pt"></td><td style="padding:0;width:65.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:62.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:13.5pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:47.25pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:50.25pt"></td><td style="padding:0;width:12.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:141.75pt;position:var(--position);width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:25.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.64pt;position:var(--position);text-decoration:none;white-space:pre">Fixed-Rate </span></div><div style="line-height:9pt;position:var(--position);top:34.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.13pt;position:var(--position);text-decoration:none;white-space:pre">Debt</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:210.75pt;position:var(--position);width:62.25pt"><div><div style="line-height:9pt;position:var(--position);top:25.31pt;width:62.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:3.98pt;position:var(--position);text-decoration:none;white-space:pre">Variable-Rate </span></div><div style="line-height:9pt;position:var(--position);top:34.31pt;width:62.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.63pt;position:var(--position);text-decoration:none;white-space:pre">Debt</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:416.25pt;position:var(--position);width:110.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:110.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:18.05pt;position:var(--position);text-decoration:none;white-space:pre">Weighted-Average</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:18pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:416.25pt;position:var(--position);top:14.25pt;width:47.25pt"><div><div style="line-height:9pt;position:var(--position);top:8.06pt;width:47.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">Interest</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:476.25pt;position:var(--position);top:14.25pt;width:50.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.06pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:3.64pt;position:var(--position);text-decoration:none;white-space:pre">Remaining </span></div><div style="line-height:9pt;position:var(--position);top:11.06pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.13pt;position:var(--position);text-decoration:none;white-space:pre">Term</span></div><div style="line-height:9pt;position:var(--position);top:20.06pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:6.39pt;position:var(--position);text-decoration:none;white-space:pre">(in years)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:32.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.06pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.88pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:357pt;position:var(--position);top:32.25pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.06pt;width:56.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.13pt;position:var(--position);text-decoration:none;white-space:pre">Percentage </span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:416.25pt;position:var(--position);top:32.25pt;width:47.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.06pt;width:47.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.56pt;position:var(--position);white-space:pre">Rate</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:29.549999999999997pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:44.25pt;width:141.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:141.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:141.75pt;position:var(--position);top:44.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:0.88pt"></span></span><span style="left:8.51pt;position:var(--position)">10,818,366<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:210.75pt;position:var(--position);top:44.25pt;width:62.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:62.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:33.88pt"></span></span><span style="left:41.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:44.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:2.38pt"></span></span><span style="left:10.01pt;position:var(--position)">10,818,366<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:357pt;position:var(--position);top:44.25pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:56.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:27.01pt;position:var(--position)"></span><span style="left:27.01pt;position:var(--position)">84.4%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:416.25pt;position:var(--position);top:44.25pt;width:47.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:47.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:18.01pt;position:var(--position)"></span><span style="left:18.01pt;position:var(--position)">4.04%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:476.25pt;position:var(--position);top:44.25pt;width:50.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.12pt;position:var(--position);text-decoration:none;white-space:pre">10.9</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:58.5pt;width:141.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:141.75pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior line of credit </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:141.75pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);white-space:pre">and commercial paper program</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:141.75pt;position:var(--position);top:58.5pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.88pt"></span></span><span style="left:44.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:210.75pt;position:var(--position);top:58.5pt;width:62.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:62.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:7.88pt"></span></span><span style="left:10.51pt;position:var(--position)">1,994,508<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:58.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:12.38pt"></span></span><span style="left:15.010000000000002pt;position:var(--position)">1,994,508<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:343.5pt;position:var(--position);top:58.5pt;width:13.5pt"><div><div style="line-height:9pt;position:var(--position);top:8.53pt;width:13.5pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:357pt;position:var(--position);top:58.5pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:56.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:27.01pt;position:var(--position)"></span><span style="left:27.01pt;position:var(--position)">15.6<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:416.25pt;position:var(--position);top:58.5pt;width:47.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:47.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:17pt;position:var(--position)"></span><span style="left:17pt;position:var(--position)">4.27</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:463.5pt;position:var(--position);top:58.5pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:8.53pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:476.25pt;position:var(--position);top:58.5pt;width:50.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:35.12pt;position:var(--position);text-decoration:none;white-space:pre">3.6</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:526.5pt;position:var(--position);top:58.5pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:8.53pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:81.75pt;width:141.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:141.75pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Total/weighted average</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:141.75pt;position:var(--position);top:81.75pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:0.88pt"></span></span><span style="left:8.51pt;position:var(--position)">10,818,366<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:210.75pt;position:var(--position);top:81.75pt;width:62.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:62.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:2.88pt"></span></span><span style="left:10.51pt;position:var(--position)">1,994,508<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:81.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:2.38pt"></span></span><span style="left:10.01pt;position:var(--position)">12,812,874<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:357pt;position:var(--position);top:81.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:56.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:22.01pt;position:var(--position)"></span><span style="left:22.01pt;position:var(--position)">100.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:416.25pt;position:var(--position);top:81.75pt;width:47.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:47.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:18.01pt;position:var(--position)"></span><span style="left:18.01pt;position:var(--position)">4.08%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:476.25pt;position:var(--position);top:81.75pt;width:50.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:35.12pt;position:var(--position);text-decoration:none;white-space:pre">9.7</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:526.5pt;position:var(--position);top:81.75pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td></tr><tr style="height:15.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:96.75pt;width:141.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.81pt;width:141.75pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Percentage of total debt</span></div></div></div></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"><div style="left:141.75pt;position:var(--position);top:96.75pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.81pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:36.01pt;position:var(--position)"></span><span style="left:36.01pt;position:var(--position)">84.4%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"><div style="left:210.75pt;position:var(--position);top:96.75pt;width:62.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.81pt;width:62.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:33.01pt;position:var(--position)"></span><span style="left:33.01pt;position:var(--position)">15.6%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:96.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.81pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:40.01pt;position:var(--position)"></span><span style="left:40.01pt;position:var(--position)">100%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:194.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:202.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">debt premiums (discounts), and other bank fees.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:210.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:71.87pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:116.2pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:120.08pt;position:var(--position);text-decoration:none;white-space:pre">we had </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:144.57pt;position:var(--position);text-decoration:none;white-space:pre">no</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:152.35pt;position:var(--position);text-decoration:none;white-space:pre"> outstanding balance on our unsecured senior line of credit and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:349.44pt;position:var(--position);text-decoration:none;white-space:pre">$1.99 billion</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:386.75pt;position:var(--position);text-decoration:none;white-space:pre"> of commercial paper notes outstanding.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:219.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:505.15pt;position:var(--position);text-decoration:none;white-space:pre">. Using the maturity </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:227.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">date of our outstanding commercial paper notes, the consolidated weighted-average maturity of our debt is</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:383.63pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:385.57pt;position:var(--position);text-decoration:none;white-space:pre">9.2</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:395.29pt;position:var(--position);text-decoration:none;white-space:pre"> years.</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:416.28pt;position:var(--position);text-decoration:none;white-space:pre"> T</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:422.37pt;position:var(--position);text-decoration:none;white-space:pre">he commercial paper notes sold during the </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:556.48pt;position:var(--position);text-decoration:none;white-space:pre">six </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:236.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:144.6pt;position:var(--position);text-decoration:none;white-space:pre"> were issued at a </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:199.4pt;position:var(--position);text-decoration:none;white-space:pre">weighted-average yield to maturity of</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:313.67pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:315.61pt;position:var(--position);text-decoration:none;white-space:pre">4.17%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:335.44pt;position:var(--position);text-decoration:none;white-space:pre"> and had a weighted-average maturity term of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:478.48pt;position:var(--position);text-decoration:none;white-space:pre">15 days</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:502.98pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Issuance and repayments of u</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:164.9pt;position:var(--position);text-decoration:none;white-space:pre">nsecured senior note</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:255.82pt;position:var(--position);text-decoration:none;white-space:pre">s payable</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:276.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In February 2026, we completed tender offers to repurchase an aggregate debt principal amount of approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:526.14pt;position:var(--position);text-decoration:none;white-space:pre">$1.33 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:574.1pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:287.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">of a portion of our outstanding </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:157.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">4.00%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:183.46pt;position:var(--position);text-decoration:none;white-space:pre"> Senior Notes due </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:257.93pt;position:var(--position);text-decoration:none;white-space:pre">2050</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:277.93pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:282.93pt;position:var(--position);text-decoration:none;white-space:pre">3.00%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:308.43pt;position:var(--position);text-decoration:none;white-space:pre"> Senior Notes due </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:382.9pt;position:var(--position);text-decoration:none;white-space:pre">2051</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:402.9pt;position:var(--position);text-decoration:none;white-space:pre">, and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:425.4pt;position:var(--position);text-decoration:none;white-space:pre">3.55%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:450.9pt;position:var(--position);text-decoration:none;white-space:pre"> Senior Notes due </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:525.37pt;position:var(--position);text-decoration:none;white-space:pre">2052</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:545.37pt;position:var(--position);text-decoration:none;white-space:pre">. Cash </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:298.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">consideration paid was </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:129.95pt;position:var(--position);text-decoration:none;white-space:pre">$952.2 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:185.4pt;position:var(--position);text-decoration:none;white-space:pre">. The repurchase was primarily funded through the issuance of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:436.62pt;position:var(--position);text-decoration:none;white-space:pre">$750.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:492.07pt;position:var(--position);text-decoration:none;white-space:pre"> of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:504.57pt;position:var(--position);text-decoration:none;white-space:pre">5.25%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:530.0699999999999pt;position:var(--position);text-decoration:none;white-space:pre"> unsecured </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:309.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">senior notes due </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:104.98pt;position:var(--position);text-decoration:none;white-space:pre">2036</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:124.98pt;position:var(--position);text-decoration:none;white-space:pre">, and approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:205.94pt;position:var(--position);text-decoration:none;white-space:pre">$200 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:253.89pt;position:var(--position);text-decoration:none;white-space:pre"> of short-term borrowings under our commercial paper program. In connection </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:320.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">with the debt repurchase, we recognized a gain on early extinguishment of debt aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:404.35pt;position:var(--position);text-decoration:none;white-space:pre">$366.4 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:459.8pt;position:var(--position);text-decoration:none;white-space:pre">, including the write-off of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:330.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">unamortized debt issuance costs and other transaction-related costs.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:352.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:82pt;position:var(--position);text-decoration:none;white-space:pre">January 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:136.49pt;position:var(--position);text-decoration:none;white-space:pre">, we repaid </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:182.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">$300.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:238.41pt;position:var(--position);text-decoration:none;white-space:pre"> of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:250.91pt;position:var(--position);text-decoration:none;white-space:pre">4.30%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:276.40999999999997pt;position:var(--position);text-decoration:none;white-space:pre"> unsecured senior notes payable upon maturity. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:467.68pt;position:var(--position);text-decoration:none;white-space:pre">No</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:479.17pt;position:var(--position);text-decoration:none;white-space:pre"> gain or loss was </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:363.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">incurred in connection with this repayment.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:384.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:81.51pt;position:var(--position);text-decoration:none;white-space:pre">April 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.97999999999999pt;position:var(--position);text-decoration:none;white-space:pre">, we repaid </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:168.45pt;position:var(--position);text-decoration:none;white-space:pre">$350.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:223.9pt;position:var(--position);text-decoration:none;white-space:pre"> of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:236.4pt;position:var(--position);text-decoration:none;white-space:pre">3.80%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:261.9pt;position:var(--position);text-decoration:none;white-space:pre"> unsecured senior notes payable upon maturity</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:448.17pt;position:var(--position);text-decoration:none;white-space:pre">. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:453.17pt;position:var(--position);text-decoration:none;white-space:pre">No</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:464.66pt;position:var(--position);text-decoration:none;white-space:pre"> gain or loss was incurred </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:395.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">in connection with this repayment.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:417.3pt;width:612pt"><span style="color:#1f497d;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">$5.0 billion</span><span style="color:#1f497d;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:82.47pt;position:var(--position);text-decoration:none;white-space:pre"> unsecured senior line of credit</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:438.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:154.5pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:157pt;position:var(--position);text-decoration:none;white-space:pre">our unsecured senior line of credit, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:297.41999999999996pt;position:var(--position);text-decoration:none;white-space:pre">which matures in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:367.37pt;position:var(--position);text-decoration:none;white-space:pre">2030</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:387.37pt;position:var(--position);text-decoration:none;white-space:pre">, including extension options under our control</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:570.78pt;position:var(--position);text-decoration:none;white-space:pre">, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:449.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">had aggregate commitments of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:162.45pt;position:var(--position);text-decoration:none;white-space:pre">$5.0 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:205.41pt;position:var(--position);text-decoration:none;white-space:pre">, and bore an interest rate of SOFR plus </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:367.34pt;position:var(--position);text-decoration:none;white-space:pre">0.835%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:397.84pt;position:var(--position);text-decoration:none;white-space:pre">. In addition to the cost of borrowing, the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:460.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">unsecured senior line of credit is subject to an annual facility fee of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:302.87pt;position:var(--position);text-decoration:none;white-space:pre">0.14%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:328.37pt;position:var(--position);text-decoration:none;white-space:pre"> based on the aggregate commitments outstanding</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:530.81pt;position:var(--position);text-decoration:none;white-space:pre">. Based on </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:471.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">achievement of certain annual sustainability metrics, the interest rate and facility fee rate are also </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:423.79pt;position:var(--position);text-decoration:none;white-space:pre">subject to upward or downward </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:482.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">adjustments of up to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:119.48pt;position:var(--position);text-decoration:none;white-space:pre">four</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:134.97pt;position:var(--position);text-decoration:none;white-space:pre"> basis points with respect to the interest rate and up to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:352.89pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:367.89pt;position:var(--position);text-decoration:none;white-space:pre"> basis point with respect to the facility fee rate</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:549.3pt;position:var(--position);text-decoration:none;white-space:pre">. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:503.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">During the three months ended March 31, 2026, we achieved certain annual sustainability targets, as described in our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:514.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">unsecured senior line of credit agreement, which reduced the borrowing rate </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:341.83pt;position:var(--position);text-decoration:none;white-space:pre">by </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:353.83pt;position:var(--position);text-decoration:none;white-space:pre">four</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:369.32pt;position:var(--position);text-decoration:none;white-space:pre"> basis points for a one-year period to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:517.75pt;position:var(--position);text-decoration:none;white-space:pre">SOFR plus </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:525.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">0.835%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:66.5pt;position:var(--position);text-decoration:none;white-space:pre">, from SOFR plus </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:138.45pt;position:var(--position);text-decoration:none;white-space:pre">0.875%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:168.95pt;position:var(--position);text-decoration:none;white-space:pre">, and reduced the facility fee by </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:295.91pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:310.91pt;position:var(--position);text-decoration:none;white-space:pre"> basis point to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:368.89pt;position:var(--position);text-decoration:none;white-space:pre">0.14%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:394.39pt;position:var(--position);text-decoration:none;white-space:pre"> from </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:417.37pt;position:var(--position);text-decoration:none;white-space:pre">0.15%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:442.87pt;position:var(--position);text-decoration:none;white-space:pre">. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:447.38pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:470.38pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:527.38pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:532.38pt;position:var(--position);text-decoration:none;white-space:pre">we had </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:563.87pt;position:var(--position);text-decoration:none;white-space:pre">no</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:573.87pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:536.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">outstanding balance on our unsecured senior line of credi</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:264.4pt;position:var(--position);text-decoration:none;white-space:pre">t.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:557.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In July 2026, we executed an agreement to amend our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:291.94pt;position:var(--position);text-decoration:none;white-space:pre">$5.0 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:334.9pt;position:var(--position);text-decoration:none;white-space:pre"> unsecured senior line of credit. The amendment is expected </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:568.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">to become effective in September 2026, upon the satisfaction of certain conditions. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:367.07pt;position:var(--position);text-decoration:none;white-space:pre">The amendment extends the maturity date from </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:579.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">January 22, 2030</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:105.49pt;position:var(--position);text-decoration:none;white-space:pre"> to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:117.99pt;position:var(--position);text-decoration:none;white-space:pre">January 22, 2032</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:187.48pt;position:var(--position);text-decoration:none;white-space:pre">, including extension options that we control. In addition, the amendment reduces the applicable </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:590.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">borrowing rate and eliminates the existing sustainability-linked pricing adjustments, resulting in an applicable borrowing rate and facility </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:600.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">fee of SOFR plus </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:107.47pt;position:var(--position);text-decoration:none;white-space:pre">0.725%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:137.97pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:157.97pt;position:var(--position);text-decoration:none;white-space:pre">0.15%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:183.47pt;position:var(--position);text-decoration:none;white-space:pre">, respectively, from the currently applicable borrowing rate and facility fee of SOFR plus </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:532.0899999999999pt;position:var(--position);text-decoration:none;white-space:pre">0.835%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:562.59pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:611.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:53.5pt;position:var(--position);text-decoration:none;white-space:pre">0.14%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:79pt;position:var(--position);text-decoration:none;white-space:pre">, respectively. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:135.81pt;position:var(--position);text-decoration:none;white-space:pre">In</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:143.31pt;position:var(--position);text-decoration:none;white-space:pre"> connection with the amendment, we expect to recognize a loss on early extinguishment of debt of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:622.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:94.46000000000001pt;position:var(--position);text-decoration:none;white-space:pre">$3.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:139.91pt;position:var(--position);text-decoration:none;white-space:pre"> for the partial write-off of unamortized loan fees. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:644.1pt;width:612pt"><span style="color:#1f497d;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">$2.50 billion</span><span style="color:#1f497d;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:87.47pt;position:var(--position);text-decoration:none;white-space:pre"> co</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:100.46pt;position:var(--position);text-decoration:none;white-space:pre">mmercial paper program</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:665.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our commercial paper program allows us to issue up to</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:292.36pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:294.86pt;position:var(--position);text-decoration:none;white-space:pre">$2.50 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:342.82pt;position:var(--position);text-decoration:none;white-space:pre"> of commercial paper notes that bear interest at short-term </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:676.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">fixed rates with a maturity of generally </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:189.4pt;position:var(--position);text-decoration:none;white-space:pre">30</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:199.4pt;position:var(--position);text-decoration:none;white-space:pre"> days or less and a maximum maturity of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:363.31pt;position:var(--position);text-decoration:none;white-space:pre">397</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:378.31pt;position:var(--position);text-decoration:none;white-space:pre"> days from the date of issuance.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:505.78pt;position:var(--position);text-decoration:none;white-space:pre"> This</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:525.1pt;position:var(--position);text-decoration:none;white-space:pre"> program is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:687.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">back-stopped by our unsecured senior line of credit, and at all times we expect to retain a minimum undrawn amount of borrowing </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:698.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">capacity under our unsecured senior line of credit equal to the amount of commercial paper notes outstanding. We use the net </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:708.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">proceeds from the issuances of the notes for general working capital and other general corporate purposes, which may include, but are </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:719.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">not limited to, the repayment of other debt and selective development, redevelopment, or acquisition of properties.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:488.79pt;position:var(--position);text-decoration:none;white-space:pre"> During the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:535.26pt;position:var(--position);text-decoration:none;white-space:pre">six </span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-43" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152.49pt;position:var(--position);text-decoration:none;white-space:pre">, the notes were issued at a </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:264.96000000000004pt;position:var(--position);text-decoration:none;white-space:pre">weighted-average yield to maturity of</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:411.87pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:414.37pt;position:var(--position);text-decoration:none;white-space:pre">4.17%</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:439.87pt;position:var(--position);text-decoration:none;white-space:pre"> and had a weighted-average </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">maturity term of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:100.95pt;position:var(--position);text-decoration:none;white-space:pre">15 days</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:132.45pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:134.95pt;position:var(--position);text-decoration:none;white-space:pre"> As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:159.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:216.96pt;position:var(--position);text-decoration:none;white-space:pre">, we had</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:250.95pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:253.45pt;position:var(--position);text-decoration:none;white-space:pre">$1.99 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:301.41pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:303.91pt;position:var(--position);text-decoration:none;white-space:pre">outstanding under our commercial paper program</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:501.29pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Interest expense</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table summarizes interest expense for the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:296.87pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:467.34pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:487.34pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:507.34pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span></div><div style="position:var(--position);top:124.8pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:209.25pt"></td><td style="padding:0;width:78pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:78pt"></td><td style="padding:0;width:11.25pt"></td><td style="padding:0;width:78pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:78pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:209.25pt;position:var(--position);width:159.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:159.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.39pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:380.25pt;position:var(--position);width:159.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:159.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.88pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:209.25pt;position:var(--position);top:14.25pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:291pt;position:var(--position);top:14.25pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:380.25pt;position:var(--position);top:14.25pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:462pt;position:var(--position);top:14.25pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:209.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:209.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Interest incurred</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:209.25pt;position:var(--position);top:28.5pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.13pt"></span></span><span style="left:41.760000000000005pt;position:var(--position)">138,059<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:291pt;position:var(--position);top:28.5pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.13pt"></span></span><span style="left:41.760000000000005pt;position:var(--position)">137,719<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:380.25pt;position:var(--position);top:28.5pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.13pt"></span></span><span style="left:41.760000000000005pt;position:var(--position)">272,616<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:462pt;position:var(--position);top:28.5pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.13pt"></span></span><span style="left:41.760000000000005pt;position:var(--position)">268,660<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:209.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:209.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Capitalized interest</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:209.25pt;position:var(--position);top:42.75pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.14pt"></span></span><span style="left:43.77pt;position:var(--position)">(73,717)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:291pt;position:var(--position);top:42.75pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.14pt"></span></span><span style="left:43.77pt;position:var(--position)">(82,423)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:380.25pt;position:var(--position);top:42.75pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36.14pt"></span></span><span style="left:38.77pt;position:var(--position)">(143,690)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:462pt;position:var(--position);top:42.75pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36.14pt"></span></span><span style="left:38.77pt;position:var(--position)">(162,488)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:209.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:209.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Interest expense</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:209.25pt;position:var(--position);top:57pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:39.13pt"></span></span><span style="left:46.760000000000005pt;position:var(--position)">64,342<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:291pt;position:var(--position);top:57pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:39.13pt"></span></span><span style="left:46.760000000000005pt;position:var(--position)">55,296<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:380.25pt;position:var(--position);top:57pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.13pt"></span></span><span style="left:41.760000000000005pt;position:var(--position)">128,926<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:462pt;position:var(--position);top:57pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.13pt"></span></span><span style="left:41.760000000000005pt;position:var(--position)">106,172<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">T</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:59.49pt;position:var(--position);text-decoration:none;white-space:pre">h</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:64.49pt;position:var(--position);text-decoration:none;white-space:pre">e following table summarizes our outstanding indebtedness and respective principal payments remaining as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:505.26pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:562.26pt;position:var(--position);text-decoration:none;white-space:pre"> (dollars in thousands):</span><div style="position:var(--position);top:64.8pt;width:792pt"><div style="font-size:0pt;left:18pt;position:var(--position);width:756pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:161.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:57.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:36pt"></td><td style="padding:0;width:11.25pt"></td><td style="padding:0;width:36.75pt"></td><td style="padding:0;width:12pt"></td><td style="padding:0;width:40.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:41.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:40.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:40.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:46.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:50.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:52.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:45.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:52.5pt"></td></tr><tr style="height:33.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:31pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:16.22pt;position:var(--position);text-decoration:none;white-space:pre">Stated </span></div><div style="line-height:8pt;position:var(--position);top:39pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:20.44pt;position:var(--position);text-decoration:none;white-space:pre">Rate</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);width:36pt"><div><div style="line-height:8pt;position:var(--position);top:31pt;width:36pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:4.68pt;position:var(--position);white-space:pre">Interest </span></div><div style="line-height:8pt;position:var(--position);top:39pt;width:36pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:6.39pt;position:var(--position);white-space:pre">Rate</span><span style="font-family:'Arial', sans-serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:23.26pt;position:var(--position);top:-2.037pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:30.2pt;width:36.75pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:4.17pt;position:var(--position);white-space:pre">Maturity </span></div><div style="line-height:8pt;position:var(--position);top:39pt;width:36.75pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:6.76pt;position:var(--position);white-space:pre">Date</span><span style="font-family:'Arial', sans-serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:23.630000000000003pt;position:var(--position);top:-2.037pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="11" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);width:274.5pt"><div><div style="line-height:8pt;position:var(--position);top:24.75pt;width:274.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:16.05pt;position:var(--position);text-decoration:none;white-space:pre">Principal Payments Remaining for the Periods Ending December 31,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);width:45.75pt"><div><div style="line-height:7pt;position:var(--position);top:4.94pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:3.05pt;position:var(--position);text-decoration:none;white-space:pre">Unamortized </span></div><div style="line-height:7pt;position:var(--position);top:11.94pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:8.1pt;position:var(--position);text-decoration:none;white-space:pre">(Deferred </span></div><div style="line-height:7pt;position:var(--position);top:18.94pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:7.71pt;position:var(--position);text-decoration:none;white-space:pre">Financing </span></div><div style="line-height:7pt;position:var(--position);top:25.94pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:13.55pt;position:var(--position);text-decoration:none;white-space:pre">Cost), </span></div><div style="line-height:7pt;position:var(--position);top:32.94pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:5.97pt;position:var(--position);text-decoration:none;white-space:pre">(Discount)/ </span></div><div style="line-height:7pt;position:var(--position);top:39.94pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:8.88pt;position:var(--position);text-decoration:none;white-space:pre">Premium</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:33.75pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:72.19pt;position:var(--position);text-decoration:none;white-space:pre">Debt</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:33.75pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.37pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:33.75pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.74pt;position:var(--position);text-decoration:none;white-space:pre">2027</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:33.75pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.37pt;position:var(--position);text-decoration:none;white-space:pre">2028</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:33.75pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.37pt;position:var(--position);text-decoration:none;white-space:pre">2029</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:33.75pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:14.37pt;position:var(--position);text-decoration:none;white-space:pre">2030</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:33.75pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:6.7pt;position:var(--position);text-decoration:none;white-space:pre">Thereafter</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:33.75pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:10.94pt;position:var(--position);text-decoration:none;white-space:pre">Principal</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:33.75pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:5.25pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:17.81pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td></tr><tr style="height:21pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:48pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:4pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior line of credit and </span></div><div style="line-height:8pt;position:var(--position);top:12pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);white-space:pre">commercial paper program</span><span style="font-family:'Arial', sans-serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:107.07pt;position:var(--position);top:-2.037pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:48pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:57.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:38.63pt;position:var(--position);top:-2.037pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:48pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.27%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:261.75pt;position:var(--position);top:48pt;width:11.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.75pt;width:11.25pt"><span style="font-family:'Arial', sans-serif;font-size:4.875pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.911pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:48pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">1/22/30</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:309.75pt;position:var(--position);top:48pt;width:12pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.75pt;width:12pt"><span style="font-family:'Arial', sans-serif;font-size:4.875pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.911pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:48pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:22.02pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:48pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:22.77pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:48pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:22.02pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:48pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:22.02pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:48pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:0.5pt"></span></span><span style="left:7.57pt;position:var(--position)">1,996,859<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:48pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:31.77pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:48pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:6.5pt"></span></span><span style="left:13.57pt;position:var(--position)">1,996,859<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:48pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:12.63pt"></span></span><span style="left:19.7pt;position:var(--position)">(2,351)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:48pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3.75pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:6.5pt"></span></span><span style="left:13.57pt;position:var(--position)">1,994,508<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:69pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:69pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">3.95%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:69pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.13<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:69pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">1/15/27</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:69pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:69pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:6.35pt"></span></span><span style="left:8.98pt;position:var(--position)">350,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:69pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:69pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:69pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:69pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:36.21pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:69pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">350,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:69pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:23.73pt"></span></span><span style="left:26.36pt;position:var(--position)">(296)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:69pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">349,704<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:81pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:81pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">3.95%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:81pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.07<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:81pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">1/15/28</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:81pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:81pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:81pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:5.6pt"></span></span><span style="left:8.23pt;position:var(--position)">425,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:81pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:81pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:81pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:36.21pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:81pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">425,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:81pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:23.73pt"></span></span><span style="left:26.36pt;position:var(--position)">(675)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:81pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">424,325<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:93pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:93pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">4.50%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:93pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.60<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:93pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">7/30/29</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:93pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:93pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:93pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:93pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:5.6pt"></span></span><span style="left:8.23pt;position:var(--position)">300,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:93pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:93pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:36.21pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:93pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">300,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:93pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:23.73pt"></span></span><span style="left:26.36pt;position:var(--position)">(693)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:93pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">299,307<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:105pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:105pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">2.75%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:105pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">2.87<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:105pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:3.04pt;position:var(--position);text-decoration:none;white-space:pre">12/15/29</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:105pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:105pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:105pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:105pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:5.6pt"></span></span><span style="left:8.23pt;position:var(--position)">400,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:105pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:105pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:36.21pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:105pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">400,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:105pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(1,449)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:105pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">398,551<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:117pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:117pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">4.70%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:117pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.81<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:117pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.92pt;position:var(--position);text-decoration:none;white-space:pre">7/1/30</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:117pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:117pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:117pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:117pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:117pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:11.6pt"></span></span><span style="left:14.23pt;position:var(--position)">450,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:117pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:36.21pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:117pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">450,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:117pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(1,501)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:117pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">448,499<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:129pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:129pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">4.90%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:129pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">5.05<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:129pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:3.04pt;position:var(--position);text-decoration:none;white-space:pre">12/15/30</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:129pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:129pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:129pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:129pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:129pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:11.6pt"></span></span><span style="left:14.23pt;position:var(--position)">700,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:129pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:36.21pt"></span></span><span style="left:38.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:129pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">700,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:129pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(3,555)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:129pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">696,445<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:141pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:141pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:27.25pt;position:var(--position)"></span><span style="left:27.25pt;position:var(--position)">3.375%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:141pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">3.48<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:141pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">8/15/31</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:141pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:141pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:141pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:141pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:141pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:141pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">750,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:141pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">750,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:141pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(3,381)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:141pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">746,619<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:153pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:153pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">2.00%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:153pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">2.12<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:153pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">5/18/32</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:153pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:153pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:153pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:153pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:153pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:153pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">900,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:153pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">900,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:153pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(5,579)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:153pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">894,421<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:165pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:165pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:27.25pt;position:var(--position)"></span><span style="left:27.25pt;position:var(--position)">1.875%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:165pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">1.97<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:165pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.92pt;position:var(--position);text-decoration:none;white-space:pre">2/1/33</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:165pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:165pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:165pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:165pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:165pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:165pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:8.69pt"></span></span><span style="left:11.32pt;position:var(--position)">1,000,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:165pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:10.94pt"></span></span><span style="left:13.57pt;position:var(--position)">1,000,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:165pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(5,805)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:165pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">994,195<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:177pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:177pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">2.95%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:177pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">3.07<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:177pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">3/15/34</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:177pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:177pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:177pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:177pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:177pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:177pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">800,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:177pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">800,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:177pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(6,096)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:177pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">793,904<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:189pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:189pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">4.75%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:189pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.88<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:189pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">4/15/35</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:189pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:189pt;width:41.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:27.71pt"></span></span><span style="left:30.34pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:189pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:189pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:189pt;width:46.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:32.96pt"></span></span><span style="left:35.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:189pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">500,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:189pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">500,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:189pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(4,270)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:189pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">495,730<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:201pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:201pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">5.50%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:201pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">5.66<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:201pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">10/1/35</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:201pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:201pt;width:41.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:27.71pt"></span></span><span style="left:30.34pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:201pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:201pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:201pt;width:46.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:32.96pt"></span></span><span style="left:35.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:201pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">550,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:201pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">550,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:201pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(6,007)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:201pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">543,993<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:213pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:213pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">5.25%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:213pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">5.41<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:213pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">3/15/36</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:213pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:213pt;width:41.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:27.71pt"></span></span><span style="left:30.34pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:213pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:213pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:213pt;width:46.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:32.96pt"></span></span><span style="left:35.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:213pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">750,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:213pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">750,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:213pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:12.63pt"></span></span><span style="left:15.260000000000002pt;position:var(--position)">(10,866)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:213pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">739,134<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:225pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:225pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">5.25%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:225pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">5.38<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:225pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">5/15/36</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:225pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:225pt;width:41.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:27.71pt"></span></span><span style="left:30.34pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:225pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:225pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:225pt;width:46.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:32.96pt"></span></span><span style="left:35.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:225pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">400,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:225pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">400,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:225pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(3,595)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:225pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">396,405<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:237pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:237pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">4.85%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:237pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.93<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:237pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">4/15/49</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:237pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:237pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:237pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:237pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:237pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:237pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">300,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:237pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">300,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:237pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(2,698)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:237pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">297,302<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:249pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:249pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">4.00%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:249pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">3.95<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:249pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.92pt;position:var(--position);text-decoration:none;white-space:pre">2/1/50</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:249pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:249pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:249pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:249pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:249pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:249pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">390,801<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:249pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">390,801<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:249pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:19.73pt"></span></span><span style="left:22.36pt;position:var(--position)">5,441<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:249pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">396,242<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:261pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:261pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">3.00%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:261pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">3.16<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:261pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">5/18/51</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:261pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:261pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:261pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:261pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:261pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:261pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">352,398<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:261pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">352,398<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:261pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(4,413)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:261pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">347,985<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:273pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:273pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">3.55%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:273pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">3.70<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:273pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">3/15/52</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:273pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:273pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:27.21pt"></span></span><span style="left:29.84pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:273pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:273pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:26.46pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:273pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:32.46pt"></span></span><span style="left:35.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:273pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">475,406<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:273pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">475,406<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:273pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(6,180)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:273pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">469,226<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:285pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:285pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.69pt;position:var(--position)"></span><span style="left:31.69pt;position:var(--position)">5.15%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:285pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">5.26<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:285pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">4/15/53</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:285pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:285pt;width:41.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:27.71pt"></span></span><span style="left:30.34pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:285pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:285pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:285pt;width:46.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:32.96pt"></span></span><span style="left:35.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:285pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">500,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:285pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">500,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:285pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(7,260)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:285pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">492,740<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:12pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:297pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:161.25pt"><span style="font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:165pt;position:var(--position);top:297pt;width:57.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:57.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:27.25pt;position:var(--position)"></span><span style="left:27.25pt;position:var(--position)">5.625%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:297pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">5.71<span style="display:inline-block;height:5.82pt;width:9.77pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:273pt;position:var(--position);top:297pt;width:36.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:36.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:7.48pt;position:var(--position);text-decoration:none;white-space:pre">5/15/54</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:297pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:297pt;width:41.25pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:27.71pt"></span></span><span style="left:30.34pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:297pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:297pt;width:40.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:26.96pt"></span></span><span style="left:29.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:297pt;width:46.5pt"><div><div style="line-height:7.5pt;position:var(--position);top:3.47pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.46pt;width:32.96pt"></span></span><span style="left:35.59pt;position:var(--position)">—<span style="display:inline-block;height:5.46pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:297pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:15.35pt"></span></span><span style="left:17.98pt;position:var(--position)">600,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:297pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">600,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:297pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.07pt"></span></span><span style="left:19.7pt;position:var(--position)">(6,361)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:297pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:3pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:5.82pt;width:17.6pt"></span></span><span style="left:20.23pt;position:var(--position)">593,639<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:20.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:309pt;width:161.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.25pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured debt weighted-average interest </span></div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:161.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">rate/Total</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:225.75pt;position:var(--position);top:309pt;width:36pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:36pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:9.94pt;position:var(--position)"></span><span style="left:9.94pt;position:var(--position)">4.08%<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:321.75pt;position:var(--position);top:309pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:22.02pt"></span></span><span style="left:29.09pt;position:var(--position)">—<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:365.25pt;position:var(--position);top:309pt;width:41.25pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:41.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:1.91pt"></span></span><span style="left:8.98pt;position:var(--position)">350,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:409.5pt;position:var(--position);top:309pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:1.16pt"></span></span><span style="left:8.23pt;position:var(--position)">425,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:453pt;position:var(--position);top:309pt;width:40.5pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:40.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:1.16pt"></span></span><span style="left:8.23pt;position:var(--position)">700,000<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:496.5pt;position:var(--position);top:309pt;width:46.5pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:46.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:0.5pt"></span></span><span style="left:7.57pt;position:var(--position)">3,146,859<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:546pt;position:var(--position);top:309pt;width:50.25pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:4.25pt"></span></span><span style="left:11.32pt;position:var(--position)">8,268,605<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:599.25pt;position:var(--position);top:309pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:2.06pt"></span></span><span style="left:9.129999999999999pt;position:var(--position)">12,890,464<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:654.75pt;position:var(--position);top:309pt;width:45.75pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:45.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:8.19pt"></span></span><span style="left:15.260000000000002pt;position:var(--position)">(77,590)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:703.5pt;position:var(--position);top:309pt;width:52.5pt"><div><div style="line-height:8pt;position:var(--position);top:11.25pt;width:52.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:8pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:5.82pt;width:2.06pt"></span></span><span style="left:9.129999999999999pt;position:var(--position)">12,812,874<span style="display:inline-block;height:5.82pt;width:2.66pt"></span></span></span></div></div></div></td></tr><tr style="height:3.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:403.8pt;width:792pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:18pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:412.2pt;width:792pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:18pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Reflects any extension options that we control.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:423.082pt;width:792pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:18pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">(3)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">Refer to footnote 3 on the following page.</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:163.87pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre"> In July 2026, we executed an agreement to amend our </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:336.86pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">$5.0 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:370.28pt;position:var(--position);text-decoration:none;top:-2.482pt;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:372.78pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">unsecured senior line of credit. </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:469.83pt;position:var(--position);text-decoration:none;top:-1.93pt;white-space:pre">The amendment is expected to become effective in September 2026, upon the satisfaction of </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:431.4pt;width:792pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">certain conditions. The amendment extends the maturity date from </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:243.44pt;position:var(--position);text-decoration:none;white-space:pre">January 22, 2030</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:297.49pt;position:var(--position);text-decoration:none;white-space:pre"> to </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:307.2pt;position:var(--position);text-decoration:none;white-space:pre">January 22, 2032</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:361.25pt;position:var(--position);text-decoration:none;white-space:pre">, including extension options that we control. In addition, the amendment reduces the applicable borrowing rate and eliminates the </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:439.8pt;width:792pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">existing sustainability-linked pricing adjustments, resulting in an applicable borrowing rate and facility fee of SOFR plus </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:404.42pt;position:var(--position);text-decoration:none;white-space:pre">0.725%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:428.14pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:430.08pt;position:var(--position);text-decoration:none;white-space:pre">and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:443.69pt;position:var(--position);text-decoration:none;white-space:pre">0.15%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:463.52pt;position:var(--position);text-decoration:none;white-space:pre">, respectively, </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:507.7pt;position:var(--position);text-decoration:none;white-space:pre">from the currently applicable borrowing rate and facility fee of SOFR plus </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:734.65pt;position:var(--position);text-decoration:none;white-space:pre">0.835%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:758.37pt;position:var(--position);text-decoration:none;white-space:pre"> and </span></div><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">0.14%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:55.83pt;position:var(--position);text-decoration:none;white-space:pre">, respectively.</span> 0.0427 2030-01-22 0 0 0 0 1996859000 0 1996859000 -2351000 1994508000 0.0395 0.0413 2027-01-15 0 350000000 0 0 0 0 350000000 -296000 349704000 0.0395 0.0407 2028-01-15 0 0 425000000 0 0 0 425000000 -675000 424325000 0.0450 0.0460 2029-07-30 0 0 0 300000000 0 0 300000000 -693000 299307000 0.0275 0.0287 2029-12-15 0 0 0 400000000 0 0 400000000 -1449000 398551000 0.0470 0.0481 2030-07-01 0 0 0 0 450000000 0 450000000 -1501000 448499000 0.0490 0.0505 2030-12-15 0 0 0 0 700000000 0 700000000 -3555000 696445000 0.03375 0.0348 2031-08-15 0 0 0 0 0 750000000 750000000 -3381000 746619000 0.0200 0.0212 2032-05-18 0 0 0 0 0 900000000 900000000 -5579000 894421000 0.01875 0.0197 2033-02-01 0 0 0 0 0 1000000000 1000000000 -5805000 994195000 0.0295 0.0307 2034-03-15 0 0 0 0 0 800000000 800000000 -6096000 793904000 0.0475 0.0488 2035-04-15 0 0 0 0 0 500000000 500000000 -4270000 495730000 0.0550 0.0566 2035-10-01 0 0 0 0 0 550000000 550000000 -6007000 543993000 0.0525 0.0541 2036-03-15 0 0 0 0 0 750000000 750000000 -10866000 739134000 0.0525 0.0538 2036-05-15 0 0 0 0 0 400000000 400000000 -3595000 396405000 0.0485 0.0493 2049-04-15 0 0 0 0 0 300000000 300000000 -2698000 297302000 0.0400 0.0395 2050-02-01 0 0 0 0 0 390801000 390801000 5441000 396242000 0.0300 0.0316 2051-05-18 0 0 0 0 0 352398000 352398000 -4413000 347985000 0.0355 0.0370 2052-03-15 0 0 0 0 0 475406000 475406000 -6180000 469226000 0.0515 0.0526 2053-04-15 0 0 0 0 0 500000000 500000000 -7260000 492740000 0.05625 0.0571 2054-05-15 0 0 0 0 0 600000000 600000000 -6361000 593639000 0.0408 0 350000000 425000000 700000000 3146859000 8268605000 12890464000 -77590000 12812874000 5000000000.0 0.00725 0.0015 0.00835 0.0014 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table summarizes our unsecured senior debt and amounts outstanding under our unsecured senior line of credit </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and commercial paper program as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:185.41pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:242.41pt;position:var(--position);text-decoration:none;white-space:pre"> (dollars in thousands):</span></div><div style="position:var(--position);top:75.6pt;width:612pt"><div style="font-size:0pt;left:36.37pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:141.75pt"></td><td style="padding:0;width:65.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:62.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:13.5pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:47.25pt"></td><td style="padding:0;width:12.75pt"></td><td style="padding:0;width:50.25pt"></td><td style="padding:0;width:12.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:141.75pt;position:var(--position);width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:25.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.64pt;position:var(--position);text-decoration:none;white-space:pre">Fixed-Rate </span></div><div style="line-height:9pt;position:var(--position);top:34.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.13pt;position:var(--position);text-decoration:none;white-space:pre">Debt</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:210.75pt;position:var(--position);width:62.25pt"><div><div style="line-height:9pt;position:var(--position);top:25.31pt;width:62.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:3.98pt;position:var(--position);text-decoration:none;white-space:pre">Variable-Rate </span></div><div style="line-height:9pt;position:var(--position);top:34.31pt;width:62.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.63pt;position:var(--position);text-decoration:none;white-space:pre">Debt</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:416.25pt;position:var(--position);width:110.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:110.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:18.05pt;position:var(--position);text-decoration:none;white-space:pre">Weighted-Average</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:18pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:416.25pt;position:var(--position);top:14.25pt;width:47.25pt"><div><div style="line-height:9pt;position:var(--position);top:8.06pt;width:47.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">Interest</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:476.25pt;position:var(--position);top:14.25pt;width:50.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.06pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:3.64pt;position:var(--position);text-decoration:none;white-space:pre">Remaining </span></div><div style="line-height:9pt;position:var(--position);top:11.06pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:15.13pt;position:var(--position);text-decoration:none;white-space:pre">Term</span></div><div style="line-height:9pt;position:var(--position);top:20.06pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:6.39pt;position:var(--position);text-decoration:none;white-space:pre">(in years)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:32.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.06pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.88pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:357pt;position:var(--position);top:32.25pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.06pt;width:56.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:5.13pt;position:var(--position);text-decoration:none;white-space:pre">Percentage </span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:416.25pt;position:var(--position);top:32.25pt;width:47.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.06pt;width:47.25pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.56pt;position:var(--position);white-space:pre">Rate</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:29.549999999999997pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:44.25pt;width:141.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:141.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unsecured senior notes payable</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:141.75pt;position:var(--position);top:44.25pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:0.88pt"></span></span><span style="left:8.51pt;position:var(--position)">10,818,366<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:210.75pt;position:var(--position);top:44.25pt;width:62.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:62.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:33.88pt"></span></span><span style="left:41.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:44.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:2.38pt"></span></span><span style="left:10.01pt;position:var(--position)">10,818,366<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:357pt;position:var(--position);top:44.25pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:56.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:27.01pt;position:var(--position)"></span><span style="left:27.01pt;position:var(--position)">84.4%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:416.25pt;position:var(--position);top:44.25pt;width:47.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:47.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:18.01pt;position:var(--position)"></span><span style="left:18.01pt;position:var(--position)">4.04%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:476.25pt;position:var(--position);top:44.25pt;width:50.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:30.12pt;position:var(--position);text-decoration:none;white-space:pre">10.9</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:58.5pt;width:141.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:141.75pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Unsecured senior line of credit </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:141.75pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);white-space:pre">and commercial paper program</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:141.75pt;position:var(--position);top:58.5pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.88pt"></span></span><span style="left:44.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:210.75pt;position:var(--position);top:58.5pt;width:62.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:62.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:7.88pt"></span></span><span style="left:10.51pt;position:var(--position)">1,994,508<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:58.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:12.38pt"></span></span><span style="left:15.010000000000002pt;position:var(--position)">1,994,508<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:343.5pt;position:var(--position);top:58.5pt;width:13.5pt"><div><div style="line-height:9pt;position:var(--position);top:8.53pt;width:13.5pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:357pt;position:var(--position);top:58.5pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:56.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:27.01pt;position:var(--position)"></span><span style="left:27.01pt;position:var(--position)">15.6<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:416.25pt;position:var(--position);top:58.5pt;width:47.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:47.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:17pt;position:var(--position)"></span><span style="left:17pt;position:var(--position)">4.27</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:463.5pt;position:var(--position);top:58.5pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:8.53pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:476.25pt;position:var(--position);top:58.5pt;width:50.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:35.12pt;position:var(--position);text-decoration:none;white-space:pre">3.6</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:526.5pt;position:var(--position);top:58.5pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:8.53pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:81.75pt;width:141.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:141.75pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Total/weighted average</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:141.75pt;position:var(--position);top:81.75pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:0.88pt"></span></span><span style="left:8.51pt;position:var(--position)">10,818,366<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:210.75pt;position:var(--position);top:81.75pt;width:62.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:62.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:2.88pt"></span></span><span style="left:10.51pt;position:var(--position)">1,994,508<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:81.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:2.38pt"></span></span><span style="left:10.01pt;position:var(--position)">12,812,874<span style="display:inline-block;height:6.55pt;width:10.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:357pt;position:var(--position);top:81.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:56.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:22.01pt;position:var(--position)"></span><span style="left:22.01pt;position:var(--position)">100.0%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:416.25pt;position:var(--position);top:81.75pt;width:47.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:47.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:18.01pt;position:var(--position)"></span><span style="left:18.01pt;position:var(--position)">4.08%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:476.25pt;position:var(--position);top:81.75pt;width:50.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.06pt;width:50.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:35.12pt;position:var(--position);text-decoration:none;white-space:pre">9.7</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:526.5pt;position:var(--position);top:81.75pt;width:12.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.75pt;width:12.75pt"><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td></tr><tr style="height:15.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:96.75pt;width:141.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.81pt;width:141.75pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Percentage of total debt</span></div></div></div></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"><div style="left:141.75pt;position:var(--position);top:96.75pt;width:65.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.81pt;width:65.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:36.01pt;position:var(--position)"></span><span style="left:36.01pt;position:var(--position)">84.4%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"><div style="left:210.75pt;position:var(--position);top:96.75pt;width:62.25pt"><div><div style="line-height:9pt;position:var(--position);top:5.81pt;width:62.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:33.01pt;position:var(--position)"></span><span style="left:33.01pt;position:var(--position)">15.6%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"><div style="left:276.75pt;position:var(--position);top:96.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:5.81pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:40.01pt;position:var(--position)"></span><span style="left:40.01pt;position:var(--position)">100%<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:194.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:202.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">debt premiums (discounts), and other bank fees.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:210.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:71.87pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:116.2pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:120.08pt;position:var(--position);text-decoration:none;white-space:pre">we had </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:144.57pt;position:var(--position);text-decoration:none;white-space:pre">no</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:152.35pt;position:var(--position);text-decoration:none;white-space:pre"> outstanding balance on our unsecured senior line of credit and </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:349.44pt;position:var(--position);text-decoration:none;white-space:pre">$1.99 billion</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:386.75pt;position:var(--position);text-decoration:none;white-space:pre"> of commercial paper notes outstanding.</span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:219.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:505.15pt;position:var(--position);text-decoration:none;white-space:pre">. Using the maturity </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:227.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">date of our outstanding commercial paper notes, the consolidated weighted-average maturity of our debt is</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:383.63pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:385.57pt;position:var(--position);text-decoration:none;white-space:pre">9.2</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:395.29pt;position:var(--position);text-decoration:none;white-space:pre"> years.</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:416.28pt;position:var(--position);text-decoration:none;white-space:pre"> T</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:422.37pt;position:var(--position);text-decoration:none;white-space:pre">he commercial paper notes sold during the </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:556.48pt;position:var(--position);text-decoration:none;white-space:pre">six </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:236.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:144.6pt;position:var(--position);text-decoration:none;white-space:pre"> were issued at a </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:199.4pt;position:var(--position);text-decoration:none;white-space:pre">weighted-average yield to maturity of</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:313.67pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:315.61pt;position:var(--position);text-decoration:none;white-space:pre">4.17%</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:335.44pt;position:var(--position);text-decoration:none;white-space:pre"> and had a weighted-average maturity term of </span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:478.48pt;position:var(--position);text-decoration:none;white-space:pre">15 days</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:502.98pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> 10818366000 0 10818366000 0.844 0.0404 P10Y10M24D 0 1994508000 1994508000 0.156 0.0427 P3Y7M6D 10818366000 1994508000 12812874000 1.000 0.0408 P9Y8M12D 0.844 0.156 1 0 1990000000 P9Y2M12D 0.0417 P15D 1330000000 0.0400 0.0300 0.0355 952200000 750000000.0 0.0525 200000000 366400000 300000000.0 0.0430 0 350000000.0 0.0380 0 5000000000.0 5000000000.0 0.00835 0.0014 0.0004 0.0001 -0.0004 0.00835 0.00875 -0.0001 0.0014 0.0015 0 5000000000.0 0.00725 0.0015 0.00835 0.0014 3300000 2500000000 2500000000 P30D P397D 0.0417 P15D 1990000000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table summarizes interest expense for the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:296.87pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:467.34pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:487.34pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:507.34pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span><div style="position:var(--position);top:124.8pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:209.25pt"></td><td style="padding:0;width:78pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:78pt"></td><td style="padding:0;width:11.25pt"></td><td style="padding:0;width:78pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:78pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:209.25pt;position:var(--position);width:159.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:159.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:19.39pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:380.25pt;position:var(--position);width:159.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:159.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.88pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:209.25pt;position:var(--position);top:14.25pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:291pt;position:var(--position);top:14.25pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:380.25pt;position:var(--position);top:14.25pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:462pt;position:var(--position);top:14.25pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:29pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:209.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:209.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Interest incurred</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:209.25pt;position:var(--position);top:28.5pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.13pt"></span></span><span style="left:41.760000000000005pt;position:var(--position)">138,059<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:291pt;position:var(--position);top:28.5pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.13pt"></span></span><span style="left:41.760000000000005pt;position:var(--position)">137,719<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:380.25pt;position:var(--position);top:28.5pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.13pt"></span></span><span style="left:41.760000000000005pt;position:var(--position)">272,616<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:462pt;position:var(--position);top:28.5pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.13pt"></span></span><span style="left:41.760000000000005pt;position:var(--position)">268,660<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:209.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:209.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Capitalized interest</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:209.25pt;position:var(--position);top:42.75pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.14pt"></span></span><span style="left:43.77pt;position:var(--position)">(73,717)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:291pt;position:var(--position);top:42.75pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:41.14pt"></span></span><span style="left:43.77pt;position:var(--position)">(82,423)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:380.25pt;position:var(--position);top:42.75pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36.14pt"></span></span><span style="left:38.77pt;position:var(--position)">(143,690)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:462pt;position:var(--position);top:42.75pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:36.14pt"></span></span><span style="left:38.77pt;position:var(--position)">(162,488)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:209.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:209.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Interest expense</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:209.25pt;position:var(--position);top:57pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:39.13pt"></span></span><span style="left:46.760000000000005pt;position:var(--position)">64,342<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:291pt;position:var(--position);top:57pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:39.13pt"></span></span><span style="left:46.760000000000005pt;position:var(--position)">55,296<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:380.25pt;position:var(--position);top:57pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.13pt"></span></span><span style="left:41.760000000000005pt;position:var(--position)">128,926<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:462pt;position:var(--position);top:57pt;width:78pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:78pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.13pt"></span></span><span style="left:41.760000000000005pt;position:var(--position)">106,172<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 138059000 137719000 272616000 268660000 73717000 82423000 143690000 162488000 64342000 55296000 128926000 106172000 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:54pt;position:var(--position);text-decoration:none;white-space:pre">HEDGE AGREEMENTS</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:235.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We have fixed-to-fixed cross-currency swap agreements designated as net investment hedges to mitigate the impact of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:246.25pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">fluctuations in the USD</span><span style="font-family:'null', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:127.45pt;position:var(--position);text-decoration:none;white-space:pre">–</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:132.45pt;position:var(--position);text-decoration:none;white-space:pre">CAD exchange rate on our real estate investments in Canada. Under the terms of the swap agreements, USD </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:257.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">fixed interest amounts are payable to us and CAD fixed interest amounts are payable to the counterparty. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:278.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:86.01pt;position:var(--position);text-decoration:none;white-space:pre">April 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:141.48000000000002pt;position:var(--position);text-decoration:none;white-space:pre">, our cross-currency swap agreements with an aggregate notional amount of CAD </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:468.82pt;position:var(--position);text-decoration:none;white-space:pre">$340.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:524.27pt;position:var(--position);text-decoration:none;white-space:pre"> matured. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:289.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">The maturity of the swap agreements did not result in the reclassification of amounts previously recognized in accumulated other </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:300.25pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">comprehensive income to earnings because the related net investment had not been sold or substantially liquidated as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:519.81pt;position:var(--position);text-decoration:none;white-space:pre">June 30, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:311.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:332.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">During the three months ended June 30, 2026, we entered into new fixed-to-fixed cross-currency swap agreements</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:529.8pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:343.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">designated as net investment hedges, which were deemed effective on the commencement date and r</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:442.71pt;position:var(--position);text-decoration:none;white-space:pre">emained </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:479.69pt;position:var(--position);text-decoration:none;white-space:pre">highly effective</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:539pt;position:var(--position);text-decoration:none;white-space:pre"> as of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:354.25pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:93pt;position:var(--position);text-decoration:none;white-space:pre">. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:97.50999999999999pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:120.51pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:177.51pt;position:var(--position);text-decoration:none;white-space:pre">, t</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:185.01pt;position:var(--position);text-decoration:none;white-space:pre">he aggregate notional amount of our outstanding cross-currency swap agreements was CAD </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:365.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">$270.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:91.45pt;position:var(--position);text-decoration:none;white-space:pre">, and the corresponding total USD notional amount was approximately </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:372.81pt;position:var(--position);text-decoration:none;white-space:pre">$197.3 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:428.26pt;position:var(--position);text-decoration:none;white-space:pre">. The new swap agreements mature </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:375.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">on </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:48.5pt;position:var(--position);text-decoration:none;white-space:pre">January 29, 2027</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:117.99pt;position:var(--position);text-decoration:none;white-space:pre">. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:397.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre">, all of our assets in Canada were designated as held for sale. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:400.39pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized gains or losses related to our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:408.25pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">cross-currency swap agreements will be reclassified from accumulated other comprehensive income into net income upon the sale or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:419.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">substantial liquidation of our real estate investments in Canada. Refer to “Hedge accounting” in Note 2 – “Summary of significant </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:429.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accounting policies” to our unaudited consolidated financial statements for additional information.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:449.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The tables below summarize the fair value of our cross-currency swap agreements designated as net investment hedges and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:460.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the effect on our consolidated financial statements. Comparative information for the impact on the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:425.66pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:471.25pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre"> is not presented as there were no outstanding cross-currency swap agreements during those periods. Amounts are presented in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:482.05pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">USD (in thousands). </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:501.85pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Fair value of cross-currency swap agreements designated as net investment hedges</span></div><div style="position:var(--position);top:512.65pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:285pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:125.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:122.25pt"></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:285pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:285pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95.01pt;position:var(--position);text-decoration:none;white-space:pre">Balance Sheet Location</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:288.75pt;position:var(--position);width:125.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:125.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:34.12pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:417pt;position:var(--position);width:122.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:122.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.64pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:285pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:285pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre"><span style="-sec-ix-hidden:f-1393">Other assets</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:288.75pt;position:var(--position);top:14.25pt;width:125.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:125.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:91.38pt"></span></span><span style="left:99.00999999999999pt;position:var(--position)">6,455<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:417pt;position:var(--position);top:14.25pt;width:122.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:122.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:101.88pt"></span></span><span style="left:109.50999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:285pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:285pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre"><span style="-sec-ix-hidden:f-1396">Accounts payable, accrued expenses, and other liabilities</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:288.75pt;position:var(--position);top:28.5pt;width:125.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:125.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:104.88pt"></span></span><span style="left:112.50999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:417pt;position:var(--position);top:28.5pt;width:122.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:122.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:95.88pt"></span></span><span style="left:103.50999999999999pt;position:var(--position)">928<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:571.2pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Effect on consolidated other comprehensive income</span></div><div style="position:var(--position);top:582pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:165pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:180pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:92.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:92.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="font-size:0;text-align:left;vertical-align:top"><div style="left:168pt;position:var(--position);width:180pt"><div><div style="line-height:9pt;position:var(--position);top:9.56pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.03pt;position:var(--position);text-decoration:none;white-space:pre">Location in Consolidated Statement of </span></div><div style="line-height:9pt;position:var(--position);top:18.56pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:42.52pt;position:var(--position);text-decoration:none;white-space:pre">Comprehensive Income</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351pt;position:var(--position);width:188.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:188.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:65.62pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351pt;position:var(--position);top:14.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.14pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447pt;position:var(--position);top:14.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.63pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended</span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:165pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:165pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total unrealized gains recognized in </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:165pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">other comprehensive income</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:168pt;position:var(--position);top:28.5pt;width:180pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.73pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized gains on foreign currency </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:61.45pt;position:var(--position);text-decoration:none;white-space:pre">translation, net</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351pt;position:var(--position);top:28.5pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:49.37pt"></span></span><span style="left:57pt;position:var(--position)">4,730</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447pt;position:var(--position);top:28.5pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:58.38pt"></span></span><span style="left:66.01pt;position:var(--position)">8,066<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:647.15pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Effect on consolidated statements of operations</span></div><div style="position:var(--position);top:657.95pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:165.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:180pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:92.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:92.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:168.75pt;position:var(--position);width:180pt"><div><div style="line-height:9pt;position:var(--position);top:9.56pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:40.77pt;position:var(--position);text-decoration:none;white-space:pre">Location in Consolidated </span></div><div style="line-height:9pt;position:var(--position);top:18.56pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:41.26pt;position:var(--position);text-decoration:none;white-space:pre">Statement of Operations </span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);width:187.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:187.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:65.25pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:14.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.14pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447pt;position:var(--position);top:14.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.63pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:165.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:165.75pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Total gain recognized in net income</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:143.56pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:168.75pt;position:var(--position);top:28.5pt;width:180pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:63.01pt;position:var(--position);text-decoration:none;white-space:pre">Other income</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#d5eeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:28.5pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">869<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#d5eeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447pt;position:var(--position);top:28.5pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:58.38pt"></span></span><span style="left:66.01pt;position:var(--position)">3,648<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:705.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Represents net interest settlements and interest rate forward points excluded from assessment of hedge effectiveness. Refer to “Hedge accounting” in Note 2 – </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:714.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">“Summary of significant accounting policies” to our unaudited consolidated financial statements for additional information.</span></div> 340000000.0 270000000.0 197300000 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Fair value of cross-currency swap agreements designated as net investment hedges</span><div style="position:var(--position);top:512.65pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:285pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:125.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:122.25pt"></td></tr><tr style="height:14.25pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:285pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:285pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:95.01pt;position:var(--position);text-decoration:none;white-space:pre">Balance Sheet Location</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:288.75pt;position:var(--position);width:125.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:125.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:34.12pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:417pt;position:var(--position);width:122.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:122.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.64pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:285pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:285pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre"><span style="-sec-ix-hidden:f-1393">Other assets</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:288.75pt;position:var(--position);top:14.25pt;width:125.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:125.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:91.38pt"></span></span><span style="left:99.00999999999999pt;position:var(--position)">6,455<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:417pt;position:var(--position);top:14.25pt;width:122.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:122.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:101.88pt"></span></span><span style="left:109.50999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:285pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:285pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre"><span style="-sec-ix-hidden:f-1396">Accounts payable, accrued expenses, and other liabilities</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:288.75pt;position:var(--position);top:28.5pt;width:125.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:125.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:104.88pt"></span></span><span style="left:112.50999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:417pt;position:var(--position);top:28.5pt;width:122.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:122.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:95.88pt"></span></span><span style="left:103.50999999999999pt;position:var(--position)">928<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 6455000 0 0 928000 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Effect on consolidated other comprehensive income</span><div style="position:var(--position);top:582pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:165pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:180pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:92.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:92.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="font-size:0;text-align:left;vertical-align:top"><div style="left:168pt;position:var(--position);width:180pt"><div><div style="line-height:9pt;position:var(--position);top:9.56pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.03pt;position:var(--position);text-decoration:none;white-space:pre">Location in Consolidated Statement of </span></div><div style="line-height:9pt;position:var(--position);top:18.56pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:42.52pt;position:var(--position);text-decoration:none;white-space:pre">Comprehensive Income</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351pt;position:var(--position);width:188.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:188.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:65.62pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351pt;position:var(--position);top:14.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.14pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447pt;position:var(--position);top:14.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.63pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended</span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:165pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:165pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total unrealized gains recognized in </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:165pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">other comprehensive income</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:168pt;position:var(--position);top:28.5pt;width:180pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.73pt;position:var(--position);text-decoration:none;white-space:pre">Unrealized gains on foreign currency </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:61.45pt;position:var(--position);text-decoration:none;white-space:pre">translation, net</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351pt;position:var(--position);top:28.5pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:49.37pt"></span></span><span style="left:57pt;position:var(--position)">4,730</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447pt;position:var(--position);top:28.5pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:58.38pt"></span></span><span style="left:66.01pt;position:var(--position)">8,066<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 4730000 8066000 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Effect on consolidated statements of operations</span><div style="position:var(--position);top:657.95pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:539.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:165.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:180pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:92.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:92.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td rowspan="2" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:168.75pt;position:var(--position);width:180pt"><div><div style="line-height:9pt;position:var(--position);top:9.56pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:40.77pt;position:var(--position);text-decoration:none;white-space:pre">Location in Consolidated </span></div><div style="line-height:9pt;position:var(--position);top:18.56pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:41.26pt;position:var(--position);text-decoration:none;white-space:pre">Statement of Operations </span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);width:187.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:187.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:65.25pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:14.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:4.14pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended</span></div></div></div></td><td style="border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447pt;position:var(--position);top:14.25pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:9.63pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:165.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:165.75pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Total gain recognized in net income</span><span style="font-family:'Arial', sans-serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:143.56pt;position:var(--position);top:-2.293pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:168.75pt;position:var(--position);top:28.5pt;width:180pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:180pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:63.01pt;position:var(--position);text-decoration:none;white-space:pre">Other income</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#d5eeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:351.75pt;position:var(--position);top:28.5pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:73.50999999999999pt;position:var(--position)">869<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#d5eeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:447pt;position:var(--position);top:28.5pt;width:92.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.03pt;width:92.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:58.38pt"></span></span><span style="left:66.01pt;position:var(--position)">3,648<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:705.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">Represents net interest settlements and interest rate forward points excluded from assessment of hedge effectiveness. Refer to “Hedge accounting” in Note 2 – </span></div><div style="font-size:12pt;line-height:7pt;position:var(--position);top:714.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:7pt;font-style:normal;font-weight:normal;left:54pt;position:var(--position);text-decoration:none;white-space:pre">“Summary of significant accounting policies” to our unaudited consolidated financial statements for additional information.</span></div> 869000 3648000 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:54pt;position:var(--position);text-decoration:none;white-space:pre">ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:528.8pt;position:var(--position);text-decoration:none;white-space:pre">June 30, </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:76pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:154.97pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span></div><div style="position:var(--position);top:86.4pt;width:612pt"><div style="font-size:0pt;left:38.62pt;position:var(--position);width:534.75pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:332.25pt"></td><td style="padding:0;width:99.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.37pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Accounts payable and accrued expenses</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">394,010<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">510,580<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Accrued construction</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">270,622<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">314,836<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Acquired below-market leases</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">118,000<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">133,033<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Conditional asset retirement obligations</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">34,151<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">34,342<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Deferred rent liabilities</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">26,073<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">14,659<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease liability</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">354,905<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">360,543<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unearned rent and tenant security deposits</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,180,926<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">876,252<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Other liabilities</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:114pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">134,839<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:114pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">152,828<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:128.25pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:128.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">2,513,526<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:128.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">2,397,073<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:251.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:172pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:250.97pt;position:var(--position);text-decoration:none;white-space:pre">, our conditional asset retirement obligations primarily consisted of the soil and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:262.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">groundwater remediation liabilities associated with certain properties. Some of</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:346.28pt;position:var(--position);text-decoration:none;white-space:pre"> our properties may contain asbestos or may be </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:273.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">subjected to other hazardous or toxic substances, which, under certain conditions, require remediation. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:447.31pt;position:var(--position);text-decoration:none;white-space:pre">We engage independent </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:284.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">environmental consultants to conduct Phase I or similar environmental assessments at our properties. This type of assessment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:294.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">generally includes a site inspection, interviews, and a public records review; asbestos, lead-based paint, and mold surveys; subsurface </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:305.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">sampling; and other testing. We recognize a liability for the fair value of a conditional asset retirement obligation when the fair value of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:316.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the liability can be reasonably estimated. In addition, environmental laws and regulations subject our tenants, and potentially us, to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:327.3pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">liability that may result from our tenants’ routine handling of hazardous substances and wastes as part of their operations at our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:338.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">properties. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:80.47999999999999pt;position:var(--position);text-decoration:none;white-space:pre">As of June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:160.48000000000002pt;position:var(--position);text-decoration:none;white-space:pre">, we are not aware of any additional environmental liability that we believe would require additional </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:348.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">disclosures or recognition in our consolidated financial statements.</span></div> <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:528.8pt;position:var(--position);text-decoration:none;white-space:pre">June 30, </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:76pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:154.97pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span></div><div style="position:var(--position);top:86.4pt;width:612pt"><div style="font-size:0pt;left:38.62pt;position:var(--position);width:534.75pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:332.25pt"></td><td style="padding:0;width:99.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:99.75pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:21.37pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:10.39pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:14.25pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Accounts payable and accrued expenses</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">394,010<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:14.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">510,580<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Accrued construction</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">270,622<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:28.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">314,836<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:42.75pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Acquired below-market leases</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">118,000<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:42.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">133,033<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:57pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Conditional asset retirement obligations</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">34,151<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:57pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">34,342<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:71.25pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Deferred rent liabilities</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">26,073<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:71.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:65.88pt"></span></span><span style="left:68.50999999999999pt;position:var(--position)">14,659<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:85.5pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Operating lease liability</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">354,905<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:85.5pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">360,543<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:99.75pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Unearned rent and tenant security deposits</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:53.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">1,180,926<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:99.75pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">876,252<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Other liabilities</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:114pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">134,839<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:114pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:60.88pt"></span></span><span style="left:63.510000000000005pt;position:var(--position)">152,828<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:128.25pt;width:332.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:332.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:128.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">2,513,526<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:435pt;position:var(--position);top:128.25pt;width:99.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:99.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:48.38pt"></span></span><span style="left:56.010000000000005pt;position:var(--position)">2,397,073<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 394010000 510580000 270622000 314836000 118000000 133033000 34151000 34342000 26073000 14659000 354905000 360543000 1180926000 876252000 134839000 152828000 2513526000 2397073000 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:54pt;position:var(--position);text-decoration:none;white-space:pre">EARNINGS PER SHARE</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We grant two types of restricted stock awards: (i) restricted stock awards with nonforfeitable dividends and (ii) restricted stock </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">awards with forfeitable dividends.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Unvested restricted stock awards (“RSAs”) with nonforfeitable dividends are considered participating securities and included in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:97.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the computation of EPS using the two-class method. Under this method, we allocate net income (after amounts attributable to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">noncontrolling interests) to common stockholders and these RSAs by using the weighted-average shares of each class outstanding for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">quarter-to-date and year-to-date periods independently, based on their respective participation rights to dividends declared (or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">accumulated) and undistributed earnings.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Unvested RSAs with forfeitable dividends do not qualify as participating securities under the two-class method because the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">dividends are forfeited if the awards do not vest. As a result, undistributed earnings are not allocated to these awards prior to vesting, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">and these awards have no effect on the computation of basic EPS while unvested. Once these awards vest, they are included in the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">denominator of basic EPS, weighted for the portion of the reporting period they were vested. Prior to vesting, these awards are included </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">in the denominator of diluted EPS if they are dilutive, which is determined using the treasury stock method. Under this method, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">incremental shares are calculated as the difference between the total unvested shares and the number of shares that could </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">hypothetically be repurchased using the assumed proceeds (including unrecognized compensation cost related to these awards). </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">These incremental shares are weighted for the portion of the reporting period they were unvested and are included in the diluted EPS </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">denominator only if their inclusion reduces EPS (i.e., if they are not antidilutive).</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:259.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In addition, from time to time, we enter into forward equity sales agreements. We consider the potential dilution resulting from </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the forward equity sales agreements on the EPS calculations. At inception, the agreements do not have an effect on the computation of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:280.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">basic EPS as no shares are delivered until settlement. The common shares issued upon the settlement of the forward equity sales </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:291.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">agreements, weighted for the period these common shares were outstanding, are included in the denominator of basic EPS. To </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:302.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">determine the dilution resulting from the forward equity sales agreements during the period of time prior to settlement, we calculate the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:313.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">number of weighted-average shares outstanding – diluted using the treasury stock method. As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:422.87pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:479.87pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:484.87pt;position:var(--position);text-decoration:none;white-space:pre">no</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:494.87pt;position:var(--position);text-decoration:none;white-space:pre"> forward equity </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">sales agreements were outstanding. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:345.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The table below reconciles the numerators and denominators of the basic and diluted EPS computations for the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:517.81pt;position:var(--position);text-decoration:none;white-space:pre">three and six </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:356.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152.49pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:172.49pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:192.49pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands, except per share amounts):</span></div><div style="position:var(--position);top:370.2pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:262.5pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td></tr><tr style="height:23.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);width:136.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:136.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.76pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);width:137.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:137.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.63pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:23.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:23.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:23.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.31pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:23.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.31pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:37.5pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net (loss) income</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(38,969)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(62,189)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:22.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">359,408<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(23,527)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:51.75pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Net income attributable to noncontrolling interests</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(33,814)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(44,813)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(70,538)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(92,414)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:66pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net income attributable to unvested RSAs with nonforfeitable </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">dividends</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:66pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.39pt"></span></span><span style="left:45.02pt;position:var(--position)">(908)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:66pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:37.52pt;position:var(--position)">(2,609)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:66pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:37.52pt;position:var(--position)">(2,149)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:66pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:37.52pt;position:var(--position)">(5,269)</span></span></div></div></div></td></tr><tr style="height:32.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:89.25pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Numerator for basic and diluted EPS – net (loss) income </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">attributable to Alexandria Real Estate Equities, Inc.’s common </span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">stockholders</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:89.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(73,691)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:89.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.89pt"></span></span><span style="left:27.52pt;position:var(--position)">(109,611)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:89.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:22.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">286,721<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:89.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.89pt"></span></span><span style="left:27.52pt;position:var(--position)">(121,210)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:135.75pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Denominator for basic EPS – weighted-average shares of </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:262.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);white-space:pre">common stock outstanding</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:135.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,718<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:135.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,135<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:135.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,658<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:135.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,328<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:159pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Dilutive effect of unvested RSAs with forfeitable dividends</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:159pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:51.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:159pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:51.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:159pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:45.38pt"></span></span><span style="left:48.010000000000005pt;position:var(--position)">382<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:159pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:51.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:173.25pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Denominator for diluted EPS – weighted-average shares of </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:262.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);white-space:pre">common stock outstanding </span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:173.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,718<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:173.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,135<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:173.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">171,040<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:173.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,328<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:196.5pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net (loss) income per share attributable to Alexandria Real </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">Estate Equities, Inc.’s common stockholders:</span></div></div></div></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:219.75pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Basic</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:219.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:42.52pt;position:var(--position)">(0.43)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:219.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:42.52pt;position:var(--position)">(0.64)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:219.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:45.510000000000005pt;position:var(--position)">1.68<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:219.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:42.52pt;position:var(--position)">(0.71)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:234pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);white-space:pre">Diluted</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:234pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:42.52pt;position:var(--position)">(0.43)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:234pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:42.52pt;position:var(--position)">(0.64)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:234pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:45.510000000000005pt;position:var(--position)">1.68<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:234pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:42.52pt;position:var(--position)">(0.71)</span></span></div></div></div></td></tr></tbody></table></div></div></div> <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The table below reconciles the numerators and denominators of the basic and diluted EPS computations for the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:517.81pt;position:var(--position);text-decoration:none;white-space:pre">three and six </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:356.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:152.49pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:172.49pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:192.49pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands, except per share amounts):</span></div><div style="position:var(--position);top:370.2pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:262.5pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:66.75pt"></td></tr><tr style="height:23.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);width:136.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:136.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:7.76pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);width:137.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:137.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.63pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:23.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:23.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.37pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:23.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.31pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:23.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.31pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:37.5pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net (loss) income</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(38,969)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(62,189)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:22.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">359,408<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:37.5pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(23,527)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:51.75pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Net income attributable to noncontrolling interests</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(33,814)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(44,813)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(70,538)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:51.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(92,414)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:66pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net income attributable to unvested RSAs with nonforfeitable </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">dividends</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:66pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:42.39pt"></span></span><span style="left:45.02pt;position:var(--position)">(908)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:66pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:37.52pt;position:var(--position)">(2,609)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:66pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:37.52pt;position:var(--position)">(2,149)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:66pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:37.52pt;position:var(--position)">(5,269)</span></span></div></div></div></td></tr><tr style="height:32.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:89.25pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Numerator for basic and diluted EPS – net (loss) income </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">attributable to Alexandria Real Estate Equities, Inc.’s common </span></div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">stockholders</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:89.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.89pt"></span></span><span style="left:32.52pt;position:var(--position)">(73,691)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:89.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.89pt"></span></span><span style="left:27.52pt;position:var(--position)">(109,611)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:89.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:22.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">286,721<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:89.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:22.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.89pt"></span></span><span style="left:27.52pt;position:var(--position)">(121,210)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:135.75pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Denominator for basic EPS – weighted-average shares of </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:262.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);white-space:pre">common stock outstanding</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:135.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,718<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:135.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,135<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:135.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,658<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:135.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,328<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:159pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Dilutive effect of unvested RSAs with forfeitable dividends</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:159pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:51.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:159pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:51.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:159pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:45.38pt"></span></span><span style="left:48.010000000000005pt;position:var(--position)">382<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:159pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:51.38pt"></span></span><span style="left:54.010000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:173.25pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Denominator for diluted EPS – weighted-average shares of </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:262.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);white-space:pre">common stock outstanding </span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:173.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,718<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:173.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,135<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:173.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">171,040<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:173.25pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.88pt"></span></span><span style="left:30.509999999999998pt;position:var(--position)">170,328<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:196.5pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Net (loss) income per share attributable to Alexandria Real </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">Estate Equities, Inc.’s common stockholders:</span></div></div></div></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:219.75pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);text-decoration:none;white-space:pre">Basic</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:219.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:42.52pt;position:var(--position)">(0.43)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:219.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:42.52pt;position:var(--position)">(0.64)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:219.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:45.510000000000005pt;position:var(--position)">1.68<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:219.75pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:42.52pt;position:var(--position)">(0.71)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:234pt;width:262.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:262.5pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.88pt;position:var(--position);white-space:pre">Diluted</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:262.5pt;position:var(--position);top:234pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:42.52pt;position:var(--position)">(0.43)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:332.25pt;position:var(--position);top:234pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:42.52pt;position:var(--position)">(0.64)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:234pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:37.88pt"></span></span><span style="left:45.510000000000005pt;position:var(--position)">1.68<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:473.25pt;position:var(--position);top:234pt;width:66.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:66.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:34.89pt"></span></span><span style="left:42.52pt;position:var(--position)">(0.71)</span></span></div></div></div></td></tr></tbody></table></div></div></div> -38969000 -62189000 359408000 -23527000 33814000 44813000 70538000 92414000 908000 2609000 2149000 5269000 -73691000 -109611000 286721000 -121210000 170718000 170135000 170658000 170328000 0 0 382000 0 170718000 170135000 171040000 170328000 -0.43 -0.64 1.68 -0.71 -0.43 -0.64 1.68 -0.71 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:54pt;position:var(--position);text-decoration:none;white-space:pre">STOCKHOLDERS’ EQUITY</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">C</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:42.49pt;position:var(--position);text-decoration:none;white-space:pre">o</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:47.980000000000004pt;position:var(--position);text-decoration:none;white-space:pre">mmon equity transaction</span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:154.88pt;position:var(--position);text-decoration:none;white-space:pre">s</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:77.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Common stock repurchase program </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:101.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On December 8, 2025, we announced that our Board of Directors authorized a new common stock repurchase program that </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:112pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">allows for the repurchase of up to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:171.44pt;position:var(--position);text-decoration:none;white-space:pre">$500.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:226.89pt;position:var(--position);text-decoration:none;white-space:pre"> of our common stock through </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:348.35pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:427.32pt;position:var(--position);text-decoration:none;white-space:pre">. This new program replaced our </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:122.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">prior stock repurchase program</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:160.92000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:165.43pt;position:var(--position);text-decoration:none;white-space:pre">As of the date of this report, no repurchases have been made under the new program and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:133.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">$500.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:91.45pt;position:var(--position);text-decoration:none;white-space:pre"> remains available for future share repurchases.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:155.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">ATM common stock offering program</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:176.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In February 2024, we entered into an ATM common stock offering program that allows us to sell up to an aggregate of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:187.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">$1.50 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:83.96000000000001pt;position:var(--position);text-decoration:none;white-space:pre"> of our common stock.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:172.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:209.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">During the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:115.97pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:245.95pt;position:var(--position);text-decoration:none;white-space:pre">, we had no activity under our ATM progra</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:412.21pt;position:var(--position);text-decoration:none;white-space:pre">m. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:424.21pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:447.21pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:504.21pt;position:var(--position);text-decoration:none;white-space:pre">, the remaining </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:220pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">aggregate amount available under our ATM program for future sales of common stock was</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:395.17pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:397.67pt;position:var(--position);text-decoration:none;white-space:pre">$1.47 billion</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:445.63pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:241.6pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Dividends</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:263.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">During the three months ended March 31, 2026, we declared cash dividends on our common stock aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:517.3299999999999pt;position:var(--position);text-decoration:none;white-space:pre">$125.5 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:572.78pt;position:var(--position);text-decoration:none;white-space:pre">, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:274pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">or </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:46.49pt;position:var(--position);text-decoration:none;white-space:pre">$0.72</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:68.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre"> per share.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:295.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">During the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:115.97pt;position:var(--position);text-decoration:none;white-space:pre">three months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:255.45pt;position:var(--position);text-decoration:none;white-space:pre">, we declared cash dividends on our common stock aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:511.85pt;position:var(--position);text-decoration:none;white-space:pre">$125.4 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:567.3pt;position:var(--position);text-decoration:none;white-space:pre">, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:306.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">or </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:46.49pt;position:var(--position);text-decoration:none;white-space:pre">$0.72</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:68.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre"> per share.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:328pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Accumulated other comprehensive </span><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:188.38pt;position:var(--position);text-decoration:none;white-space:pre">loss</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:349.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The change in accumulated other comprehensive </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:271.41999999999996pt;position:var(--position);text-decoration:none;white-space:pre">loss</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:287.40999999999997pt;position:var(--position);text-decoration:none;white-space:pre"> attributable to Alexandria Real Estate Equities, Inc.’s stockholders for </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:360.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:51pt;position:var(--position);text-decoration:none;white-space:pre">six months ended June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:180.98pt;position:var(--position);text-decoration:none;white-space:pre"> was due to net unrealized </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:288.44pt;position:var(--position);text-decoration:none;white-space:pre">losses</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:313.93pt;position:var(--position);text-decoration:none;white-space:pre"> of</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:323.93pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:326.43pt;position:var(--position);text-decoration:none;white-space:pre">$3.6 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:371.88pt;position:var(--position);text-decoration:none;white-space:pre">, and included </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:430.36pt;position:var(--position);text-decoration:none;white-space:pre">$11.7 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:480.15pt;position:var(--position);text-decoration:none;white-space:pre"> of unrealized foreign </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:371.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">currency</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:70.47999999999999pt;position:var(--position);text-decoration:none;white-space:pre"> translation </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:116.95pt;position:var(--position);text-decoration:none;white-space:pre">losses</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:142.44pt;position:var(--position);text-decoration:none;white-space:pre"> related to our operations in Canada, partially offset by </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:360.67pt;position:var(--position);text-decoration:none;white-space:pre">$8.1 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:406.12pt;position:var(--position);text-decoration:none;white-space:pre"> of unrealized gains</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:484.08pt;position:var(--position);text-decoration:none;white-space:pre"> resulting from the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:382pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">changes in the fair value of our cross-currency swap agreements due to the weakening of the Canadian dollar. Refer to Note 11 – </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:392.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">“Hedge agreements” to our unaudited consolidated financial statements for additional information.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:414.4pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Common stock, preferred stock, and excess stock authorizations</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:436pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our charter authorizes the i</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:180.94pt;position:var(--position);text-decoration:none;white-space:pre">ssuance of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:226.94pt;position:var(--position);text-decoration:none;white-space:pre">400.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:277.39pt;position:var(--position);text-decoration:none;white-space:pre"> shares</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:306.88pt;position:var(--position);text-decoration:none;white-space:pre"> of common stock</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:377.36pt;position:var(--position);text-decoration:none;white-space:pre">, of which </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:417.84pt;position:var(--position);text-decoration:none;white-space:pre">170.7 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:468.29pt;position:var(--position);text-decoration:none;white-space:pre"> shares we</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:511.77pt;position:var(--position);text-decoration:none;white-space:pre">re issued and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:446.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">outstanding as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:106.99pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:163.99pt;position:var(--position);text-decoration:none;white-space:pre">. Our charter also authorizes the</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:292.43pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:294.93pt;position:var(--position);text-decoration:none;white-space:pre">issuance of up to</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:362.92pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:365.42pt;position:var(--position);text-decoration:none;white-space:pre">100.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:415.87pt;position:var(--position);text-decoration:none;white-space:pre"> shares of preferred stock</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:517.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:522.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre">none</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:542.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre"> of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:457.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">which were issued and outstanding as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:200.44pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:257.44pt;position:var(--position);text-decoration:none;white-space:pre">. In addition,</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:306.42pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:308.92pt;position:var(--position);text-decoration:none;white-space:pre">200.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:359.37pt;position:var(--position);text-decoration:none;white-space:pre"> shares of “excess stock” </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:461.34pt;position:var(--position);text-decoration:none;white-space:pre">(</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:464.33pt;position:var(--position);text-decoration:none;white-space:pre">as defined in our charter)</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:564.27pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:468.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">are authorized, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:98.47pt;position:var(--position);text-decoration:none;white-space:pre">none</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:118.47pt;position:var(--position);text-decoration:none;white-space:pre"> of which were issued and outstanding as of </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:295.41pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:352.41pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> 500000000.0 2026-12-31 500000000.0 1500000000 1470000000 125500000 0.72 125400000 0.72 -3600000 -11700000 8100000 400000000.0 170700000 100000000.0 0 200000000.0 0 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:54pt;position:var(--position);text-decoration:none;white-space:pre">SEGMENT INFORMATION </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">We are a life science REIT focused on developing, redeveloping, and operating properties that provide space for lease to </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenants primarily in the life science industry. Our properties are leased predominantly through triple-net lease agreements and share </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">key characteristics, including generic and reusable improvements, consistent lease structures, and business and financial strategy. All </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:86.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">properties are located within North America, predominantly in the U.S., and operate within a comparable regulatory environment. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Operating segments</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Our Chief Operating Decision Maker (“CODM”), represented by our Executive Chairman and our Chief Executive Officer, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:140.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">evaluates operating results at the geographic market level to assess performance and allocate resources. Our operating segments align </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:151.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">with our markets, including Greater Boston, San Diego, the San Francisco Bay Area, and Seattle, among others. Regular market </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">performance updates are provided directly to the CODM. These updates include each market’s net operating income (“NOI”), which </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">serves as the profit or loss measure used by the CODM for performance assessment and resource allocation. NOI provides useful </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">information regarding performance of each market as it reflects income and expenses incurred in connection with real estate operations </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:194.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">in each market. This metric enables the CODM to evaluate the profitability and performance of each market on a consistent and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">comparable basis, supporting decisions on capital resource allocation, including in connection with development, redevelopment, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">acquisition, and disposition activities in each market. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Evaluation of economic similarity and aggregation of operating segments</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:261.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In accordance with the segment reporting accounting standard, we evaluate the economic similarity of our operating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:272.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">segments. </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:79.99000000000001pt;position:var(--position);text-decoration:none;white-space:pre">Seven</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:105.49pt;position:var(--position);text-decoration:none;white-space:pre"> of our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:133.48000000000002pt;position:var(--position);text-decoration:none;white-space:pre">nine</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:150.47pt;position:var(--position);text-decoration:none;white-space:pre"> operating segments exhibit consistent long-term economic characteristics, including similar historical long-</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:283.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">term NOI margins, which are also expected to remain similar in the future</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:326.8pt;position:var(--position);text-decoration:none;white-space:pre">. Additionally, these markets share similar operational </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">characteristics, including nature of services provided (i.e., leasing, operating, developing, and redeveloping life science properties), </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:304.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">tenant base (i.e., a variety of tenants involved in the life science industry), methods of operation (i.e., consistent lease structures, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:315.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">property management practices, and business strategies), and nature of the regulatory environment (consistent across North America, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:326.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">where all our operating segments are located). Based on shared economic characteristics, w</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:404.31pt;position:var(--position);text-decoration:none;white-space:pre">e have aggregated our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:497.29pt;position:var(--position);text-decoration:none;white-space:pre">seven</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:521.29pt;position:var(--position);text-decoration:none;white-space:pre"> operating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:337.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">segments into </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:94.47999999999999pt;position:var(--position);text-decoration:none;white-space:pre">one</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:109.48pt;position:var(--position);text-decoration:none;white-space:pre"> reportable segment for segment reporting purposes</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:316.88pt;position:var(--position);text-decoration:none;white-space:pre">. The remaining operating segments, which do not meet the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">aggregation criteria and individually do not meet the quantitative thresholds to qualify as reportable segments, were included in the “all </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:358.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">other” category in the tables below</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:173.43pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:175.93pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:380.4pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table presents the reportable segment profit or loss measure, NOI, for the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:421.81pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:391.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:76pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:96pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span></div><div style="position:var(--position);top:408pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:233.25pt"></td><td style="padding:0;width:73.5pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:73.5pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:73.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:73.5pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);width:150.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:150.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.89pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);width:150pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:150pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.01pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);top:14.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26.75pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:14.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26.75pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);top:14.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26.75pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:14.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26.75pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:27pt;width:233.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment revenues:</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:39.75pt;width:233.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Revenues from external customers</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);top:39.75pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">629,674<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:39.75pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">703,457<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);top:39.75pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:22.13pt"></span></span><span style="left:29.759999999999998pt;position:var(--position)">1,250,933<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:39.75pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:22.13pt"></span></span><span style="left:29.759999999999998pt;position:var(--position)">1,402,656<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:52.5pt;width:233.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Other income</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);top:52.5pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.63pt"></span></span><span style="left:42.260000000000005pt;position:var(--position)">22,861<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:52.5pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.63pt"></span></span><span style="left:42.260000000000005pt;position:var(--position)">10,488<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);top:52.5pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.63pt"></span></span><span style="left:42.260000000000005pt;position:var(--position)">27,396<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:52.5pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.63pt"></span></span><span style="left:42.260000000000005pt;position:var(--position)">17,015<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:65.25pt;width:233.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment total revenues</span></div></div></div></td><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);top:65.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">652,535<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:65.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">713,945<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);top:65.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.13pt"></span></span><span style="left:29.759999999999998pt;position:var(--position)">1,278,329<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:65.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.13pt"></span></span><span style="left:29.759999999999998pt;position:var(--position)">1,419,671<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:78pt;width:233.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment total rental operating expenses</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);top:78pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:31.64pt"></span></span><span style="left:34.27pt;position:var(--position)">(211,334)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:78pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:31.64pt"></span></span><span style="left:34.27pt;position:var(--position)">(212,402)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);top:78pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:31.64pt"></span></span><span style="left:34.27pt;position:var(--position)">(423,992)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:78pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:31.64pt"></span></span><span style="left:34.27pt;position:var(--position)">(424,838)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:92.25pt;width:233.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment net operating income (reportable </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">segment profit or loss)</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);top:92.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">441,201<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:92.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">501,543<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);top:92.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">854,337<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:92.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">994,833<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:538.85pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Significant expenses included in the reportable segment profit or loss measure (i.e., NOI) are represented by the reportable </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:549.65pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">segment total rental operating expenses and are disclosed in the table above. These expenses primarily include property taxes, utilities, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:560.45pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">repairs and maintenance, engineering, janitorial, and other costs. </span></div><div style="left:-0pt;position:var(--position);top:-0pt;z-index:-9223372036854775805"><img alt="" id="i-48" src="are-20260630_g1.gif" style="height:792pt;width:612pt"/></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:54pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Presented below is the reconciliation of the reportable segment total revenues to the consolidated revenues, the reportable </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">segment total rental operating expenses to consolidated rental operations, and the reportable segment NOI to the consolidated net </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">income (in thousands):</span></div><div style="position:var(--position);top:92.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:240.75pt"></td><td style="padding:0;width:72pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:72pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:71.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:71.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);width:147.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:147.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.39pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);width:145.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:145.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.76pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:14.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:14.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:14.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.62pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:14.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.62pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:27pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.34pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Reconciliation of reportable segment revenues to </span></div><div style="line-height:9pt;position:var(--position);top:13.34pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">consolidated total revenues:</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:50.25pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment total revenues</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:50.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">652,535<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:50.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">713,945<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:50.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.88pt"></span></span><span style="left:27.509999999999998pt;position:var(--position)">1,278,329<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:50.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.88pt"></span></span><span style="left:27.509999999999998pt;position:var(--position)">1,419,671<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:63pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">All other revenues</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:63pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">10,249<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:63pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">48,095<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:63pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.38pt"></span></span><span style="left:40.010000000000005pt;position:var(--position)">55,477<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:63pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">100,527<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:75.75pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated total revenues</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:75.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">662,784<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:75.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">762,040<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:75.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.88pt"></span></span><span style="left:27.509999999999998pt;position:var(--position)">1,333,806<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:75.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.88pt"></span></span><span style="left:27.509999999999998pt;position:var(--position)">1,520,198<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:88.5pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.34pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Reconciliation of reportable segment total rental operating </span></div><div style="line-height:9pt;position:var(--position);top:13.34pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">expenses to consolidated rental operations:</span></div></div></div></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:111.75pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment total rental operating expenses</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:111.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:25.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(211,334)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:111.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:25.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(212,402)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:111.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(423,992)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:111.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(424,838)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:124.5pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">All other rental operating expenses</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:124.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:43.13pt"></span></span><span style="left:45.760000000000005pt;position:var(--position)">3,998<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:124.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(12,031)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:124.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.39pt"></span></span><span style="left:42.02pt;position:var(--position)">(7,486)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:124.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.39pt"></span></span><span style="left:37.02pt;position:var(--position)">(25,990)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:137.25pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated rental operations</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:137.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:25.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(207,336)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:137.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:25.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(224,433)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:137.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(431,478)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:137.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(450,828)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:150pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.34pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Reconciliation of reportable segment net operating income </span></div><div style="line-height:9pt;position:var(--position);top:13.34pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">to consolidated net (loss) income:</span></div></div></div></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:173.25pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment net operating income (reportable </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.63pt;position:var(--position);text-decoration:none;white-space:pre">segment profit or loss)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:173.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">441,201<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:173.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">501,543<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:173.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:27.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">854,337<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:173.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:27.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">994,833<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:196.5pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">All other revenues</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:196.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">10,249<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:196.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">48,095<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:196.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.38pt"></span></span><span style="left:40.010000000000005pt;position:var(--position)">55,477<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:196.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">100,527<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:209.25pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">All other rental operating expenses</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:209.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:43.13pt"></span></span><span style="left:45.760000000000005pt;position:var(--position)">3,998<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:209.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(12,031)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:209.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.39pt"></span></span><span style="left:42.02pt;position:var(--position)">(7,486)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:209.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.39pt"></span></span><span style="left:37.02pt;position:var(--position)">(25,990)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:222pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.84pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Other items not allocated to segments:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:234.75pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">General and administrative</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:234.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(36,861)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:234.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(29,128)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:234.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.39pt"></span></span><span style="left:37.02pt;position:var(--position)">(71,546)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:234.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.39pt"></span></span><span style="left:37.02pt;position:var(--position)">(59,803)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:247.5pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Interest expense</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:247.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(64,342)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:247.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(55,296)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:247.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(128,926)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:247.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(106,172)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:260.25pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Depreciation and amortization</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:260.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(304,384)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:260.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(346,123)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:260.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(609,825)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:260.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(688,185)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:273pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Impairment of real estate</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:273pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(222,470)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:273pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(129,606)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:273pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(227,969)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:273pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(161,760)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:285.75pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Equity in earnings (losses) of unconsolidated real </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:34.13pt;position:var(--position);text-decoration:none;white-space:pre">estate joint ventures</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:285.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:50.63pt"></span></span><span style="left:53.260000000000005pt;position:var(--position)">413<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:285.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:40.14pt"></span></span><span style="left:42.77pt;position:var(--position)">(9,021)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:285.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">266<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:285.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.39pt"></span></span><span style="left:42.02pt;position:var(--position)">(9,528)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:309pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Investment income (losses)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:309pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:33.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">133,227<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:309pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(30,622)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:309pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">128,645<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:309pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.39pt"></span></span><span style="left:37.02pt;position:var(--position)">(80,614)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:321.75pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Gain on early extinguishment of debt</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:321.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:56.63pt"></span></span><span style="left:59.260000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:321.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:56.63pt"></span></span><span style="left:59.260000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:321.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">366,435<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:321.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:58.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:336pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Gain on sales of real estate</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:336pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:56.63pt"></span></span><span style="left:59.260000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:336pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:56.63pt"></span></span><span style="left:59.260000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:336pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:58.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:336pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.38pt"></span></span><span style="left:40.010000000000005pt;position:var(--position)">13,165<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:348.75pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre"> Consolidated net (loss) income</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:348.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(38,969)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:348.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(62,189)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:348.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:27.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">359,408<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:348.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:37.02pt;position:var(--position)">(23,527)</span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:471.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table reconciles reportable segment investments in real estate to consolidated total assets (in thousands). </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:482pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment investments in real estate constitute the total assets of our reportable segment. Consolidated assets not allocated </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:492.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">to segments represent all asset line items presented in our consolidated balance sheets other than consolidated investments in real </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:503.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">estate. </span></div><div style="position:var(--position);top:514.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:333.75pt"></td><td style="padding:0;width:101.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:101.25pt"></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:333.75pt;position:var(--position);width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.12pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:438.75pt;position:var(--position);width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.14pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12.75pt;width:333.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:333.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment investments in real estate</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:333.75pt;position:var(--position);top:12.75pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">27,578,790<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:438.75pt;position:var(--position);top:12.75pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">27,510,082<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:25.5pt;width:333.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:333.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">All other investments in real estate</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:333.75pt;position:var(--position);top:25.5pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:54.88pt"></span></span><span style="left:57.510000000000005pt;position:var(--position)">1,547,105<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:438.75pt;position:var(--position);top:25.5pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:54.88pt"></span></span><span style="left:57.510000000000005pt;position:var(--position)">1,179,914<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:38.25pt;width:333.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:333.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated investments in real estate</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:333.75pt;position:var(--position);top:38.25pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">29,125,895<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:438.75pt;position:var(--position);top:38.25pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">28,689,996<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:51pt;width:333.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:333.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated assets not allocated to segments</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:333.75pt;position:var(--position);top:51pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:54.88pt"></span></span><span style="left:57.510000000000005pt;position:var(--position)">5,506,331<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:438.75pt;position:var(--position);top:51pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:54.88pt"></span></span><span style="left:57.510000000000005pt;position:var(--position)">5,391,839<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:65.25pt;width:333.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:333.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated total assets</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:333.75pt;position:var(--position);top:65.25pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">34,632,226<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:438.75pt;position:var(--position);top:65.25pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">34,081,835<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 7 9 7 1 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The following table presents the reportable segment profit or loss measure, NOI, for the </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:421.81pt;position:var(--position);text-decoration:none;white-space:pre">three and six months ended June 30, </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:391.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:56pt;position:var(--position);text-decoration:none;white-space:pre"> and </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:76pt;position:var(--position);text-decoration:none;white-space:pre">2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:96pt;position:var(--position);text-decoration:none;white-space:pre"> (in thousands):</span></div><div style="position:var(--position);top:408pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:233.25pt"></td><td style="padding:0;width:73.5pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:73.5pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:73.5pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:73.5pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);width:150.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:150.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.89pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);width:150pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:150pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.01pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);top:14.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26.75pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:14.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26.75pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);top:14.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26.75pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:14.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26.75pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:27pt;width:233.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment revenues:</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:39.75pt;width:233.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Revenues from external customers</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);top:39.75pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">629,674<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:39.75pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">703,457<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);top:39.75pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:22.13pt"></span></span><span style="left:29.759999999999998pt;position:var(--position)">1,250,933<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:39.75pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:22.13pt"></span></span><span style="left:29.759999999999998pt;position:var(--position)">1,402,656<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:52.5pt;width:233.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Other income</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);top:52.5pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.63pt"></span></span><span style="left:42.260000000000005pt;position:var(--position)">22,861<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:52.5pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.63pt"></span></span><span style="left:42.260000000000005pt;position:var(--position)">10,488<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);top:52.5pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.63pt"></span></span><span style="left:42.260000000000005pt;position:var(--position)">27,396<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:52.5pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.63pt"></span></span><span style="left:42.260000000000005pt;position:var(--position)">17,015<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:65.25pt;width:233.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment total revenues</span></div></div></div></td><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);top:65.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">652,535<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:65.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">713,945<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);top:65.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.13pt"></span></span><span style="left:29.759999999999998pt;position:var(--position)">1,278,329<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:65.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:27.13pt"></span></span><span style="left:29.759999999999998pt;position:var(--position)">1,419,671<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:78pt;width:233.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment total rental operating expenses</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);top:78pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:31.64pt"></span></span><span style="left:34.27pt;position:var(--position)">(211,334)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:78pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:31.64pt"></span></span><span style="left:34.27pt;position:var(--position)">(212,402)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);top:78pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:31.64pt"></span></span><span style="left:34.27pt;position:var(--position)">(423,992)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:78pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:31.64pt"></span></span><span style="left:34.27pt;position:var(--position)">(424,838)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:92.25pt;width:233.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment net operating income (reportable </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:233.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">segment profit or loss)</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:233.25pt;position:var(--position);top:92.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">441,201<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:310.5pt;position:var(--position);top:92.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">501,543<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:390pt;position:var(--position);top:92.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">854,337<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:466.5pt;position:var(--position);top:92.25pt;width:73.5pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:73.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.63pt"></span></span><span style="left:37.260000000000005pt;position:var(--position)">994,833<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div> 629674000 703457000 1250933000 1402656000 22861000 10488000 27396000 17015000 652535000 713945000 1278329000 1419671000 211334000 212402000 423992000 424838000 441201000 501543000 854337000 994833000 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Presented below is the reconciliation of the reportable segment total revenues to the consolidated revenues, the reportable </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:64.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">segment total rental operating expenses to consolidated rental operations, and the reportable segment NOI to the consolidated net </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:75.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">income (in thousands):</span></div><div style="position:var(--position);top:92.4pt;width:612pt"><div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:240.75pt"></td><td style="padding:0;width:72pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:72pt"></td><td style="padding:0;width:6pt"></td><td style="padding:0;width:71.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:71.25pt"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);width:147.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:147.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:13.39pt;position:var(--position);text-decoration:none;white-space:pre">Three Months Ended June 30,</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);width:145.5pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:145.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:17.76pt;position:var(--position);text-decoration:none;white-space:pre">Six Months Ended June 30,</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:14.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:14.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:26pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:14.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.62pt;position:var(--position);text-decoration:none;white-space:pre">2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:14.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.62pt;position:var(--position);text-decoration:none;white-space:pre">2025</span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:27pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.34pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Reconciliation of reportable segment revenues to </span></div><div style="line-height:9pt;position:var(--position);top:13.34pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">consolidated total revenues:</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:50.25pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment total revenues</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:50.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">652,535<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:50.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">713,945<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:50.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.88pt"></span></span><span style="left:27.509999999999998pt;position:var(--position)">1,278,329<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:50.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.88pt"></span></span><span style="left:27.509999999999998pt;position:var(--position)">1,419,671<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:63pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">All other revenues</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:63pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">10,249<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:63pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">48,095<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:63pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.38pt"></span></span><span style="left:40.010000000000005pt;position:var(--position)">55,477<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:63pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">100,527<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:75.75pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated total revenues</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:75.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">662,784<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:75.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">762,040<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:75.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.88pt"></span></span><span style="left:27.509999999999998pt;position:var(--position)">1,333,806<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:75.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:19.88pt"></span></span><span style="left:27.509999999999998pt;position:var(--position)">1,520,198<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:88.5pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.34pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Reconciliation of reportable segment total rental operating </span></div><div style="line-height:9pt;position:var(--position);top:13.34pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">expenses to consolidated rental operations:</span></div></div></div></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:111.75pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment total rental operating expenses</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:111.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:25.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(211,334)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:111.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:25.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(212,402)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:111.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(423,992)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:111.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(424,838)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:124.5pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">All other rental operating expenses</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:124.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:43.13pt"></span></span><span style="left:45.760000000000005pt;position:var(--position)">3,998<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:124.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(12,031)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:124.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.39pt"></span></span><span style="left:42.02pt;position:var(--position)">(7,486)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:124.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.39pt"></span></span><span style="left:37.02pt;position:var(--position)">(25,990)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:137.25pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated rental operations</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:137.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:25.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(207,336)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:137.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:25.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(224,433)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:137.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(431,478)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:137.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:24.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(450,828)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:150pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.34pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Reconciliation of reportable segment net operating income </span></div><div style="line-height:9pt;position:var(--position);top:13.34pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:11.63pt;position:var(--position);text-decoration:none;white-space:pre">to consolidated net (loss) income:</span></div></div></div></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:173.25pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment net operating income (reportable </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:23.63pt;position:var(--position);text-decoration:none;white-space:pre">segment profit or loss)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:173.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">441,201<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:173.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:28.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">501,543<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:173.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:27.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">854,337<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:173.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:27.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">994,833<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:196.5pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">All other revenues</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:196.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">10,249<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:196.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:38.13pt"></span></span><span style="left:40.760000000000005pt;position:var(--position)">48,095<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:196.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.38pt"></span></span><span style="left:40.010000000000005pt;position:var(--position)">55,477<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:196.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">100,527<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:209.25pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">All other rental operating expenses</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:209.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:43.13pt"></span></span><span style="left:45.760000000000005pt;position:var(--position)">3,998<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:209.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(12,031)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:209.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.39pt"></span></span><span style="left:42.02pt;position:var(--position)">(7,486)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:209.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.39pt"></span></span><span style="left:37.02pt;position:var(--position)">(25,990)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:222pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.84pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:italic;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Other items not allocated to segments:</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:234.75pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">General and administrative</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:234.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(36,861)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:234.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(29,128)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:234.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.39pt"></span></span><span style="left:37.02pt;position:var(--position)">(71,546)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:234.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.39pt"></span></span><span style="left:37.02pt;position:var(--position)">(59,803)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:247.5pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Interest expense</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:247.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(64,342)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:247.5pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(55,296)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:247.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(128,926)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:247.5pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(106,172)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:260.25pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Depreciation and amortization</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:260.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(304,384)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:260.25pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(346,123)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:260.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(609,825)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:260.25pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(688,185)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:273pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Impairment of real estate</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:273pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(222,470)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:273pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:30.14pt"></span></span><span style="left:32.77pt;position:var(--position)">(129,606)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:273pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(227,969)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:273pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:32.02pt;position:var(--position)">(161,760)</span></span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:285.75pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Equity in earnings (losses) of unconsolidated real </span></div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:34.13pt;position:var(--position);text-decoration:none;white-space:pre">estate joint ventures</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:285.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:50.63pt"></span></span><span style="left:53.260000000000005pt;position:var(--position)">413<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:285.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:40.14pt"></span></span><span style="left:42.77pt;position:var(--position)">(9,021)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:285.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">266<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:285.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:13.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:39.39pt"></span></span><span style="left:42.02pt;position:var(--position)">(9,528)</span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:309pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Investment income (losses)</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:309pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:33.13pt"></span></span><span style="left:35.760000000000005pt;position:var(--position)">133,227<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:309pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:35.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(30,622)</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:309pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">128,645<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:309pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:34.39pt"></span></span><span style="left:37.02pt;position:var(--position)">(80,614)</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:321.75pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Gain on early extinguishment of debt</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:321.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:56.63pt"></span></span><span style="left:59.260000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:321.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:56.63pt"></span></span><span style="left:59.260000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:321.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:32.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">366,435<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:321.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:58.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:336pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:25.13pt;position:var(--position);text-decoration:none;white-space:pre">Gain on sales of real estate</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:336pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:56.63pt"></span></span><span style="left:59.260000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:336pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:56.63pt"></span></span><span style="left:59.260000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:336pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:55.88pt"></span></span><span style="left:58.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:336pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:37.38pt"></span></span><span style="left:40.010000000000005pt;position:var(--position)">13,165<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:348.75pt;width:240.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:240.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre"> Consolidated net (loss) income</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:240.75pt;position:var(--position);top:348.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(38,969)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:316.5pt;position:var(--position);top:348.75pt;width:72pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:72pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:30.14pt"></span></span><span style="left:37.77pt;position:var(--position)">(62,189)</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:394.5pt;position:var(--position);top:348.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:27.38pt"></span></span><span style="left:35.010000000000005pt;position:var(--position)">359,408<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:468.75pt;position:var(--position);top:348.75pt;width:71.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:71.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:29.39pt"></span></span><span style="left:37.02pt;position:var(--position)">(23,527)</span></span></div></div></div></td></tr></tbody></table></div></div></div> 652535000 713945000 1278329000 1419671000 10249000 48095000 55477000 100527000 662784000 762040000 1333806000 1520198000 211334000 212402000 423992000 424838000 -3998000 12031000 7486000 25990000 207336000 224433000 431478000 450828000 441201000 501543000 854337000 994833000 10249000 48095000 55477000 100527000 -3998000 12031000 7486000 25990000 36861000 29128000 71546000 59803000 64342000 55296000 128926000 106172000 304384000 346123000 609825000 688185000 222470000 129606000 227969000 161760000 413000 -9021000 266000 -9528000 133227000 -30622000 128645000 -80614000 0 0 366435000 0 0 0 0 13165000 -38969000 -62189000 359408000 -23527000 <div style="font-size:0pt;left:36pt;position:var(--position);width:540pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:333.75pt"></td><td style="padding:0;width:101.25pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:101.25pt"></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:333.75pt;position:var(--position);width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:22.12pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:438.75pt;position:var(--position);width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:11.14pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12.75pt;width:333.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:333.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">Reportable segment investments in real estate</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:333.75pt;position:var(--position);top:12.75pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">27,578,790<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:438.75pt;position:var(--position);top:12.75pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">27,510,082<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:25.5pt;width:333.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:333.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">All other investments in real estate</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:333.75pt;position:var(--position);top:25.5pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:54.88pt"></span></span><span style="left:57.510000000000005pt;position:var(--position)">1,547,105<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:438.75pt;position:var(--position);top:25.5pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:54.88pt"></span></span><span style="left:57.510000000000005pt;position:var(--position)">1,179,914<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:38.25pt;width:333.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:333.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated investments in real estate</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:333.75pt;position:var(--position);top:38.25pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">29,125,895<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:438.75pt;position:var(--position);top:38.25pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:2.81pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:49.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">28,689,996<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:51pt;width:333.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:333.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated assets not allocated to segments</span></div></div></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:333.75pt;position:var(--position);top:51pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:54.88pt"></span></span><span style="left:57.510000000000005pt;position:var(--position)">5,506,331<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:438.75pt;position:var(--position);top:51pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.55pt;width:54.88pt"></span></span><span style="left:57.510000000000005pt;position:var(--position)">5,391,839<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:65.25pt;width:333.75pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:333.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Consolidated total assets</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:333.75pt;position:var(--position);top:65.25pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">34,632,226<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:438.75pt;position:var(--position);top:65.25pt;width:101.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.31pt;width:101.25pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.55pt;width:44.88pt"></span></span><span style="left:52.510000000000005pt;position:var(--position)">34,081,835<span style="display:inline-block;height:6.55pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div> 27578790000 27510082000 1547105000 1179914000 29125895000 28689996000 5506331000 5391839000 34632226000 34081835000 <span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:54pt;position:var(--position);text-decoration:none;white-space:pre">SUBSEQUENT EVENTS</span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:637.3pt;width:612pt"><span style="color:#00497f;font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:bold;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Sales of real estate assets in July 2026</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:658.9pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In July 2026, we completed the dispositio</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:235.93pt;position:var(--position);text-decoration:none;white-space:pre">n of one future development project aggregating</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:427.36pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:429.86pt;position:var(--position);text-decoration:none;white-space:pre">250,000</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:462.36pt;position:var(--position);text-decoration:none;white-space:pre"> SF</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:476.35pt;position:var(--position);text-decoration:none;white-space:pre"> and one operating </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:669.7pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">property aggregating </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.46pt;position:var(--position);text-decoration:none;white-space:pre">228,000</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:153.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> RSF i</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:178.93pt;position:var(--position);text-decoration:none;white-space:pre">n the Palo Alto submarket of our San Francisco Bay Area market, for an aggregate sales price of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:680.5pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">$163.0 million</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:91.45pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:96.45pt;position:var(--position);text-decoration:none;white-space:pre">with </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:114.93pt;position:var(--position);text-decoration:none;white-space:pre">no</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:124.93pt;position:var(--position);text-decoration:none;white-space:pre"> gain or loss </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:175.9pt;position:var(--position);text-decoration:none;white-space:pre">recognized.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:702.1pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Refer to Note 3 – “</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:145.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre">Investments in real estate</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:248.42pt;position:var(--position);text-decoration:none;white-space:pre">” to our unaudited consolidated financial statements for additional information.</span></div> 250000 228000 163000000.0 0 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:86.5pt;position:var(--position);text-decoration:none;white-space:pre">June 17, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:143.5pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:148.5pt;position:var(--position);text-decoration:none;white-space:pre">Marc E. Binda</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:204.97pt;position:var(--position);text-decoration:none;white-space:pre">, our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:225.46pt;position:var(--position);text-decoration:none;white-space:pre">Chief Financial Officer and Treasurer</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:371.7pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:376.7pt;position:var(--position);text-decoration:none;white-space:pre">terminated</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:419.17pt;position:var(--position);text-decoration:none;white-space:pre"> a Rule 10b5-1 trading arrangement </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">that he had previously adopted in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:170.96pt;position:var(--position);text-decoration:none;white-space:pre">December 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:234.93pt;position:var(--position);text-decoration:none;white-space:pre"> for the sale from time to time of up to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:386.35pt;position:var(--position);text-decoration:none;white-space:pre">23,368</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:413.85pt;position:var(--position);text-decoration:none;white-space:pre"> shares of common stock. The trading </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:118.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">arrangement was intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) and was scheduled </span></div><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">to expire on </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.47999999999999pt;position:var(--position);text-decoration:none;white-space:pre">December 1, 2026</span>. June 17, 2026 Marc E. Binda Chief Financial Officer and Treasurer true 23368 December 1, 2026 <span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:86.5pt;position:var(--position);text-decoration:none;white-space:pre">June 18, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:143.5pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:148.5pt;position:var(--position);text-decoration:none;white-space:pre">Hallie E. Kuhn</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:205.46pt;position:var(--position);text-decoration:none;white-space:pre">, our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:225.95pt;position:var(--position);text-decoration:none;white-space:pre">Executive Vice President – Capital Markets and Co-Lead – Life Science</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:511.16pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:516.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre">terminated</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:558.63pt;position:var(--position);text-decoration:none;white-space:pre"> a </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Rule 10b5-1 trading arrangement that she had previously adopted in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:310.38pt;position:var(--position);text-decoration:none;white-space:pre">December 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:374.35pt;position:var(--position);text-decoration:none;white-space:pre"> for the sale from time to time of up to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:525.77pt;position:var(--position);text-decoration:none;white-space:pre">2,574</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:548.27pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:172.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">shares of common stock. The trading arrangement was intended to satisfy the affirmative defense conditions of Securities Exchange </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:183.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">Act Rule 10b5-1(c) and was scheduled to expire on </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:242.41pt;position:var(--position);text-decoration:none;white-space:pre">October 16, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:311.9pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:205.2pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:86.5pt;position:var(--position);text-decoration:none;white-space:pre">June 25, 2026</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:143.5pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:148.5pt;position:var(--position);text-decoration:none;white-space:pre">Hart Cole</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:186.45999999999998pt;position:var(--position);text-decoration:none;white-space:pre">, our </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:206.95pt;position:var(--position);text-decoration:none;white-space:pre">Co-President &amp; Co-Regional Market Director – Seattle</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:422.29pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:427.29pt;position:var(--position);text-decoration:none;white-space:pre">terminated</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:469.76pt;position:var(--position);text-decoration:none;white-space:pre"> a Rule 10b5-1 trading </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">arrangement that he had previously adopted in </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:224.43pt;position:var(--position);text-decoration:none;white-space:pre">December 2025</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:288.4pt;position:var(--position);text-decoration:none;white-space:pre"> for the sale from time to time of up to </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:439.82pt;position:var(--position);text-decoration:none;white-space:pre">20,000</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:467.32pt;position:var(--position);text-decoration:none;white-space:pre"> shares of common stock. </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:226.8pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">The trading arrangement was intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) and was </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:237.6pt;width:612pt"><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre">scheduled to expire on </span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:128.97pt;position:var(--position);text-decoration:none;white-space:pre">January 29, 2027</span><span style="font-family:'Arial', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;left:198.46pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div> June 18, 2026 Hallie E. Kuhn Executive Vice President – Capital Markets and Co-Lead – Life Science true 2574 October 16, 2026 June 25, 2026 Hart Cole Co-President & Co-Regional Market Director – Seattle true 20000 January 29, 2027 false false false