Real Estate and Intangibles (Tables)

3 Months Ended

Mar. 31, 2026

Real Estate [Abstract]

Fair Values of Assets Acquired and Liabilities Assumed

We allocated the aggregate purchase price of these acquisitions based on the estimated fair values of the acquired assets and assumed liabilities as follows (amounts in thousands):


		Total
Real estate
Land		$	6,965
Building			17,580
Acquired tenant improvements			5,913
Total real estate			30,458
Investment in sales-type lease, net
Investment in sales-type lease, net (1)			3,408
Total other assets			3,408
Intangible assets
In-place leases			9,534
Acquired leasing commissions			3,112
Above-market leases			485
Total intangible assets			13,131
Intangible liabilities
Below-market leases			(2,374	)
Total intangible liabilities			(2,374	)
Purchase price		$	44,623

(1) Both the investment in sales-type lease, net and credit loss allowance are recorded within Real estate loans receivable, net and investment in sales-type lease, net on our Consolidated Balance Sheet. No profit or loss was recognized upon commencement of the lease.

Schedule of Real Estate and Intangibles

Real estate and intangibles consisted of the following as of March 31, 2026 (amounts in thousands):


		Total
Real estate properties, net
Land		$	321,600
Building and improvements			2,824,477
Acquired tenant improvements			118,029
Construction in progress			51,663
Accumulated depreciation			(577,014	)
Total Real estate properties, net			2,738,755
Intangible assets, net
In-place leases			345,522
Acquired leasing commissions			97,985
Above market leases			15,105
Payment in lieu of taxes			6,394
Accumulated amortization			(275,472	)
Total Intangible assets, net			189,534
Intangible liabilities, net
Below market leases			(78,996	)
Accumulated amortization			65,398
Total Intangible liabilities, net			(13,598	)

Summary of Scheduled Amortization Market Lease Intangibles

The following table summarizes the scheduled amortization of our acquired above- and below-market lease intangibles for each of the five succeeding years as of March 31, 2026 (amounts in thousands):


		Acquired Above-Market Lease Intangibles				Acquired Below-Market Lease Intangibles
2026 (1)		$	919			$	(2,212	)
2027			1,216				(2,729	)
2028			841				(2,184	)
2029			309				(1,498	)
2030			203				(1,328	)

(1)

Represents the nine months ending December 31, 2026.