Annual report pursuant to Section 13 and 15(d)

Properties, Net (Tables)

v3.25.0.1
Properties, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Operating Properties, Net
We depreciate our fixed assets using the straight-line method over their estimated useful lives as follows:
Estimated Useful Lives
Buildings and building improvements
10-40 years
Land improvements
10-20 years
Tenant improvements on operating properties Shorter of remaining useful lives of assets or related lease term
Equipment and personal property
3-10 years
Operating properties, net consisted of the following (in thousands): 
December 31,
2024 2023
Land $ 495,707  $ 482,964 
Buildings and improvements 4,395,063  4,164,004 
Less: Accumulated depreciation (1,537,293) (1,400,162)
Operating properties, net $ 3,353,477  $ 3,246,806 
Schedule of Allocation of Acquisition Costs The table below sets forth the allocation of the aggregate purchase price and transaction costs associated with these acquisitions (in thousands):
Land, operating properties $ 8,361 
Building and improvements 16,635 
Intangible assets on real estate acquisitions 7,248 
Total acquisition cost $ 32,244 
Schedule of Intangible Assets Acquired
Intangible assets recorded in connection with these acquisitions included the following (dollars in thousands):
Weighted Average Amortization Period
 (in Years)
Tenant relationship value $ 3,752  12.4
In-place lease value 2,229  2.4
Above-market leases 1,267  2.4
$ 7,248  7.6
Schedule of Disposal Groups, Including Discontinued Operations The table below sets forth the property’s results of operations included in discontinued operations on our consolidated statement of operations and its operating and investing cash flows included on our consolidated statement of cash flows for the year ended December 31, 2022 (in thousands):
Revenues from real estate operations $ 1,980 
Property operating expenses (971)
Gain on sale of real estate 28,564 
Discontinued operations $ 29,573 
Cash flows from operating activities $ 5,757 
Cash flows from investing activities $ 220,565