Quarterly report [Sections 13 or 15(d)]

Properties, Net

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Properties, Net
9 Months Ended
Sep. 30, 2026
Real Estate [Abstract]  
Properties, Net Properties, Net
 
Operating properties, net consisted of the following (in thousands): 
September 30,
2026
December 31,
2025
Land $ 519,256  $ 519,256 
Buildings and improvements 4,780,254  4,663,198 
Less: Accumulated depreciation (1,798,284) (1,682,367)
Operating properties, net $ 3,501,226  $ 3,500,087 

On April 23, 2026, we acquired approximately 17 acres of land for a purchase price of $43.0 million, subject to a ground lease underlying two fully-leased operating properties located at 15020 and 15030 Conference Center Drive in Chantilly, Virginia (included in the NoVA Defense/IT sub-segment of our Defense/IT Portfolio reportable segment). We recorded this transaction as an investment in a sales-type lease (see Note 5).

We sold non-operating properties during the nine months ended September 30, 2026 for $28.3 million and recognized gain on sales of $14.7 million.