XML 42 R15.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Real Estate | 12 Months Ended
--- | ---
Dec. 31, 2024
Real Estate [Abstract] |
Real Estate | 3. Real Estate: The Company’s components of Real estate, net consist of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Land: |  |  |  |  |  |
Developed land |  | $ | 4,483,219 |  |  | $ | 4,166,475 |
Undeveloped land |  |  | 8,980 |  |  |  | 5,458 |
Land held for development |  |  | 5,997 |  |  |  | 5,864 |
Total land |  |  | 4,498,196 |  |  |  | 4,177,797 |
Buildings and improvements: |  |  |  |  |  |
Buildings |  |  | 11,542,812 |  |  |  | 10,312,001 |
Building improvements |  |  | 2,449,924 |  |  |  | 2,213,248 |
Tenant improvements |  |  | 1,387,142 |  |  |  | 1,158,919 |
Fixtures and leasehold improvements |  |  | 45,417 |  |  |  | 41,055 |
Above-market leases |  |  | 183,599 |  |  |  | 170,513 |
In-place leases |  |  | 1,063,482 |  |  |  | 864,261 |
Total buildings and improvements |  |  | 16,672,376 |  |  |  | 14,759,997 |
Real estate |  |  | 21,170,572 |  |  |  | 18,937,794 |
Accumulated depreciation and amortization (1) |  |  | (4,360,239 | ) |  |  | (3,842,869 | )
Total real estate, net |  | $ | 16,810,333 |  |  | $ | 15,094,925 |
(1) The Company had accumulated amortization relating to in-place leases and above-market leases aggregati ng $858,309 at December 31, 2024 and $751,215 at December 31, 2023. In addition, at December 31, 2024 and 2023, the Company had intangible liabilities relating to below-market leases from property acquisitions of $366.9 million and $330.6 million, respectively, net of accumulated amortization of $287.8 million and $260.8 million, respectively. These amounts are included in the caption Other liabilities on the Company’s Consolidated Balance Sheets. The Company’s amortization associated with above-market and below-market leases for the years ended December 31, 2024, 2023 and 2022 resulted in net increases to revenue of $25.2 million, $17.3 million and $13.6 million, respectively. The Company’s amortization expense associated with in-place leases, which is included in depreciation and amortization, for the years ended December 31, 2024, 2023 and 2022 was $133.7 million, $94.7 million and $118.1 million, respectively. The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases and in-place leases for the next five years are as follows (in millions):
|  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |
Above-market and below-market leases amortization, net |  | $ | 17.2 |  |  | $ | 15.7 |  |  | $ | 15.5 |  |  | $ | 15.6 |  |  | $ | 15.6 |
In-place leases amortization |  | $ | (99.1 | ) |  | $ | (70.7 | ) |  | $ | (51.4 | ) |  | $ | (37.7 | ) |  | $ | (22.5 | )

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration