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Accounts payable, accrued expenses, and other liabilities | 6 Months Ended
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Jun. 30, 2025
Accounts Payable and Accrued Liabilities [Abstract] |
Accounts payable, accrued expenses, and other liabilities | The following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of June 30, 2025 and December 31, 2024 (in thousands):
| June 30, 2025 |  | December 31, 2024
Accounts payable and accrued expenses | $406,957 |  | $534,803
Accrued construction | 328,298 |  | 500,890
Acquired below-market leases | 153,289 |  | 180,407
Conditional asset retirement obligations | 45,559 |  | 53,968
Deferred rent liabilities | 12,123 |  | 11,461
Operating lease liability | 363,419 |  | 507,127
Unearned rent and tenant security deposits | 890,689 |  | 691,873
Other liabilities | 160,506 |  | 173,822
Total | $2,360,840 |  | $2,654,351
As of June 30, 2025 and December 31, 2024, our conditional asset retirement obligations liability primarily consisted of the soil and groundwater remediation liabilities associated with certain of our properties. Some of our properties may contain asbestos or may be subjected to other hazardous or toxic substances, which, under certain conditions, requires remediation. We engage independent environmental consultants to conduct Phase I or similar environmental assessments at our properties. This type of assessment generally includes a site inspection, interviews, and a public records review; asbestos, lead-based paint, and mold surveys; subsurface sampling; and other testing. We recognize a liability for the fair value of a conditional asset retirement obligation (including asbestos) when the fair value of the liability can be reasonably estimated. In addition, environmental laws and regulations subject our tenants, and potentially us, to liability that may result from our tenants’ routine handling of hazardous substances and wastes as part of their operations at our properties. These assessments and investigations of our properties have not to date revealed any additional environmental liability we believe would have a material adverse effect on our business and financial statements or that would require additional disclosures or recognition in our consolidated financial statements.

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