Accounts payable, accrued expenses, and other liabilities

9 Months Ended

Sep. 30, 2025

Accounts Payable and Accrued Liabilities [Abstract]

Accounts payable, accrued expenses, and other liabilities

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIESThe following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of

September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025	December 31, 2024
Accounts payable and accrued expenses	$514,908	$534,803
Accrued construction	306,290	500,890
Acquired below-market leases	145,514	180,407
Conditional asset retirement obligations	45,490	53,968
Deferred rent liabilities	13,366	11,461
Operating lease liability	361,986	507,127
Unearned rent and tenant security deposits	876,854	691,873
Other liabilities	168,318	173,822
Total	$2,432,726	$2,654,351

As of September 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 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.