Schedule III - Consolidated Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III - Consolidated Real Estate and Accumulated Depreciation


			Initial Cost				Cost Capitalized Subsequent to Acquisition/Development				Gross Carrying Amount Close of Period
Name	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation		Year Built / Renovated	Year Acquired
Operating Properties
12th Street Plaza	$	—	$	2,624	$	10,615	$	—	$	1,898	$	2,624	$	12,513	$	15,137	$	4,064	1978/2003	2012
54th & College	—		2,672		—		—		—		2,672		—		2,672		—		2008	NA
Arcadia Village	—		8,487		11,696		—		537		8,487		12,233		20,720		2,665		1957	2021
Avondale Plaza	—		6,723		10,066		—		74		6,723		10,140		16,863		1,863		2005	2021
Bayonne Crossing	—		47,809		38,362		—		2,980		47,809		41,342		89,151		13,274		2011	2014
Bayport Commons	—		7,005		20,402		—		4,820		7,005		25,222		32,227		11,479		2008	NA
Belle Isle Station	—		9,130		40,682		—		8,039		9,130		48,721		57,851		22,670		2000	2015
Bridgewater Marketplace	—		3,407		8,411		—		1,737		3,407		10,148		13,555		5,138		2008	NA
Burlington*	—		—		2,773		—		29		—		2,802		2,802		2,802		1992/2000	2000
Castleton Crossing	—		9,761		24,281		—		1,050		9,761		25,331		35,092		8,450		1975	2013
Cedar Park Town Center	—		9,032		25,678		—		336		9,032		26,014		35,046		3,433		2013	2021
Centennial Center	—		58,960		71,794		—		9,645		58,960		81,439		140,399		43,506		2002	2014
Centennial Gateway	—		5,305		48,413		—		1,352		5,305		49,765		55,070		20,401		2005	2014
Central Texas Marketplace	—		15,711		29,588		—		3,693		15,711		33,281		48,992		7,019		2004	2021
Centre at Laurel	—		6,122		34,643		—		1,079		6,122		35,722		41,844		6,613		2005	2021
Centre Point Commons*	—		2,918		22,272		—		916		2,918		23,188		26,106		9,438		2007	2014
Chantilly Crossing	—		12,309		17,458		—		1,252		12,309		18,710		31,019		3,433		2004	2021
Chapel Hill Shopping Center*	—		—		34,653		—		3,147		—		37,800		37,800		16,631		2001	2015
Circle East	—		1,188		27,010		—		2,103		1,188		29,113		30,301		3,201		1998/2022	2021
Clearlake Shores Shopping Center	—		3,845		6,512		—		912		3,845		7,424		11,269		1,399		2003	2021
Coal Creek Marketplace	—		9,397		11,645		—		310		9,397		11,955		21,352		2,682		1991	2021
Cobblestone Plaza	—		10,374		43,978		—		3,960		10,374		47,938		58,312		19,296		2011	NA
Colleyville Downs	—		5,446		38,134		—		4,211		5,446		42,345		47,791		22,156		2014	2015
Colonial Square	—		7,521		18,499		—		3,524		7,521		22,023		29,544		8,258		2010	2014
Colony Square	—		20,300		18,310		—		813		20,300		19,123		39,423		5,029		1997	2021
Commons at Temecula	—		18,966		44,183		—		545		18,966		44,728		63,694		10,474		1999	2021
Cool Creek Commons	—		6,062		12,302		—		7,990		6,062		20,292		26,354		9,543		2005	NA
Cool Springs Market	—		12,444		22,383		40		11,606		12,484		33,989		46,473		16,537		1995	2013
Coppell Town Center	—		5,052		11,240		—		806		5,052		12,046		17,098		2,655		1999	2021
Coram Plaza	—		6,992		22,995		—		552		6,992		23,547		30,539		4,533		2004	2021
Cypress Mill Plaza	—		6,320		10,056		—		497		6,320		10,553		16,873		2,150		2004	2021
Davis Towne Crossing	—		995		8,939		—		149		995		9,088		10,083		1,751		2003	2021


			Initial Cost				Cost Capitalized Subsequent to Acquisition/Development				Gross Carrying Amount Close of Period
Name	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation		Year Built / Renovated	Year Acquired
Operating Properties (continued)
Delray Marketplace	$	14,600	$	18,750	$	84,751	$	1,284	$	11,093	$	20,034	$	95,844	$	115,878	$	35,830	2013	NA
Denton Crossing	—		8,257		38,695		—		4,962		8,257		43,657		51,914		8,638		2003	2021
DePauw University Bookstore & Café*	—		64		663		—		45		64		708		772		606		2012	NA
Downtown Crown	—		25,759		76,631		—		7,197		25,759		83,828		109,587		10,444		2014	2021
Draper Crossing	—		9,054		27,063		—		2,541		9,054		29,604		38,658		13,390		2012	2014
Draper Peaks	—		11,498		46,748		522		6,611		12,020		53,359		65,379		19,370		2012	2014
East Stone Commons*	—		3,766		21,311		—		151		3,766		21,462		25,228		4,058		2005	2021
Eastern Beltway	—		23,221		45,548		—		8,961		23,221		54,509		77,730		20,227		1998/2006	2014
Eastgate Crossing	—		4,244		58,197		—		6,019		4,244		64,216		68,460		8,979		1958/2007	2020
Eastgate Pavilion	—		8,026		18,262		—		3,294		8,026		21,556		29,582		10,816		1995	2004
Eastwood Towne Center	—		3,242		55,765		—		6,694		3,242		62,459		65,701		12,736		2002	2021
Eddy Street Commons*	—		1,900		48,164		—		6,950		1,900		55,114		57,014		19,316		2009/2022	NA
Edwards Multiplex	—		22,583		28,710		—		204		22,583		28,914		51,497		7,366		1997	2021
Estero Town Commons	—		7,453		9,902		—		1,442		7,453		11,344		18,797		5,490		2006	NA
Fairgrounds Plaza	—		12,690		15,249		—		94		12,690		15,343		28,033		3,025		2002	2021
Fishers Station	—		4,966		13,028		—		386		4,966		13,414		18,380		5,424		2018	NA
Fordham Place	—		41,993		101,490		—		804		41,993		102,294		144,287		15,235		1920/2009	2021
Fort Evans Plaza II	—		14,110		38,711		—		5,506		14,110		44,217		58,327		6,656		2008	2021
Fullerton Metrocenter	—		55,794		42,757		—		4,503		55,794		47,260		103,054		10,602		1988	2021
Galvez Shopping Center	—		494		4,951		—		250		494		5,201		5,695		1,001		2004	2021
Gardiner Manor Mall	—		29,521		19,861		—		7,510		29,521		27,371		56,892		5,299		2000	2021
Gateway Pavilions	—		44,167		9,022		—		2,030		44,167		11,052		55,219		3,060		2003	2021
Gateway Plaza	—		15,608		21,613		—		2,463		15,608		24,076		39,684		6,018		2000	2021
Gateway Station	—		10,679		10,527		—		611		10,679		11,138		21,817		2,188		2003	2021
Gateway Village	—		32,045		33,359		—		782		32,045		34,141		66,186		7,894		1996	2021
Geist Pavilion	—		1,368		7,161		—		2,830		1,368		9,991		11,359		5,383		2006	NA
Gerry Centennial Plaza	—		3,448		9,605		—		317		3,448		9,922		13,370		1,891		2006	2021
Glendale Town Center	—		1,442		41,558		(187)		25,608		1,255		67,166		68,421		37,452		1958/2021	1999
Grapevine Crossing	—		7,021		11,900		—		1,117		7,021		13,017		20,038		2,873		2001	2021
Green's Corner	—		4,716		13,702		—		150		4,716		13,852		18,568		3,097		1997	2021
Greyhound Commons	—		2,629		6		—		2,813		2,629		2,819		5,448		874		2005	NA
Gurnee Town Center	—		7,348		20,512		—		1,054		7,348		21,566		28,914		4,715		2000	2021


			Initial Cost				Cost Capitalized Subsequent to Acquisition/Development				Gross Carrying Amount Close of Period
Name	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation		Year Built / Renovated	Year Acquired
Operating Properties (continued)
Henry Town Center	$	—	$	9,353	$	49,262	$	—	$	2,920	$	9,353	$	52,182	$	61,535	$	11,213	2002	2021
Heritage Square	—		11,373		16,159		—		609		11,373		16,768		28,141		3,786		1985	2021
Heritage Towne Crossing	—		5,720		14,738		—		424		5,720		15,162		20,882		3,175		2002	2021
Holly Springs Towne Center	—		22,324		93,199		—		8,513		22,324		101,712		124,036		33,498		2013	NA
Home Depot Center*	—		—		20,122		—		462		—		20,584		20,584		4,420		1996	2021
Huebner Oaks	—		19,423		35,529		—		1,151		19,423		36,680		56,103		6,818		1996	2021
Humblewood Shopping Center	—		3,921		10,826		—		519		3,921		11,345		15,266		2,262		1979/2005	2021
Hunter's Creek Promenade	—		8,017		12,289		179		2,015		8,196		14,304		22,500		5,726		1994	2013
Indian River Square	—		4,000		5,775		1,100		6,105		5,100		11,880		16,980		4,593		1997/2004	2005
International Speedway Square	—		7,157		10,757		—		9,588		7,157		20,345		27,502		13,447		1999	NA
Jefferson Commons	—		23,356		19,657		—		2,804		23,356		22,461		45,817		5,081		2005	2021
John's Creek Village	—		7,668		39,579		—		1,287		7,668		40,866		48,534		8,044		2004	2021
Killingly Commons	—		21,999		29,649		—		2,169		21,999		31,818		53,817		10,519		2010	2014
King's Lake Square	—		4,519		12,201		—		1,952		4,519		14,153		18,672		7,870		1986/2014	2003
La Plaza Del Norte	—		18,113		32,669		—		691		18,113		33,360		51,473		7,656		1996	2021
Lake City Commons	—		4,693		11,348		—		692		4,693		12,040		16,733		4,287		2008	2014
Lake Mary Plaza	—		1,413		8,537		—		291		1,413		8,828		10,241		3,106		2009	2014
Lake Worth Towne Crossing	—		6,228		28,699		—		552		6,228		29,251		35,479		5,563		2005	2021
Lakewood Towne Center	—		32,864		30,794		—		3,012		32,864		33,806		66,670		7,518		2002	2021
Lincoln Park	—		14,757		39,830		—		1,266		14,757		41,096		55,853		8,902		1997	2021
Lincoln Plaza	—		6,239		38,269		—		5,760		6,239		44,029		50,268		9,786		2001	2021
Lithia Crossing	—		3,065		6,844		—		4,375		3,065		11,219		14,284		4,112		1994/2003	2011
Lowe's Center	—		19,894		—		—		70		19,894		70		19,964		2		2005	2021
MacArthur Crossing	—		11,190		31,192		—		1,942		11,190		33,134		44,324		5,436		1995	2021
Main Street Promenade	—		2,630		60,115		—		1,608		2,630		61,723		64,353		7,591		2003	2021
Manchester Meadows	—		10,788		30,107		—		254		10,788		30,361		41,149		8,295		1994	2021
Mansfield Towne Crossing	—		2,966		14,229		—		716		2,966		14,945		17,911		2,993		2003	2021
Market Street Village	—		9,764		16,360		—		5,609		9,764		21,969		31,733		11,632		1970/2004	2005
Merrifield Town Center	—		5,186		41,073		—		1,723		5,186		42,796		47,982		6,566		2008	2021
Merrifield Town Center II	—		19,614		23,042		—		159		19,614		23,201		42,815		3,725		1972/2007	2021
Miramar Square	—		26,492		30,696		387		10,264		26,879		40,960		67,839		14,099		2008	2014
Mullins Crossing*	—		10,582		38,703		—		7,221		10,582		45,924		56,506		18,352		2005	2014


			Initial Cost				Cost Capitalized Subsequent to Acquisition/Development				Gross Carrying Amount Close of Period
Name	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation		Year Built / Renovated	Year Acquired
Operating Properties (continued)
Naperville Marketplace	$	—	$	5,364	$	11,377	$	—	$	281	$	5,364	$	11,658	$	17,022	$	5,623	2008	NA
New Forest Crossing	—		7,175		11,976		—		317		7,175		12,293		19,468		2,667		2003	2021
New Hyde Park Shopping Center	—		10,792		9,548		—		607		10,792		10,155		20,947		1,458		1964/2011	2021
Newnan Crossing	—		6,616		40,854		—		1,342		6,616		42,196		48,812		10,140		1999	2021
Newton Crossroads	—		1,004		10,755		—		243		1,004		10,998		12,002		2,429		1997	2021
Nora Plaza	3,203		3,790		19,508		5,002		32,366		8,792		51,874		60,666		7,536		2004	2019
North Benson Center	—		16,632		9,736		—		1,160		16,632		10,896		27,528		2,448		1988	2021
Northcrest Shopping Center	—		4,044		33,835		—		2,182		4,044		36,017		40,061		13,537		2008	2014
Northdale Promenade	—		1,718		27,242		—		(38)		1,718		27,204		28,922		19,003		2017	NA
Northgate North	21,681		20,063		48,663		—		2,926		20,063		51,589		71,652		11,813		1999	2021
Northpointe Plaza	—		15,964		35,248		—		1,252		15,964		36,500		52,464		7,721		1991	2021
Oak Brook Promenade	—		6,753		48,592		—		4,593		6,753		53,185		59,938		9,589		2006	2021
Oleander Place*	—		847		5,226		—		239		847		5,465		6,312		3,066		2012	2011
One Loudoun Downtown	95,095		74,400		234,310		—		10,449		74,400		244,759		319,159		32,579		2013/2022	2021
Oswego Commons	—		5,746		8,135		—		7,267		5,746		15,402		21,148		2,545		2002	2021
Palms Plaza	—		12,049		24,324		—		972		12,049		25,296		37,345		4,388		1988/2004	2022
Paradise Valley Marketplace	—		6,889		35,761		—		233		6,889		35,994		42,883		7,400		2002	2021
Parkside Town Commons	—		21,806		107,057		(60)		12,137		21,746		119,194		140,940		44,126		2015	N/A
Parkside West Cobb	—		6,750		31,351		—		331		6,750		31,682		38,432		552		2016	2024
Parkway Towne Crossing	—		15,099		28,265		—		1,439		15,099		29,704		44,803		4,653		2010	2021
Pavilion at King's Grant	—		5,086		39,723		—		2,169		5,086		41,892		46,978		9,740		2002	2021
Pebble Marketplace	—		7,504		34,329		—		931		7,504		35,260		42,764		3,536		1997	2022
Pelham Manor Shopping Plaza*	—		—		42,224		—		512		—		42,736		42,736		6,893		2008	2021
Peoria Crossing	—		18,879		15,782		—		1,336		18,879		17,118		35,997		3,914		2002	2021
Perimeter Woods	—		6,893		27,245		—		5,569		6,893		32,814		39,707		11,453		2008	2014
Pine Ridge Crossing	—		5,640		16,291		—		6,444		5,640		22,735		28,375		11,175		1994	2006
Plaza at Cedar Hill	—		5,782		31,636		—		17,693		5,782		49,329		55,111		25,247		2000	2004
Plaza at Marysville	—		6,710		18,399		—		328		6,710		18,727		25,437		4,280		1995	2021
Pleasant Hill Commons	—		3,350		10,064		—		(183)		3,350		9,881		13,231		3,632		2008	2014
Pleasant Run Towne Crossing	—		4,465		24,738		—		1,836		4,465		26,574		31,039		5,486		2004	2021
Portofino Shopping Center	—		4,721		75,005		—		20,700		4,721		95,705		100,426		45,462		1999	2013
Prestonwood Place	—		14,282		61,304		—		403		14,282		61,707		75,989		3,546		1979/2020	2023


			Initial Cost				Cost Capitalized Subsequent to Acquisition/Development				Gross Carrying Amount Close of Period
Name	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation		Year Built / Renovated	Year Acquired
Operating Properties (continued)
Publix at Woodruff	$	—	$	1,783	$	6,285	$	—	$	1,009	$	1,783	$	7,294	$	9,077	$	5,483	1997	2012
Rampart Commons	5,676		1,136		41,981		—		1,462		1,136		43,443		44,579		19,948		2018	2014
Rangeline Crossing	—		1,981		17,459		—		4,213		1,981		21,672		23,653		8,780		1986/2013	NA
Riverchase Plaza	—		3,889		10,875		—		1,343		3,889		12,218		16,107		6,418		1991/2001	2006
Rivers Edge	—		5,647		28,778		—		3,245		5,647		32,023		37,670		12,395		2011	2008
Rivery Towne Crossing	—		5,230		2,207		—		1,075		5,230		3,282		8,512		788		2005	2021
Royal Oaks Village II	—		3,462		9,092		—		867		3,462		9,959		13,421		2,090		2004	2021
Sawyer Heights Village	—		18,720		19,403		—		558		18,720		19,961		38,681		3,313		2007	2021
Saxon Crossing	—		3,764		15,133		—		926		3,764		16,059		19,823		5,899		2009	2014
Shoppes at Hagerstown	—		6,796		15,872		—		749		6,796		16,621		23,417		2,726		2008	2021
Shoppes at Plaza Green	—		3,749		20,762		—		6,829		3,749		27,591		31,340		10,846		2000	2012
Shoppes at Quarterfield	—		4,105		8,706		—		645		4,105		9,351		13,456		1,122		1999/2022	2021
Shoppes of Eastwood	—		1,688		8,911		—		1,146		1,688		10,057		11,745		5,705		1997	2013
Shoppes of New Hope	—		2,107		10,580		—		154		2,107		10,734		12,841		1,950		2004	2021
Shoppes of Prominence Point	—		2,945		11,078		—		556		2,945		11,634		14,579		2,183		2004	2021
Shops at Eagle Creek	—		2,121		7,966		—		4,759		2,121		12,725		14,846		6,754		1998	2003
Shops at Forest Commons	—		1,616		9,320		—		617		1,616		9,937		11,553		2,056		2002	2021
Shops at Julington Creek	—		2,372		7,286		—		381		2,372		7,667		10,039		2,547		2011	2014
Shops at Moore	—		6,284		23,561		—		3,205		6,284		26,766		33,050		9,302		2010	2014
Shops at Park Place	—		8,042		18,358		—		272		8,042		18,630		26,672		4,192		2001	2021
Silver Springs Pointe	—		7,580		4,947		—		562		7,580		5,509		13,089		2,628		2001	2014
Southlake Corners	—		7,998		16,556		—		370		7,998		16,926		24,924		4,057		2004	2021
Southlake Town Square	—		19,534		321,502		—		21,640		19,534		343,142		362,676		74,304		1998	2021
Stilesboro Oaks	—		3,712		11,270		—		126		3,712		11,396		15,108		2,530		1997	2021
Stonebridge Plaza	—		1,923		7,917		—		197		1,923		8,114		10,037		1,758		1997	2021
Stoney Creek Commons	—		628		3,657		—		6,162		628		9,819		10,447		6,039		2000	NA
Sunland Towne Centre	—		14,774		22,233		—		6,087		14,774		28,320		43,094		14,781		1996	2004
Tacoma South	—		30,058		3,308		—		1,247		30,058		4,555		34,613		862		1984	2021
Target South Center	—		2,581		9,553		—		136		2,581		9,689		12,270		2,143		1999	2021
Tarpon Bay Plaza	—		3,855		23,796		—		3,161		3,855		26,957		30,812		11,910		2007	NA
The Brickyard	—		29,389		19,182		—		5,418		29,389		24,600		53,989		5,067		1977/2004	2021
The Corner	—		3,772		23,437		—		280		3,772		23,717		27,489		7,477		2008	2014


			Initial Cost				Cost Capitalized Subsequent to Acquisition/Development				Gross Carrying Amount Close of Period
Name	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation		Year Built / Renovated	Year Acquired
Operating Properties (continued)
The Landing at Tradition	$	—	$	17,605	$	45,907	$	—	$	24,621	$	17,605	$	70,528	$	88,133	$	20,208	2007	2014
The Shoppes at Union Hill	7,930		9,876		46,234		—		1,633		9,876		47,867		57,743		9,260		2003	2021
The Shops at Legacy	—		14,864		118,670		—		13,913		14,864		132,583		147,447		26,045		2002	2021
Tollgate Marketplace	—		11,963		65,350		—		14,268		11,963		79,618		91,581		15,921		1979/1994	2021
Toringdon Market	—		5,448		9,325		—		1,026		5,448		10,351		15,799		4,368		2004	2013
Towson Square	—		1,412		27,108		—		41		1,412		27,149		28,561		4,213		2014	2021
Traders Point	—		11,135		42,152		—		3,216		11,135		45,368		56,503		27,761		2005	NA
Tradition Village Center	—		3,140		14,607		—		1,472		3,140		16,079		19,219		6,508		2006	2014
Tysons Corner	—		13,334		10,407		—		140		13,334		10,547		23,881		1,502		1980/2013	2021
Village Shoppes at Simonton	—		1,627		11,638		—		128		1,627		11,766		13,393		2,207		2004	2021
Walter's Crossing	—		13,056		20,656		—		4,251		13,056		24,907		37,963		4,359		2005	2021
Watauga Pavilion	—		5,511		23,936		—		247		5,511		24,183		29,694		4,736		2003	2021
Waterford Lakes Village	—		2,317		1,873		—		11,464		2,317		13,337		15,654		2,034		1997	2004
Waxahachie Crossing	—		1,411		15,698		—		(257)		1,411		15,441		16,852		5,211		2010	2014
Westbury Center	—		4,540		12,866		—		142		4,540		13,008		17,548		2,702		2000	2021
Winchester Commons	—		2,119		9,325		—		35		2,119		9,360		11,479		2,094		1999	2021
Woodinville Plaza	—		24,722		30,014		—		1,286		24,722		31,300		56,022		7,078		1981	2021

Total Operating Properties	148,185		1,800,175		5,020,884		8,267		587,336		1,808,442		5,608,220		7,416,662		1,564,466


			Initial Cost				Cost Capitalized Subsequent to Acquisition/Development				Gross Carrying Amount Close of Period
Name	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation		Year Built / Renovated	Year Acquired
Office and Other Properties
Carillon MOB	$	—	$	881	$	34,684	$	—	$	—	$	881	$	34,684	$	35,565	$	348	2024	2021
Thirty South Meridian	—		1,643		7,841		—		30,692		1,643		38,533		40,176		19,504		1905/2002	2001
Union Station Parking Garage	—		904		2,310		—		2,281		904		4,591		5,495		2,402		1986	2001

Total Office Properties	—		3,428		44,835		—		32,973		3,428		77,808		81,236		22,254

Development and Redevelopment Projects
Carillon	—		27,358		5,052		—		4,329		27,358		9,381		36,739		941		2004	2021
Hamilton Crossing Centre	—		3,514		2,017		(19)		858		3,495		2,875		6,370		—		N/A	N/A
One Loudoun – Uptown	—		88,514		—		(88)		2,706		88,426		2,706		91,132		—		N/A	2021
The Corner – IN	—		—		—		—		—		—		—		—		—		N/A	N/A

Total Development and Redevelopment Projects	—		119,386		7,069		(107)		7,893		119,279		14,962		134,241		941

Other **
Bridgewater Marketplace	—		855		—		—		—		855		—		855		—		N/A	N/A
KRG Development	—		—		—		—		—		—		—		—		—		N/A	N/A
KRG New Hill	—		1,092		—		105		—		1,197		—		1,197		—		N/A	N/A
KRG Peakway	—		—		—		—		—		—		—		—		—		N/A	N/A

Total Other	—		1,947		—		105		—		2,052		—		2,052		—

Line of credit/Term loans/Unsecured notes	3,080,000		—		—		—		—		—		—		—		—		N/A	N/A

Grand Total	$	3,228,185	$	1,924,936	$	5,072,788	$	8,265	$	628,202	$	1,933,201	$	5,700,990	$	7,634,191	$	1,587,661

* This property or a portion of the property is subject to a ground lease for the land.

** This category generally includes land held for development. We also have certain additional land parcels at our development and operating properties, which amounts are included elsewhere in this table.

RECONCILIATION OF INVESTMENT PROPERTIES

The changes in investment properties for the years ended December 31, 2024, 2023 and 2022 are as follows:


	Year Ended December 31,
	2024		2023		2022
Balance as of January 1,	$	7,740,061	$	7,732,573	$	7,584,735
Acquisitions related to the RPAI merger	—		—		(16,672)
Acquisitions	38,101		75,587		99,064
Property held for sale	(105,828)		—		—
Improvements	139,895		140,654		152,165
Impairment of property	(101,678)		—		—
Disposals	(76,360)		(208,753)		(86,719)
Balance as of December 31,	$	7,634,191	$	7,740,061	$	7,732,573

The unaudited aggregate cost of investment properties for U.S. federal income tax purposes as of December 31, 2024 was approximately $8.2 billion.

RECONCILIATION OF ACCUMULATED DEPRECIATION

The changes in accumulated depreciation for the years ended December 31, 2024, 2023 and 2022 are as follows:


	Year Ended December 31,
	2024		2023		2022
Balance as of January 1,	$	1,381,770	$	1,161,148	$	879,306
Depreciation expense	314,632		317,593		318,809
Property held for sale	(1,360)		—		—
Impairment of property	(35,477)		—		—
Disposals	(71,904)		(96,971)		(36,967)
Balance as of December 31,	$	1,587,661	$	1,381,770	$	1,161,148

Depreciation of investment properties reflected in the accompanying consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as follows:


Buildings			20 – 35 years
Building improvements			10 – 35 years
Tenant improvements			Term of related lease
Furniture and fixtures			5 – 10 years

All other schedules have been omitted because they are inapplicable, not required or the information is included elsewhere in the accompanying consolidated financial statements or notes thereto.