A summary of our real estate investments is as follows (in thousands):


	Retail		Office		Multifamily		Mixed-Use		Total
December 31, 2025
Land	$	226,899	$	297,947	$	99,793	$	76,635	$	701,274
Buildings	449,400		1,525,289		446,092		131,884		2,552,665
Land improvements	44,162		19,526		9,947		2,606		76,241
Tenant improvements	82,203		263,064		—		2,729		347,996
Furniture, fixtures, and equipment	789		7,693		12,972		13,142		34,596
Construction in progress (1)	3,449		42,382		4,272		752		50,855
	806,902		2,155,901		573,076		227,748		3,763,627
Accumulated depreciation	(337,169)		(568,585)		(166,913)		(71,592)		(1,144,259)
Net real estate	$	469,733	$	1,587,316	$	406,163	$	156,156	$	2,619,368
December 31, 2024
Land	$	226,899	$	297,947	$	72,668	$	76,635	$	674,149
Buildings	446,775		1,407,244		407,297		130,594		2,391,910
Land improvements	40,658		16,779		8,515		2,606		68,558
Tenant improvements	78,126		240,099		—		3,020		321,245
Furniture, fixtures, and equipment	629		6,241		12,273		13,019		32,162
Construction in progress (1)	3,302		132,742		1,685		611		138,340
	796,389		2,101,052		502,438		226,485		3,626,364
Accumulated depreciation	(318,352)		(503,594)		(151,422)		(65,510)		(1,038,878)
Net real estate (2)	$	478,037	$	1,597,458	$	351,016	$	160,975	$	2,587,486

(1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets.

(2) Excludes net real estate assets held for sale

On February 28, 2025, we acquired Genesee Park in San Diego, California, consisting of a 192-unit apartment community. The purchase price was $67.9 million, excluding closing costs of approximately $0.1 million.

The property was acquired using cash on hand, primarily from the proceeds received on the sale of Del Monte Center on February 25, 2025.

The financial information set forth below summarizes the company’s purchase price allocation for Genesee Park during the year ended December 31, 2025 (in thousands):


	Genesee Park
Land	$	27,125
Building	38,101
Land improvements	1,156
Furniture, fixtures, and equipment	274
Total real estate	66,656
Lease intangibles	1,373
Prepaid expenses and other assets	114
Assets acquired	$	68,143
Security deposits payable	(236)
Other liabilities and deferred credits	(28)
Liabilities assumed	$	(264)

The value allocated to lease intangibles is amortized over six-months as depreciation and amortization expense in the statement of comprehensive income, which is fully amortized as of December 31, 2025.

The following table summarizes the operating results for Genesee Park included in the company's historical consolidated statement of operations for the period of acquisition through December 31, 2025 (in thousands):


	Genesee Park
Revenues	$	3,909
Operating expenses	5,021
Operating loss	(1,112)
Other income, net	2
Net income attributable to American Assets Trust, Inc.	$	(1,110)