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v3.25.4

Real Estate Property, Net | 12 Months Ended
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Dec. 31, 2025
Property, Plant and Equipment [Abstract] |
Real Estate Property, Net | Real Estate Property, Net Real estate property, net as of December 31, 2025 and 2024, includes the following (in thousands):
|  | 2025 |  | 2024
Land |  | $ | 781,367 |  |  | $ | 787,242 |
Buildings |  | 759,872 |  |  | 764,803 |
Other property improvements |  | 146,380 |  |  | 118,834 |
Subtotal |  | $ | 1,687,619 |  |  | $ | 1,670,879 |
Accumulated depreciation |  | (281,510) |  |  | (255,641) |
Real estate property, net |  | $ | 1,406,109 |  |  | $ | 1,415,238 |
As noted in Note 2 – Significant Accounting Policies, the Company may capitalize a portion of interest costs incurred to long-lived assets for developments, major redevelopments and other projects that meet certain criteria. Total interest costs incurred were $24.6 million, $23.5 million, and $23.5 million in 2025, 2024, and 2023, respectively. Capitalized interest costs related to development activities were $0.8 million, $0.3 million, and $0.5 million in 2025, 2024, and 2023, respectively. Depreciation expense for the years ended December 31, 2025, 2024, and 2023, was $32.1 million, $29.9 million, and $29.2 million, respectively.

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