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Real Estate Property, Net
 12 Months Ended
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):
20252024
Land$781,367 $787,242 
Buildings759,872 764,803 
Other property improvements146,380 118,834 
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.