The following table details the components of Real estate assets in the Consolidated Balance Sheets:

 

(in thousands)

 

December 31, 2025

 

 

December 31, 2024

 

Land

 

$

4,932,642

 

 

 

4,757,704

 

Land improvements

 

 

899,472

 

 

 

807,881

 

Buildings

 

 

6,948,538

 

 

 

6,456,719

 

Building and tenant improvements

 

 

1,634,065

 

 

 

1,461,003

 

Construction in progress

 

 

147,207

 

 

 

215,112

 

Total real estate assets

 

$

14,561,924

 

 

 

13,698,419

 

Historical Timeline

Fiscal YearFiled
2025Feb 13, 2026Showing above
2024Feb 14, 2025
2023Feb 16, 2024
2022Feb 17, 2023
2021Feb 17, 2022
2020Feb 17, 2021
2019Feb 18, 2020
2018Feb 21, 2019

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.