| Schedule of Real Estate Activities |
Activity in real estate facilities during the nine months ended September 30, 2026 is as follows: | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2026 | | (Amounts in thousands) | | Operating facilities, at cost: | | | | | | | Beginning balance | $ | 30,078,257 | | | | | | | Capital expenditures to maintain real estate facilities | 123,124 | | | | | | | Capital expenditures for property enhancements | 37,171 | | | | | | | Capital expenditures for energy efficiencies (Solar, heat pumps, LED lighting) | 49,453 | | | | | | | Acquisitions | 6,754,578 | | | | | | | Transfers, dispositions, and retirements, net | (1,170) | | | | | | | Developed or expanded facilities opened for operation | 84,090 | | | | | | | Ending balance | 37,125,503 | | | | | | | Accumulated depreciation: | | | | | | | Beginning balance | (11,468,054) | | | | | | | Depreciation expense | (853,955) | | | | | | | Transfers, dispositions and retirements | 254 | | | | | | | Ending balance | (12,321,755) | | | | | | | Construction in process: | | | | | | | Beginning balance | 194,355 | | | | | | | Costs incurred to develop and expand real estate facilities | 202,086 | | | | | | | Acquisitions | 8,217 | | | | | | | Transfer from Other Assets | 5,846 | | | | | | | Write-off of cancelled projects | (4,124) | | | | | | | Developed or expanded facilities opened for operation | (84,090) | | | | | | | Ending balance | 322,290 | | | | | | | Total real estate facilities, net at September 30, 2026 | $ | 25,126,038 | | | | | |
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