FINANCIAL RESULTS
Albanese Cormier Holdings, LLC and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Years ended December 31, 2025 and 2024 Property and Equipment Property and equipment, net, consisted of the following:
6.
2025
2024
Buildings
$ 582,469,081 80,127,513 2,379,309 8,558,174 673,534,077
$ 430,786,346 76,069,740 2,366,428 8,352,859 517,575,373
Buildings improvements
Furniture, fixtures and equipment
Aircraft
Accumulated depreciation and amortization
(118,312,686) 555,221,391
(106,097,398) 411,477,975
Land
80,577,969
63,248,875
$ 635,799,360
$ 474,726,850
Depreciation expense was $18,780,769 and $19,288,121 for the years ended December 31, 2025 and 2024, respectively. The building, building improvements, and land includes the step in basis associated with the partnership redemption (See note 5). 7. Intangible Assets and Liabilities The Company’s intangible assets and liabilities by category and their related amortization expense and carrying values as of December 31, 2025 and 2024 are as follows:
Above Market Leases
Below Market Leases
In-Place Leases
Origination costs
Total
Carrying value at December 31, 2023 $
7,380,044 (8,324,710) $ $ 4,621,008 9,544,583 $ $ 13,220,925
2024 additions 2024 dispositions 2024 amortization Carrying value at December 31, 2024 2025 additions 2025 dispositions 2025 amortization Carrying value at December 31, 2025
491,032
(2,697,487)
1,280,686 2,471,306 (517,570) (1,133,729) (778,441) (1,657,257)
1,545,537 (1,781,821) (2,479,740)
(1,100,654) (1,346,964)
970,132
1,302,922
5,423,458 (8,749,143) 1,954,108 (9,593,930)
4,605,683 9,224,903 4,264,216 8,528,005
10,504,901 5,152,399
(159,769) (1,166,963)
699,720
(144,226)
(413,947)
(18,222)
1,204,048
(734,983) (1,491,870)
(2,189,768)
6,050,834 (16,439,305)
7,990,690 15,847,091
13,449,310
19
87 AlbaneseCormier® | 2025 Annual Report
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