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Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Schedule of Asset Acquisition | During the nine months ended September 30, 2023, the Company acquired the following operating properties, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests in certain operating properties held in an unconsolidated joint venture (in thousands):
|  |  |  |  |  |  |  |  | Purchase Price |  |  |  |
Property Name |  | Location |  | Month Acquired |  | Cash |  |  | Debt |  |  | Other |  |  | Total |  |  | GLA |
Portfolio (2 properties) (1) |  | Various |  | Jan-23 |  | $ | 69,130 |  |  | $ | 19,637 |  |  | $ | 13,019 |  |  | $ | 101,786 |  |  |  | 342 |
Crossroads Plaza Parcel |  | Cary, NC |  | Jan-23 |  |  | 2,173 |  |  |  | - |  |  |  | - |  |  |  | 2,173 |  |  |  | 5 |
Northridge Shopping Center Parcel |  | Arvada, CO |  | Jan-23 |  |  | 728 |  |  |  | - |  |  |  | - |  |  |  | 728 |  |  |  | 57 |
Stafford Marketplace Parcel (2) |  | Stafford, VA |  | Feb-23 |  |  | - |  |  |  | - |  |  |  | 12,527 |  |  |  | 12,527 |  |  |  | 87 |
Tustin Heights (1) |  | Tustin, CA |  | Mar-23 |  |  | 26,501 |  |  |  | 17,550 |  |  |  | 4,910 |  |  |  | 48,961 |  |  |  | 137 |
Marlton Plaza Parcel |  | Cherry Hill, NJ |  | Jul-23 |  |  | 529 |  |  |  | - |  |  |  | - |  |  |  | 529 |  |  |  | - |
Stonebridge at Potomac Town Center |  | Woodbridge, VA |  | Aug-23 |  |  | 169,840 |  |  |  | - |  |  |  | 1,667 |  |  |  | 171,507 |  |  |  | 504 |
|  |  |  |  |  | $ | 268,901 |  |  | $ | 37,187 |  |  | $ | 32,123 |  |  | $ | 338,211 |  |  |  | 1,132 |
(1) Other includes the Company’s previously held equity investments in the Prudential Investment Program and net gains on change in control. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interest of $7.7 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements o f Income. The Company previously held an ownership interest of 15.0% in these property interests. See Footnot e 5 of the Notes to Condensed Consolidated Financial Statements. (2) During March 2023, the Company received a land parcel as consideration resulting from the exercise of a termination option of an operating lease.
Schedule of Purchase Price Allocation for Properties Acquired/Consolidated | The purchase price allocation for properties acquired/consolidated during the nine months ended September 30, 2023, were as follows (in thousands):
|  | Allocation as of September 30, 2023 |  |  | Weighted Average Useful Life (in Years) |
Land |  | $ | 103,836 |  |  | n/a |
Building |  |  | 161,667 |  |  |  | 50.0 |
Building improvements |  |  | 22,282 |  |  |  | 45.0 |
Tenant improvements |  |  | 22,475 |  |  |  | 6.4 |
In-place leases |  |  | 47,290 |  |  |  | 5.3 |
Above-market leases |  |  | 4,981 |  |  |  | 6.7 |
Below-market leases |  |  | (25,129 | ) |  |  | 21.6 |
Other assets |  |  | 1,777 |  |  | n/a |
Other liabilities |  |  | (968 | ) |  | n/a |
Net assets acquired |  | $ | 338,211 |  |  |  |
Schedule of Company's Disposition Activity | The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels for the nine months ended September 30, 2024 and 2023 (dollars in millions):
|  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
Aggregate sales price/gross fair value (1) (2) (3) |  | $ | 254.1 |  |  | $ | 175.0 |
Gain on sale of properties (4) |  | $ | 0.9 |  |  | $ | 52.4 |
Number of properties sold |  |  | 11 |  |  |  | 4 |
Number of parcels sold/deconsolidated (2) |  |  | 7 |  |  |  | 11 |
(1) During 2024, the Company provided, as a lender, seller financing totaling $175.4 million related to the sale of nine operating properties. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements for mortgage receivable loan disclosure. (2) During 2023, the Company contributed a land parcel and related entitlements, located in Ardmore, PA, into a preferred equity investment with a gross value of $19.6 million. As a result, the Company no longer consolidates this land parcel and has a non-controlling interest in this investment. See Footnot e 6 of the Notes to Condensed Consolidated Financial Statements for preferred equity investment disclosure. (3) During 2023, the Company provided, as a lender, seller financing of $25.0 million related to the sale of an operating property located in Gresham, OR. (4) Before noncontrolling interests of $1.6 million and taxes of $1.5 million for the nine months ended September 30, 2023.

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483475/205-20-45-11 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5D -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 205 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-1 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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