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Real Estate (Tables) | 6 Months Ended
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Jun. 30, 2025
Real Estate [Abstract] |
Schedule of Asset Acquisition | During the six months ended June 30, 2025, the Company acquired the following operating properties, through direct asset acquisitions (in thousands):
|  |  |  |  |  |  |  |  | Purchase Price |  |  |  |
Property Name |  | Location |  | Month Acquired |  | Cash |  |  | Debt |  |  | Other |  |  | Total |  |  | GLA |
Markets at Town Center (1) |  | Jacksonville, FL |  | Jan-25 |  | $ | 108,238 |  |  | $ | - |  |  | $ | - |  |  | $ | 108,238 |  |  |  | 254 |
College Park Land (2) |  | Las Vegas, NV |  | Jan-25 |  |  | 12,746 |  |  |  | - |  |  |  | 1,428 |  |  |  | 14,174 |  |  |  | - |
Francisco Center Land (2) |  | Las Vegas, NV |  | Jan-25 |  |  | 11,588 |  |  |  | - |  |  |  | 593 |  |  |  | 12,181 |  |  |  | - |
|  |  |  |  |  | $ | 132,572 |  |  | $ | - |  |  | $ | 2,021 |  |  | $ | 134,593 |  |  |  | 254 |
(1) The Company had a mortgage receivable of $15.0 million related to this property, which was repaid by the seller at closing. (2) The Company acquired the fee interest in two properties under finance ground lease agreements through the exercise of a call option for an aggregate purchase price of $24.2 million. In addition, the Company had a mortgage receivable of $3.4 million, which was repaid by the seller at closing. This transaction also resulted in a decrease in Other assets of $26.2 million and a decrease in Other liabilities of $24.2 million on the Company’s Condensed Consolidated Balance Sheets related to the finance right-of-use assets and lease liabilities (included in Other). See Footnot e 9 of the Notes to Condensed Consolidated Financial Statements for further details.
Schedule of Purchase Price Allocation for Properties Acquired/Consolidated | The purchase price allocation for properties acquired during the six months ended June 30, 2025 were as follows (in thousands):
| Allocation as of June 30, 2025 |  |  | Weighted Average Useful Life (in Years) |
Land | $ | 48,844 |  |  | n/a |
Buildings |  | 68,659 |  |  |  | 50.0 |
Building improvements |  | 4,700 |  |  |  | 45.0 |
Tenant improvements |  | 5,390 |  |  |  | 6.2 |
In-place leases |  | 12,859 |  |  |  | 4.9 |
Above-market leases |  | 457 |  |  |  | 5.4 |
Below-market leases |  | (6,316 | ) |  |  | 15.8 |
Net assets acquired | $ | 134,593 |  |  |  |
Summary Of Disposition Activity | The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels for the six months ended June 30, 2025 and 2024 (dollars in millions):
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Aggregate sales price/gross fair value (1) (2) |  | $ | 51.9 |  |  | $ | 254.1 |
Gain on sale of properties (3) |  | $ | 39.8 |  |  | $ | 0.4 |
Number of operating properties sold |  |  | 1 |  |  |  | 11 |
Number of parcels sold |  |  | 2 |  |  |  | 7 |
(1) During the six months ended June 30, 2024, the Company provided, as a lender, seller financing totaling $175.4 million related to the sale of nine operating properties. (2) Includes $48.7 million of Internal Revenue Code 26 U.S.C. §1031 proceeds held in escrow through sale of real estate interests as of June 30, 2025. (3) Before noncontrolling interests of $0.1 million and taxes of $0.4 million for the six months ended June 30, 2025.

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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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