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Real Estate (Tables)
 9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]  
Schedule of Asset Acquisition

During the nine months ended September 30, 2025, the Company acquired the following operating properties, through direct asset acquisitions or consolidation due to change in control resulting from the purchase of additional interests in certain operating properties previously held in an unconsolidated joint venture (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

 

 

 

-

 

Tanasbourne Village (3) (4)

 

Hillsboro, OR

 

Aug-25

 

 

38,171

 

 

 

31,926

 

 

 

7,076

 

 

 

77,173

 

 

 

207

 

 

 

 

 

 

$

170,743

 

 

$

31,926

 

 

$

9,097

 

 

$

211,766

 

 

 

461

 
(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 Footnote 9 of the Notes to Condensed Consolidated Financial Statements for further details.
(3)
Other includes the Company’s previously held equity investment in the Prudential Investment Program and gain on change in control. The Company evaluated this transaction pursuant to ASC Topic 810 Consolidation. The Company recognized a gain on change in control of interest of $5.7 million resulting from the fair value adjustment associated with the Company’s previously held equity interest, which is included in Equity in income of joint ventures, net on the Condensed Consolidated Statements of Income. The Company previously held an ownership interest of 15.0% in this property interest and acquired the remaining 85% interest in this operating property. See Footnote 5 of the Notes to the Company’s Condensed Consolidated Financial Statements.
(4)
The Company utilized an aggregate $37.8 million associated with Internal Revenue Code 26 U.S.C. §1031 sales proceeds.
Schedule of Purchase Price Allocation for Properties Acquired/Consolidated The purchase price allocation for properties acquired/consolidated during the nine months ended September 30, 2025 were as follows (in thousands):

 

Allocation as of
September 30, 2025

 

 

Weighted Average Useful Life (in Years)

 

Land

$

58,526

 

 

n/a

 

Buildings

 

123,490

 

 

 

50.0

 

Building improvements

 

7,615

 

 

 

45.0

 

Tenant improvements

 

8,580

 

 

 

5.7

 

In-place leases

 

19,547

 

 

 

5.0

 

Above-market leases

 

1,063

 

 

 

5.5

 

Below-market leases

 

(7,740

)

 

 

17.1

 

Mortgage fair value adjustment

 

500

 

 

 

0.8

 

Other assets

 

649

 

 

n/a

 

Other liabilities

 

(464

)

 

n/a

 

Net assets acquired

$

211,766

 

 

 

 
Summary of 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, 2025 and 2024 (dollars in millions):

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

Aggregate sales price/gross fair value (1) (2)

 

$

71.6

 

 

$

254.1

 

Gain on sale of properties (3)

 

$

43.5

 

 

$

0.9

 

Number of operating properties sold

 

 

2

 

 

 

11

 

Number of parcels sold

 

 

3

 

 

 

7

 

 

(1)
During the nine months ended September 30, 2024, the Company provided, as a lender, seller financing totaling $175.4 million related to the sale of nine operating properties.
(2)
Includes $10.9 million of Internal Revenue Code 26 U.S.C. §1031 proceeds held in escrow through sale of real estate interests as of September 30, 2025.
(3)
Before noncontrolling interests of $0.1 million and taxes of $0.4 million for the nine months ended September 30, 2025.