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Real Estate | 9 Months Ended
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Sep. 30, 2023
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] |
Real Estate | 2. Real Estate The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Land |  | $ | 880,882 |  |  | $ | 817,802 |
Buildings and improvements |  |  | 3,072,499 |  |  |  | 2,987,594 |
Tenant improvements |  |  | 250,452 |  |  |  | 216,899 |
Construction in progress |  |  | 19,894 |  |  |  | 21,027 |
Right-of-use assets - finance leases (Note 11) |  |  | 58,637 |  |  |  | 25,086 |
Total |  |  | 4,282,364 |  |  |  | 4,068,408 |
Less: Accumulated depreciation and amortization |  |  | (799,689 | ) |  |  | (725,143 | )
Operating real estate, net |  |  | 3,482,675 |  |  |  | 3,343,265 |
Real estate under development |  |  | 92,729 |  |  |  | 184,602 |
Net investments in real estate |  | $ | 3,575,404 |  |  | $ | 3,527,867 |
Acquisitions During the nine months ended September 30, 2023, the Company acquired the following consolidated retail property (dollars in thousands):
Property and Location |  | Percent Acquired |  | Date of Acquisition |  | Purchase Price |
Fund V 2023 Acquisition |  |  |  |  |  |  |
Cypress Creek - Tampa, FL |  | 100% |  | July 3, 2023 |  | $ | 49,374 |
For the nine months ended September 30, 2023, the Company capitalized $0.2 million of acquisition costs in connection with the Fund V 2023 Acquisition. Purchase Price Allocations The purchase price for the Fund V 2023 Acquisition were allocated to the acquired assets and assumed liabilities based on their estimated relative fair values at the date of acquisition. The Company determines the fair value of the individual components of income producing real estate asset acquisitions primarily through calculating the "as-if vacant" value of a building, using an income approach, which relies significantly upon internally determined assumptions. The following table summarizes the allocation of the purchase price of the property acquired during the period presented (in thousands):
|  | Nine Months Ended September 30, |
|  | 2023 |
Net Assets Acquired |  |  |
Land |  | $ | — |
Buildings and improvements |  |  | 39,637 |
Intangible assets (Note 6) |  |  | 10,949 |
Accounts receivable, prepaids and other assets |  |  | — |
Right-of-use asset - finance lease (Note 11) |  |  | 25,314 |
Lease liability - finance lease (Note 11) |  |  | (22,076 | )
Accounts payable and other liabilities |  |  | — |
Intangible liabilities (Note 6) |  |  | (4,450 | )
Net assets acquired |  | $ | 49,374 |
Consideration |  |  |
Cash |  | $ | 48,909 |
Carrying value of note receivable exchanged in foreclosure (Note 3) |  |  | — |
Existing interest in previously unconsolidated investment (Note 4) |  |  | — |
Debt assumed |  |  | — |
Liabilities assumed |  |  | 465 |
Total consideration |  |  | 49,374 |
Gain on bargain purchase |  |  | — |
|  | $ | 49,374 |
The Company determines the fair value of the individual components of income producing real estate asset acquisitions primarily through calculating the "as-if vacant" value of a building, using an income approach, which relies significantly upon internally determined assumptions. The Company has determined that these estimates primarily rely on Level 3 inputs, which are unobservable inputs based on our own assumptions. The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during 2023 are as follows:
|  | 2023 |
|  | Low |  | High |
Exit Capitalization Rate |  |  | 7.00 | % |  | 7.00 | %
Annual net rental rate per square foot on acquired buildings |  | $ | 12.00 |  | $ | 47.00 |
Annual net rental rate per square foot on acquired ground lease |  | $ | 1.04 |  | $ | 1.91 |
The estimate of the portion of the "as-if vacant" value that is allocated to the land underlying the acquired real estate relies on Level 3 inputs and is primarily determined by reference to recent comparable transactions. Dispositions During the nine months ended September 30, 2023, the Company did not dispose of any consolidated retail properties and other real estate investments. Properties Held for Sale The Company had one property classified as held for sale at September 30, 2023 and December 31, 2022. Assets of the held for sale property consisted of the following:
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Assets |  |  |  |  |  |
Buildings and improvements |  | $ | 12,562 |  |  | $ | 12,562 |
Land |  |  | 3,380 |  |  |  | 3,380 |
Tenant improvements |  |  | 1,010 |  |  |  | 1,010 |
Less: Accumulated depreciation and amortization |  |  | (5,895 | ) |  |  | (5,895 | )
|  | $ | 11,057 |  |  | $ | 11,057 |
Real Estate Under Development and Construction in Progress Real estate under development represents the Company’s consolidated properties that have not yet been placed into service while undergoing substantial development or construction. Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands):
|  | January 1, 2023 |  |  | Nine Months Ended September 30, 2023 |  |  | September 30, 2023 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | 2 |  |  | $ | 54,817 |  |  | $ | — |  |  | $ | 9,914 |  |  | $ | — |  |  |  | 2 |  |  |  | 64,731 |
Fund II |  |  | — |  |  |  | 34,072 |  |  |  | — |  |  |  | 633 |  |  |  | 34,705 |  |  |  | — |  |  |  | — |
Fund III |  |  | 1 |  |  |  | 25,798 |  |  |  | — |  |  |  | 2,200 |  |  |  | — |  |  |  | 1 |  |  |  | 27,998 |
Fund IV |  |  | 1 |  |  |  | 69,915 |  |  |  | — |  |  |  | — |  |  |  | 69,915 |  |  |  | — |  |  |  | — |
Total |  |  | 4 |  |  | $ | 184,602 |  |  | $ | — |  |  | $ | 12,747 |  |  | $ | 104,620 |  |  |  | 3 |  |  | $ | 92,729 |
The number of properties in the tables above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. At September 30, 2023, consolidated development projects included: portions of the Henderson 1 & 2 Portfolio in the Core Portfolio, and Broad Hollow Commons in Fund III. In addition, at September 30, 2023, the Company had one Core unconsolidated development project, 1238 Wisconsin Avenue (Note 4). During the nine months ended September 30, 2023, the Company: • placed a portion of the building and improvements of one Fund IV property, 717 N. Michigan Avenue, into service in the first quarter and; • placed the remainder of the building and improvements of one Fund II property, City Point, into service in the third quarter. Construction in progress pertains to construction activity at the Company’s operating properties that are in service and continue to operate during the construction period.

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- Definition Acquisition and disposition of properties and discontinued operations. + References No definition available. + Details
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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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