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Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Schedule of Consolidated 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 |
Schedule of Business Acquisitions, by Acquisition | 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 |
Schedule of Purchase Price Allocations | 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 |
Schedule of Significant Assumptions Used in Calculating Fair Value of the Asset Acquisitions | 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 |
Schedule Of Development In Process Activities | 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 |
Disposal Group Held for sale Not Discontinued Operations |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Schedule of Asset Held For Sale Property | 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 |

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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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