XML 39 R29.htm IDEA: XBRL DOCUMENT v3.23.3
Real Estate (Tables)
 9 Months Ended
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