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Investments in and Advances to Unconsolidated Affiliates (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Equity Method Investments | The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):
|  |  |  | Ownership Interest |  | December 31, |  |  | December 31, |
Portfolio |  | Property |  | December 31, 2023 |  | 2023 |  |  | 2022 |
Core: |  | Renaissance Portfolio |  | 20% |  | $ | 30,745 |  |  | $ | 28,755 |
|  | Gotham Plaza |  | 49% |  |  | 30,772 |  |  |  | 30,112 |
|  | Georgetown Portfolio (a) |  | 50% |  |  | 4,230 |  |  |  | 4,048 |
|  | 1238 Wisconsin Avenue (a, b) |  | 80% |  |  | 19,719 |  |  |  | 14,502 |
|  | 840 N. Michigan Avenue (d) |  | 91.85% |  |  | 15,761 |  |  |  | — |
|  |  |  |  |  |  | 101,227 |  |  |  | 77,417 |
Mervyns II: |  | KLA/ABS (c) |  | 36.7% |  |  | — |  |  |  | 85,403 |
Fund IV: |  | Fund IV Other Portfolio |  | 90% |  |  | 5,221 |  |  |  | 7,914 |
|  | 650 Bald Hill Road |  | 90% |  |  | 9,486 |  |  |  | 10,203 |
|  | Paramus Plaza |  | 50% |  |  | 70 |  |  |  | 936 |
|  |  |  |  |  |  | 14,777 |  |  |  | 19,053 |
Fund V: |  | Family Center at Riverdale (d) |  | 89.42% |  |  | 2,552 |  |  |  | 4,995 |
|  | Tri-City Plaza |  | 90% |  |  | 6,452 |  |  |  | 8,422 |
|  | Frederick County Acquisitions |  | 90% |  |  | 11,345 |  |  |  | 12,240 |
|  | Wood Ridge Plaza |  | 90% |  |  | 10,313 |  |  |  | 12,751 |
|  | La Frontera Village |  | 90% |  |  | 17,483 |  |  |  | 20,803 |
|  | Shoppes at South Hills (e) |  | 90% |  |  | 11,707 |  |  |  | 44,677 |
|  | Mohawk Commons |  | 90% |  |  | 16,434 |  |  |  | 775 |
|  |  |  |  |  |  | 76,286 |  |  |  | 104,663 |
Various: |  | Due from (to) Related Parties |  |  |  |  | 396 |  |  |  | 305 |
|  | Other (f) |  |  |  |  | 4,554 |  |  |  | 4,315 |
|  | Investments in and advances to unconsolidated affiliates |  |  |  | $ | 197,240 |  |  | $ | 291,156 |
Core: |  | Crossroads (g) |  | 49% |  | $ | 7,982 |  |  | $ | 8,832 |
|  | 840 N. Michigan Avenue (d, g) |  | 91.85% |  |  | — |  |  |  | 1,673 |
|  | Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  |  | $ | 7,982 |  |  | $ | 10,505 |
a) Represents a VIE for which the Company is not the primary beneficiary (Note 16). b) Includes the amounts advanced against a $12.8 million construction commitment from the Company to the venture that holds an investment in 1238 Wisconsin. As of December 31, 2023 and 2022 the note receivable from a related party had a balance of $12.8 million and $7.5 million, respectively, net of an allowance for CECL of $0.1 million, and $0.1 million, respectively. The loan is collateralized by the venture members' equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor, and matures on December 28, 2024. The Company recognized Interest income of $0.2 million for the year ended December 31, 2023, related to this note receivable. The note originated in 2022 and the Company recognized less than $0.1 million of Interest income for the year ended December 31, 2022. c) At December 31, 2022, Mervyns II had an effective indirect ownership of approximately 4.1 million shares (approximately 1% interest) through its Investment in Albertsons Companies Inc. ("Albertsons"), which is accounted for at fair value (Note 8). Mervyns II distributed its shares to its investors upon expiration of the lock-up agreement in January 2023, as further described below. d) Represents a tenancy-in-common interest. e) Includes a $31.7 million bridge loan at December 31, 2022, from the Company to the venture that holds the property in its investment in Shoppes at South Hills. During the first quarter of 2023 the bridge loan was repaid, as further described below. f) Includes cost-method investment in Fifth Wall and other investments. g) Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity.
Schedule of Combined and Condensed Balance Sheet | The following combined and condensed Balance Sheets and Statements of Operations, in each period, summarized the financial information of the Company’s investments in unconsolidated affiliates that were held as of December 31, 2023, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands):
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Combined and Condensed Balance Sheets |  |  |  |  |  |
Assets: |  |  |  |  |  |
Rental property, net |  | $ | 723,411 |  |  | $ | 650,997 |
Real estate under development |  |  | — |  |  |  | 17,359 |
Other assets |  |  | 125,699 |  |  |  | 127,070 |
Total assets |  | $ | 849,110 |  |  | $ | 795,426 |
Liabilities and partners’ equity: |  |  |  |  |  |
Mortgage notes payable |  | $ | 662,552 |  |  | $ | 609,923 |
Other liabilities |  |  | 100,270 |  |  |  | 96,532 |
Partners’ equity |  |  | 86,288 |  |  |  | 88,971 |
Total liabilities and partners’ equity |  | $ | 849,110 |  |  | $ | 795,426 |
Company's share of accumulated equity |  | $ | 128,690 |  |  | $ | 131,878 |
Basis differential |  |  | 51,824 |  |  |  | 52,813 |
Deferred fees, net of portion related to the Company's interest |  |  | 3,794 |  |  |  | 5,937 |
Amounts receivable to/payable by the Company |  |  | 396 |  |  |  | 305 |
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 184,704 |  |  |  | 190,933 |
Investments carried at fair value or cost |  |  | 4,554 |  |  |  | 89,718 |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 7,982 |  |  |  | 10,505 |
Investments in and advances to unconsolidated affiliates |  | $ | 197,240 |  |  | $ | 291,156 |
Schedule of Combined and Condensed Income Statement |
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Combined and Condensed Statements of Operations |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 108,425 |  |  | $ | 96,080 |  |  | $ | 80,823 |
Operating and other expenses |  |  | (35,488 | ) |  |  | (29,858 | ) |  |  | (28,572 | )
Interest expense |  |  | (40,864 | ) |  |  | (26,807 | ) |  |  | (21,228 | )
Depreciation and amortization |  |  | (42,212 | ) |  |  | (34,596 | ) |  |  | (30,518 | )
Gain (loss) on extinguishment of debt (a) |  |  | 368 |  |  |  | (7 | ) |  |  | (35 | )
Impairment of Investment (b) |  |  | — |  |  |  | (57,423 | ) |  |  | — |
Gain on disposition of properties (c) |  |  | — |  |  |  | 12,983 |  |  |  | 3,206 |
Net (losses) earnings attributable to unconsolidated affiliates |  | $ | (9,771 | ) |  | $ | (39,628 | ) |  | $ | 3,676 |
Company’s share of equity in net losses of unconsolidated affiliates |  | $ | (6,688 | ) |  | $ | (31,907 | ) |  | $ | 6,023 |
Basis differential amortization |  |  | (989 | ) |  |  | (1,000 | ) |  |  | (693 | )
Company’s equity in (losses) earnings of unconsolidated affiliates |  | $ | (7,677 | ) |  | $ | (32,907 | ) |  | $ | 5,330 |
a) Includes the gain on debt extinguishment related to the restructuring at 840 N. Michigan Avenue for the year ended December 31, 2023. b) Includes the impairment charge related to 840 N. Michigan Avenue for the year ended December 31, 2022. c) Includes the gain on the sale of Promenade at Manassas on October 13, 2022, and two land parcels by the Family Center at Riverdale on January 4, 2021.

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- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + Details
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