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Real Estate | 12 Months Ended
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Dec. 31, 2023
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] |
Real Estate | 2. Rea l Estate The Company’s real estate is comprised of the following for the periods presented (in thousands):
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Land |  | $ | 872,228 |  |  | $ | 817,802 |
Buildings and improvements |  |  | 3,128,650 |  |  |  | 2,987,594 |
Tenant improvements |  |  | 257,955 |  |  |  | 216,899 |
Construction in progress |  |  | 23,250 |  |  |  | 21,027 |
Right-of-use assets - finance leases (Note 11) |  |  | 58,637 |  |  |  | 25,086 |
Total |  |  | 4,340,720 |  |  |  | 4,068,408 |
Less: Accumulated depreciation and amortization |  |  | (823,439 | ) |  |  | (725,143 | )
Operating real estate, net |  |  | 3,517,281 |  |  |  | 3,343,265 |
Real estate under development |  |  | 94,799 |  |  |  | 184,602 |
Net investments in real estate |  | $ | 3,612,080 |  |  | $ | 3,527,867 |
Acquisitions and Foreclosure During the years ended December 31, 2023 and 2022, the Company acquired (through purchase, investment, or foreclosure) the following retail properties and other real estate investments (dollars in thousands):
Property and Location |  | Percent Acquired |  | Date of Acquisition |  | Purchase Price |
Fund V 2023 Acquisitions |  |  |  |  |  |  |
Cypress Creek - Tampa, FL |  | 100% |  | July 3, 2023 |  | $ | 49,374 |
Maple Tree Place - Williston, VT |  | 100% |  | November 27, 2023 |  |  | 77,816 |
Total Fund V 2023 Acquisitions |  |  |  |  |  | $ | 127,190 |
2022 Acquisitions and Foreclosure |  |  |  |  |  |  |
Core |  |  |  |  |  |  |
121 Spring Street - New York, NY |  | 100% |  | Jan 12, 2022 |  | $ | 39,637 |
Williamsburg Collection - Brooklyn, NY (a) |  | (a) |  | Feb 18, 2022 |  |  | 97,750 |
8833 Beverly Boulevard - West Hollywood, CA |  | 100% |  | Mar 2, 2022 |  |  | 24,117 |
Henderson Avenue Portfolio - Dallas, TX (b) |  | 100% |  | Apr 18, 2022 |  |  | 85,192 |
Subtotal Core |  |  |  |  |  |  | 246,696 |
Fund III |  |  |  |  |  |  |
640 Broadway - New York, NY (Foreclosure) (c) |  | 100% |  | Jan 26, 2022 |  |  | 59,207 |
Subtotal Fund III |  |  |  |  |  |  | 59,207 |
Total 2022 Acquisitions and Foreclosure |  |  |  |  |  | $ | 305,903 |
a) The Company invested $2.8 million in its 49.99% equity interest and, through a separate lending subsidiary, provided a $64.1 million first mortgage loan and a $30.9 million mezzanine loan to subsidiaries of the venture (such equity and loans have been eliminated in consolidation). Pursuant to the entity’s operating agreement, the venture partner has a one-time right to put its 50.01% interest in the entity (the "Williamsburg NCI", which is further described in Note 10) to the Company for fair value at a future date. Given the preferred rate of return embedded in its equity interests and the accruing debt senior to the equity, the Company did not attribute any initial redemption value to the Williamsburg NCI and recognized a bargain purchase gain of $1.2 million, which is included in Realized and unrealized holding (losses) gains on investments and other on the Consolidated Statements of Operations. b) The Henderson Avenue Portfolio comprises 14 operating retail assets, one residential building and two development and re development sites. One of the development sites was sold in October 2022. c) The entity was previously accounted for as an equity method investment until an affiliate of Fund III acquired the venture partner's interest in a foreclosure action. Fund III now indirectly owns 100% of the entity and consolidates it. For the years ended December 31, 2023 and 2022, the Company capitalized $1.0 million and $1.2 million of acquisition costs in connection with the Fund V 2023 Acquisitions and the 2022 Acquisitions and Foreclosure, respectively. In addition, during the year ended December 31, 2022, the Company expensed $2.0 million o f acquisition costs (including a $1.5 million acquisition fee paid to an affiliate of a joint venture partner). Acquisition costs that were expensed are included in General and administrative expenses on the Consolidated Statements of Operations. Purchase Price Allocations The purchase prices for the 2023 Acquisitions and 2022 Acquisitions and Foreclosure were allocated to the acquired assets and assumed liabilities based on their estimated relative fair values at the dates of acquisition. The following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2023 and 2022 (in thousands):
|  | Land |  |  | Buildings and improvements |  |  | Intangible assets |  |  | Right-of-use asset |  |  | Lease liability |  |  | Intangible liabilities |  | Other assets, net |  |  | Net assets acquired |
Property Name |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cypress Creek |  | $ | — |  |  | $ | 39,637 |  |  | $ | 10,949 |  |  | $ | 25,313 |  |  | $ | (22,075 | ) |  | $ | (4,450 | ) | $ | — |  |  | $ | 49,374 |
Maple Tree Place |  |  | 17,597 |  |  |  | 49,404 |  |  |  | 18,209 |  |  |  | — |  |  |  | — |  |  |  | (7,395 | ) |  | — |  |  |  | 77,816 |
2023 Total |  | $ | 17,597 |  |  | $ | 89,041 |  |  | $ | 29,158 |  |  | $ | 25,313 |  |  | $ | (22,075 | ) |  | $ | (11,845 | ) | $ | — |  |  | $ | 127,190 |
121 Spring Street |  | $ | 5,380 |  |  | $ | 31,707 |  |  | $ | 2,550 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 39,637 |
Williamsburg Collection |  |  | 31,500 |  |  |  | 60,700 |  |  |  | 16,401 |  |  |  | — |  |  |  | — |  |  |  | (9,688 | ) |  | — |  |  |  | 98,913 |
8833 Beverly Boulevard |  |  | 14,423 |  |  |  | 8,299 |  |  |  | 1,395 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  |  | 24,117 |
Henderson Avenue Portfolio |  |  | 40,764 |  |  |  | 40,865 |  |  |  | 7,611 |  |  |  | — |  |  |  | — |  |  |  | (4,048 | ) |  | — |  |  |  | 85,192 |
640 Broadway (a) |  |  | 27,831 |  |  |  | 27,291 |  |  |  | 1,059 |  |  |  | — |  |  |  | (661 | ) |  |  | (390 | ) |  | 4,077 |  |  |  | 59,207 |
2022 Total |  | $ | 119,898 |  |  | $ | 168,862 |  |  | $ | 29,016 |  |  | $ | — |  |  | $ | (661 | ) |  | $ | (14,126 | ) | $ | 4,077 |  |  | $ | 307,066 |
a) The Company assumed a $36.0 million mortgage with the consolidation of 640 Broadway during the year ended December 31, 2022 (Note 7). The Company determines the fair value of the individual components of 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 and 2022, respectively, are as follows:
|  | 2023 |  |  | 2022 |
|  | Low |  | High |  |  | Low |  | High |
Exit Capitalization Rate |  |  | 7.00 | % |  | 8.50 | % |  |  | 4.25 | % |  | 7.25 | %
Annual net rental rate per square foot on acquired buildings |  | $ | 4.00 |  | $ | 47.00 |  |  | $ | 20.00 |  | $ | 825.00 |
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 years ended December 31, 2023 and 2022, the Company disposed of the following properties and other real estate investments (in thousands):
Property and Location |  | Owner |  | Sale Date |  | Sale Price |  |  | Gain (Loss) on Sale |
2023 Dispositions (a) |  |  |  |  |  |  |  |  |  |
None |  |  |  |  |  |  |  |  |  |
2022 Dispositions |  |  |  |  |  |  |  |  |  |
NE Grocer Portfolio (Selected Assets) - Pennsylvania |  | Fund IV |  | Jan 26, 2022 Mar 4, 2022 |  | $ | 45,350 |  |  | $ | 13,784 |
New Towne (Parcel) - Canton, MI |  | Fund V |  | Feb 1, 2022 |  |  | 2,231 |  |  |  | 1,776 |
Cortlandt Crossing - Westchester County, NY |  | Fund III |  | Feb 9, 2022 |  |  | 65,533 |  |  |  | 13,255 |
Lincoln Place - Fairview Heights, IL |  | Fund IV |  | May 25, 2022 |  |  | 40,670 |  |  |  | 12,216 |
Wake Forest Crossing - Wake Forest, NC |  | Fund IV |  | Aug 24, 2022 |  |  | 38,919 |  |  |  | 8,885 |
Henderson Avenue (Parcel) - Dallas, TX |  | Core |  | Oct 7, 2022 |  |  | 3,050 |  |  |  | (194 | )
330-340 River Street - Cambridge, MA |  | Core |  | Dec 13, 2022 |  |  | 26,400 |  |  |  | 7,439 |
Total 2022 Dispositions |  |  |  |  |  | $ | 222,153 |  |  | $ | 57,161 |
a) Does not include the 146 Geary Street property, which had a carrying value of $19.4 million, and was transferred to the Company’s lender through deed-in-lieu of foreclosure, extinguishing the obligations under the $20.1 million mortgage loan and accrued interest in default (Note 7). Properties Held for Sale At December 31, 2023 and 2022, the Company had one Core property under contract for sale with assets totaling $11.1 million, which was probable of disposition within one-year. This property was classified as "held for sale" on the Company's Consolidated Balance Sheets. Assets of property held for sale consisted of the following:
|  | December 31, |  |  | 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 Real estate under development represents the Company’s properties that have not yet been placed into service while undergoing substantial development or construction. Development activity for the Company’s properties comprised the following during the periods presented (dollars in thousands):
|  | January 1, 2023 |  |  | Year Ended December 31, 2023 |  |  | December 31, 2023 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | 2 |  |  | $ | 54,817 |  |  | $ | — |  |  | $ | 11,266 |  |  | $ | — |  |  |  | 2 |  |  |  | 66,083 |
Fund II |  |  | — |  |  |  | 34,072 |  |  |  | — |  |  |  | 633 |  |  |  | 34,705 |  |  |  | — |  |  |  | — |
Fund III |  |  | 1 |  |  |  | 25,798 |  |  |  | — |  |  |  | 2,958 |  |  |  | 40 |  |  |  | 1 |  |  |  | 28,716 |
Fund IV |  |  | 1 |  |  |  | 69,915 |  |  |  | — |  |  |  | — |  |  |  | 69,915 |  |  |  | — |  |  |  | — |
Total |  |  | 4 |  |  | $ | 184,602 |  |  | $ | — |  |  | $ | 14,857 |  |  | $ | 104,660 |  |  |  | 3 |  |  | $ | 94,799 |
|  | January 1, 2022 |  |  | Year Ended December 31, 2022 |  |  | December 31, 2022 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | — |  |  | $ | 42,517 |  |  | $ | 9,610 |  |  | $ | 2,690 |  |  | $ | — |  |  |  | 2 |  |  | $ | 54,817 |
Fund II (a) |  |  | — |  |  |  | 35,125 |  |  |  | — |  |  |  | 503 |  |  |  | 1,556 |  |  |  | — |  |  |  | 34,072 |
Fund III |  |  | 1 |  |  |  | 24,296 |  |  |  | — |  |  |  | 1,502 |  |  |  | — |  |  |  | 1 |  |  |  | 25,798 |
Fund IV (b) |  |  | 1 |  |  |  | 101,835 |  |  |  | — |  |  |  | 215 |  |  |  | 32,135 |  |  |  | 1 |  |  |  | 69,915 |
Total |  |  | 2 |  |  | $ | 203,773 |  |  | $ | 9,610 |  |  | $ | 4,910 |  |  | $ | 33,691 |  |  |  | 4 |  |  | $ | 184,602 |
(a) Transfers out include $1.6 million related to a portion of one Fund II property that was transferred out of development. (b) Transfers out include $13.4 million related to a portion of one Fund IV property that was transferred out of development and an impairment charge totaling $18.7 million on one Fund IV development property (Note 8). 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 December 31, 2023, development projects included: portions of the Henderson 1 & 2 Portfolio, in Core, and Broad Hollow Commons in Fund III. During the year ended December 31, 2023, the Company: • placed the remainder of the building and improvements of one Fund II property, City Point, into service in the third quarter; and • placed the remainder of the building and improvements of one Fund IV property, 717 N. Michigan Avenue, into service in the first quarter. At December 31, 2022, development projects included: portions of the Henderson 1 & 2 Portfolio in Core, Broad Hollow Commons in Fund III and a portion of 717 N. Michigan Avenue at Fund IV. During the year ended December 31, 2022, the Company: • placed the building and improvements of two Core properties in the Henderson Portfolio into development in the second quarter; • placed a portion of the building and improvements of one Fund II property, City Point, into service in the fourth quarter; and • placed a portion of the building and improvements of one Fund IV property, 717 N. Michigan Avenue, into service in the first quarter.

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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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