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Investments in and Advances to Unconsolidated Affiliates (Tables) | 3 Months Ended
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Mar. 31, 2024
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 |  | March 31, |  |  | December 31, |
Portfolio |  | Property |  | March 31, 2024 |  | 2024 |  |  | 2023 |
Core: |  | Renaissance Portfolio |  | 20% |  | $ | 30,552 |  |  | $ | 30,745 |
|  | Gotham Plaza |  | 49% |  |  | 30,650 |  |  |  | 30,772 |
|  | Georgetown Portfolio (a) |  | 50% |  |  | 4,235 |  |  |  | 4,230 |
|  | 1238 Wisconsin Avenue (a, b) |  | 80% |  |  | 19,346 |  |  |  | 19,719 |
|  | 840 N. Michigan Avenue (c) |  | 91.85% |  |  | 18,964 |  |  |  | 15,761 |
|  |  |  |  |  |  | 103,747 |  |  |  | 101,227 |
Fund IV: |  | Fund IV Other Portfolio |  | 90% |  |  | 4,924 |  |  |  | 5,221 |
|  | 650 Bald Hill Road |  | 90% |  |  | 9,438 |  |  |  | 9,486 |
|  | Paramus Plaza |  | 50% |  |  | — |  |  |  | 70 |
|  |  |  |  |  |  | 14,362 |  |  |  | 14,777 |
Fund V: |  | Family Center at Riverdale (c) |  | 89.42% |  |  | 2,260 |  |  |  | 2,552 |
|  | Tri-City Plaza |  | 90% |  |  | 6,094 |  |  |  | 6,452 |
|  | Frederick County Acquisitions |  | 90% |  |  | 12,560 |  |  |  | 11,345 |
|  | Wood Ridge Plaza |  | 90% |  |  | 10,475 |  |  |  | 10,313 |
|  | La Frontera Village |  | 90% |  |  | 16,574 |  |  |  | 17,483 |
|  | Shoppes at South Hills |  | 90% |  |  | 10,684 |  |  |  | 11,707 |
|  | Mohawk Commons |  | 90% |  |  | 15,669 |  |  |  | 16,434 |
|  |  |  |  |  |  | 74,316 |  |  |  | 76,286 |
Various: |  | Due from (to) Related Parties |  |  |  |  | 1,764 |  |  |  | 396 |
|  | Other (d) |  |  |  |  | 4,513 |  |  |  | 4,554 |
|  | Investments in and advances to unconsolidated affiliates |  |  |  | $ | 198,702 |  |  | $ | 197,240 |
Core: |  | Crossroads (e) |  | 49% |  | $ | 7,680 |  |  | $ | 7,982 |
Fund IV: |  | Paramus Plaza (e) |  | 50% |  |  | 178 |  |  |  | — |
|  | Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  |  | $ | 7,858 |  |  | $ | 7,982 |
(a) Represents a variable interest entity (“VIE”) for which the Company is not the primary beneficia ry (Note 15). (b) Includes the amounts advanced against a $12.8 million construction commitment from the Company to the venture that holds its investm ent in 1238 Wisconsin. As of March 31, 2024 and December 31, 2023 the note receivable from a related party had a balance of $12.8 million, net of an allowance for credit losses of $0.1 million, as of each period. 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. (c) Represents a tenancy-in-common interest. (d) Includes cost-method investments in Fifth Wall. (e) 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 Condensed Balance Sheet | The following combined and condensed balance sheets and statements of operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates that were held as of March 31, 2024, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Combined and Condensed Balance Sheets |  |  |  |  |  |
Assets: |  |  |  |  |  |
Rental property, net |  | $ | 720,004 |  |  | $ | 723,411 |
Other assets |  |  | 116,100 |  |  |  | 125,699 |
Total assets |  | $ | 836,104 |  |  | $ | 849,110 |
Liabilities and partners’ equity: |  |  |  |  |  |
Mortgage notes payable |  | $ | 659,692 |  |  | $ | 662,552 |
Other liabilities |  |  | 90,189 |  |  |  | 100,270 |
Partners’ equity |  |  | 86,223 |  |  |  | 86,288 |
Total liabilities and partners’ equity |  | $ | 836,104 |  |  | $ | 849,110 |
Company's share of accumulated equity |  | $ | 129,231 |  |  | $ | 128,690 |
Basis differential |  |  | 51,580 |  |  |  | 51,824 |
Deferred fees, net of portion related to the Company's interest |  |  | 3,756 |  |  |  | 3,794 |
Amounts receivable/payable by the Company |  |  | 1,764 |  |  |  | 396 |
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 186,331 |  |  |  | 184,704 |
Investments carried at fair value or cost |  |  | 4,513 |  |  |  | 4,554 |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 7,858 |  |  |  | 7,982 |
Investments in and advances to unconsolidated affiliates |  | $ | 198,702 |  |  | $ | 197,240 |
Schedule of Condensed Income Statement |
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Combined and Condensed Statements of Operations |  |  |  |  |  |
Total revenues |  | $ | 28,004 |  |  | $ | 28,218 |
Operating and other expenses |  |  | (9,986 | ) |  |  | (8,632 | )
Interest expense |  |  | (10,414 | ) |  |  | (9,233 | )
Depreciation and amortization |  |  | (11,666 | ) |  |  | (8,901 | )
Gain on extinguishment of debt |  |  | 1,158 |  |  |  | — |
Net (loss) gain attributable to unconsolidated affiliates |  | $ | (2,904 | ) |  | $ | 1,452 |
Company’s share of equity in net (losses) earnings of unconsolidated affiliates |  | $ | (68 | ) |  | $ | 276 |
Basis differential amortization |  |  | (244 | ) |  |  | (247 | )
Company’s equity in (losses) earnings of unconsolidated affiliates |  | $ | (312 | ) |  | $ | 29 |

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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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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements 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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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
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