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Real Estate | 6 Months Ended
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Jun. 30, 2024
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] |
Real Estate | 2. Rea l Estate The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Land |  | $ | 849,524 |  |  | $ | 872,228 |
Buildings and improvements |  |  | 3,106,413 |  |  |  | 3,128,650 |
Tenant improvements |  |  | 283,309 |  |  |  | 257,955 |
Construction in progress |  |  | 21,023 |  |  |  | 23,250 |
Right-of-use assets - finance leases (Note 11) |  |  | 58,637 |  |  |  | 58,637 |
Total |  |  | 4,318,906 |  |  |  | 4,340,720 |
Less: Accumulated depreciation and amortization |  |  | (871,994 | ) |  |  | (823,439 | )
Operating real estate, net |  |  | 3,446,912 |  |  |  | 3,517,281 |
Real estate under development |  |  | 101,802 |  |  |  | 94,799 |
Net investments in real estate |  | $ | 3,548,714 |  |  | $ | 3,612,080 |
Acquisitions During the six months ended June 30, 2024, the Company did not acquire any retail properties and other real estate investments. Dispositions During the six months ended June 30, 2024, The Company disposed of the following properties and other real estate investments:
Property and Location |  | Owner |  | Date Sold |  | Sale Price |  |  | Gain (Loss) on Sale |
2024 Dispositions |  |  |  |  |  |  |  |  |  |
2208-2216 Fillmore Street - San Francisco, CA |  | Fund IV |  | 4/3/2024 |  | $ | 9,777 |  |  | $ | 1,239 |
2207 Fillmore Street - San Francisco, CA |  | Fund IV |  | 4/3/2024 |  |  | 4,283 |  |  |  | 1,130 |
Shops at Grand - Queens, NY |  | Core |  | 5/16/2024 |  |  | 48,250 |  |  |  | (2,213 | )
Canton Marketplace (Outparcel) - Canton, GA |  | Fund V |  | 6/28/2024 |  |  | 2,200 |  |  |  | 601 |
Total 2024 Dispositions (a) |  |  |  |  |  | $ | 64,510 |  |  | $ | 757 |
(a) During the six months ended June 30, 2024, the Company recorded a $1.2 million loss related to a Fund IV property that was sold in 2019 in connection with a post-closing dispute. On May 16, 2024, the Company sold a 95% interest in the Shops at Grand property located in Queens, NY for $48.3 million and retained a 5% ownership interest through an investment in a newly formed joint venture which was fair valued at $2.4 million. As a result of the transaction, the Company deconsolidated the property and accounted for its interest under the equity method of accounting effective May 16, 2024 as it no longer controls the investment (Note 4). The Company recognized a loss on deconsolidation of $2.2 million related to transaction costs, which is included in the Gain on disposition of properties in the Condensed and Consolidated Statements of Operations. Properties Held for Sale The Company had one property classified as held for sale as of December 31, 2023. The property as of December 31, 2023 was moved to Investments in real estate, at cost during the first quarter of 2024, as the Company no longer believes it is probable the asset will be disposed within the next twelve months. Real Estate Under Development Real estate under development represents the Company’s consolidated properties that have not yet been placed into service while undergoing substantial development or construction. Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands):
|  | January 1, 2024 |  |  | Six Months Ended June 30, 2024 |  |  | June 30, 2024 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | 2 |  |  | $ | 66,083 |  |  | $ | — |  |  | $ | 5,893 |  |  | $ | — |  |  |  | 2 |  |  |  | 71,976 |
Fund III |  |  | 1 |  |  |  | 28,716 |  |  |  | — |  |  |  | 1,110 |  |  |  | — |  |  |  | 1 |  |  |  | 29,826 |
Total |  |  | 3 |  |  | $ | 94,799 |  |  | $ | — |  |  | $ | 7,003 |  |  | $ | — |  |  |  | 3 |  |  | $ | 101,802 |
The number of properties in the table above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. As of June 30, 2024, consolidated development projects included: portions of the Henderson 1 & 2 Portfolio in the Core Portfolio, and Broad Hollow Commons in Fund III. During the six months ended June 30, 2024, the Company did not place any assets into service. Construction in progress pertains to construction activity at the Company’s operating properties that are in service and continue to operate during the construction period.

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- Definition Acquisition and disposition of properties and discontinued operations. + References No definition available. + Details
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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://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: 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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