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Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2024
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, |
|  | 2024 |  |  | 2023 |
Buildings and improvements |  | $ | 3,121,177 |  |  | $ | 3,128,650 |
Tenant improvements |  |  | 291,401 |  |  |  | 257,955 |
Land |  |  | 854,487 |  |  |  | 872,228 |
Construction in progress |  |  | 21,212 |  |  |  | 23,250 |
Right-of-use assets - finance leases (Note 11) |  |  | 61,366 |  |  |  | 58,637 |
Total |  |  | 4,349,643 |  |  |  | 4,340,720 |
Less: Accumulated depreciation and amortization |  |  | (899,068 | ) |  |  | (823,439 | )
Operating real estate, net |  |  | 3,450,575 |  |  |  | 3,517,281 |
Real estate under development |  |  | 109,778 |  |  |  | 94,799 |
Net investments in real estate |  | $ | 3,560,353 |  |  | $ | 3,612,080 |
Schedule of Business Acquisitions, by Acquisition | During the nine months ended September 30, 2024, the Company acquired the following retail properties (dollars in thousands):
Property and Location |  | Percent Acquired |  | Date of Acquisition |  | Purchase Price (a) |
2024 Acquisitions |  |  |  |  |  |  |
Core |  |  |  |  |  |  |
Bleecker Street Portfolio (4 assets) - New York, NY |  | 100% |  | September 19, 2024 |  | $ | 20,347 |
1718 N. Henderson Avenue (Land Parcel) - Dallas, TX |  | 100% |  | September 19, 2024 |  |  | 1,063 |
Subtotal Core |  |  |  |  |  |  | 21,410 |
Investment Management |  |  |  |  |  |  |
Walk at Highwoods Preserve - Tampa, FL |  | 100% |  | July 3, 2024 |  | $ | 30,793 |
Total 2024 Acquisitions |  |  |  |  |  | $ | 52,203 |
(a) Purchase price includes capitalized transaction costs.
Schedule of Purchase Price Allocations | The following table summarizes the allocation of the purchase price of properties acquired during the nine months ended September 30, 2024 (in thousands):
|  | Land |  |  | Buildings and improvements |  |  | Intangible assets |  |  | Right-of-use asset |  |  | Lease liability |  |  | Intangible liabilities |  | Other assets, net |  |  | Net assets acquired |
Bleecker Street Portfolio (4 assets) |  | $ | 4,962 |  |  | $ | 10,460 |  |  | $ | 3,695 |  |  | $ | 2,729 |  |  | $ | (1,071 | ) |  | $ | (428 | ) | $ | — |  |  | $ | 20,347 |
The Walk at Highwoods |  |  | 9,730 |  |  |  | 17,053 |  |  |  | 8,631 |  |  |  | — |  |  |  | — |  |  |  | (4,621 | ) |  | — |  |  | $ | 30,793 |
Total |  | $ | 14,692 |  |  | $ | 27,513 |  |  | $ | 12,326 |  |  | $ | 2,729 |  |  | $ | (1,071 | ) |  | $ | (5,049 | ) | $ | — |  |  | $ | 51,140 |
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 the nine months ended September 30, 2024 as follows:
|  | 2024 |
|  | Low |  | High |
Exit Capitalization Rate |  |  | 6.50 | % |  | 8.00 | %
Discount Rate |  |  | 8.50 | % |  | 10.00 | %
Annual net rental rate per square foot on acquired buildings |  | $ | 17.00 |  | $ | 330.00 |
Annual net rental rate per square foot on acquired master lease |  | $ | 29.11 |  | $ | — |
Schedule of Property Dispositions | During the nine months ended September 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 |  | April 3, 2024 |  | $ | 9,777 |  |  | $ | 1,239 |
2207 Fillmore Street - San Francisco, CA |  | Fund IV |  | April 3, 2024 |  |  | 4,283 |  |  |  | 1,130 |
Shops at Grand - Queens, NY |  | Core |  | May 16, 2024 |  |  | 48,250 |  |  |  | (2,213 | )
Canton Marketplace (Outparcel) - Canton, GA |  | Fund V |  | June 28, 2024 |  |  | 2,200 |  |  |  | 601 |
Total 2024 Dispositions (a) |  |  |  |  |  | $ | 64,510 |  |  | $ | 757 |
(a) During the nine months ended September 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.
Schedule of Asset Held for Sale Property | Assets and liabilities of the properties held for sale consisted of the following:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |
Building and improvements |  | $ | 17,063 |  |  | $ | 12,562 |
Tenant improvements |  | $ | 34 |  |  | $ | 1,010 |
Land |  |  | 9,730 |  |  |  | 3,380 |
Real estate, intangible assets |  |  | 8,631 |  |  |  | — |
Less: Accumulated depreciation and amortization |  |  | — |  |  |  | (5,895 | )
Other |  |  | 420 |  |  |  | — |
|  | $ | 35,878 |  |  | $ | 11,057 |
Liabilities |  |  |  |  |  |
Real estate, intangible assets |  | $ | 4,621 |  |  |  | — |
Accounts payable and other liabilities |  |  | 814 |  |  |  | — |
|  | $ | 5,435 |  |  | $ | — |
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, 2024 |  |  | Nine Months Ended September 30, 2024 |  |  | September 30, 2024 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | 2 |  |  | $ | 66,083 |  |  | $ | 1,063 |  |  | $ | 12,067 |  |  | $ | — |  |  |  | 3 |  |  |  | 79,213 |
Fund III |  |  | 1 |  |  |  | 28,716 |  |  |  | — |  |  |  | 1,849 |  |  |  | — |  |  |  | 1 |  |  |  | 30,565 |
Total |  |  | 3 |  |  | $ | 94,799 |  |  | $ | 1,063 |  |  | $ | 13,916 |  |  | $ | — |  |  |  | 4 |  |  | $ | 109,778 |

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