XML 37 R30.htm IDEA: XBRL DOCUMENT v3.24.3
Real Estate (Tables)
 9 Months Ended
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