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Real Estate | 12 Months Ended
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Dec. 31, 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):
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Buildings and improvements |  | $ | 3,174,250 |  |  | $ | 3,128,650 |
Tenant improvements |  |  | 304,645 |  |  |  | 257,955 |
Land |  |  | 906,031 |  |  |  | 872,228 |
Construction in progress |  |  | 23,704 |  |  |  | 23,250 |
Right-of-use assets - finance leases (Note 11) |  |  | 61,366 |  |  |  | 58,637 |
Total |  |  | 4,469,996 |  |  |  | 4,340,720 |
Less: Accumulated depreciation and amortization |  |  | (926,022 | ) |  |  | (823,439 | )
Operating real estate, net |  |  | 3,543,974 |  |  |  | 3,517,281 |
Real estate under development |  |  | 129,619 |  |  |  | 94,799 |
Net investments in real estate |  | $ | 3,673,593 |  |  | $ | 3,612,080 |
Acquisitions During the years ended December 31, 2024 and 2023, the Company acquired the following retail properties and other real estate investments (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 Ave (Land Parcel) - Dallas, TX |  | 100% |  | September 19, 2024 |  |  | 1,063 |
123-129 N. 6th Street - Brooklyn, NY |  | 100% |  | October 11, 2024 |  |  | 35,343 |
92-94 Greene Street - New York, NY |  | 100% |  | October 17, 2024 |  |  | 43,594 |
109 N. 6th Street - Brooklyn, NY |  | 100% |  | October 24, 2024 |  |  | 19,040 |
1834 N. Henderson Ave - Dallas, TX |  | 100% |  | November 21, 2024 |  |  | 2,144 |
2107-2115 N. Henderson Ave (Land Parcel) - Dallas, TX |  | 100% |  | November 25, 2024 |  |  | 11,082 |
Subtotal Core |  |  |  |  |  |  | 132,613 |
Investment Management |  |  |  |  |  |  |
Walk at Highwoods Preserve - Tampa, FL (b) |  | 100% |  | July 3, 2024 |  |  | 31,766 |
Total 2024 Acquisitions |  |  |  |  |  |  | 164,379 |
2023 Acquisitions |  |  |  |  |  |  |
Investment Management |  |  |  |  |  |  |
Cypress Creek - Tampa, FL |  | 100% |  | July 3, 2023 |  | $ | 49,374 |
Maple Tree Place - Williston, VT |  | 100% |  | November 27, 2023 |  |  | 77,816 |
Total 2023 Acquisitions |  |  |  |  |  | $ | 127,190 |
(a) Purchase price includes capitalized transaction costs. (b) On October 25, 2024, the Company contributed its Walk at Highwoods Preserve property to a newly formed joint venture and retained a 20% non-controlling ownership interest. Refer to the disposition table below and Note 4. For the years ended December 31, 2024 and 2023, the Company capitalized $2.9 million and $1.0 million of acquisition costs in connection with the 2024 Acquisitions and 2023 Acquisitions, respectively, which are included in Net investments in real estate on the Consolidated Balance Sheets. Purchase Price Allocations The purchase prices for the 2024 Acquisitions (excluding any properties that were acquired in development(a)) and 2023 Acquisitions 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, 2024 and 2023 (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 |
Walk at Highwoods Preserve |  |  | 9,730 |  |  |  | 18,026 |  |  |  | 8,631 |  |  |  | — |  |  |  | — |  |  |  | (4,621 | ) |  | — |  |  |  | 31,766 |
123-129 N. 6th Street |  |  | 13,083 |  |  |  | 25,428 |  |  |  | 3,280 |  |  |  | — |  |  |  | — |  |  |  | (6,448 | ) |  | — |  |  |  | 35,343 |
109 N. 6th Street |  |  | 5,142 |  |  |  | 13,146 |  |  |  | 3,081 |  |  |  | — |  |  |  | — |  |  |  | (2,329 | ) |  | — |  |  |  | 19,040 |
92-94 Greene Street |  |  | 32,499 |  |  |  | 10,406 |  |  |  | 3,694 |  |  |  | — |  |  |  | — |  |  |  | (3,005 | ) |  | — |  |  |  | 43,594 |
1834 N. Henderson Ave |  |  | 1,002 |  |  |  | 1,142 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  |  | 2,144 |
2024 Total (a) |  | $ | 66,418 |  |  | $ | 78,608 |  |  | $ | 22,381 |  |  | $ | 2,729 |  |  | $ | (1,071 | ) |  | $ | (16,831 | ) | $ | — |  |  | $ | 152,234 |
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 |
(a) Excludes 1718 N. Henderson Ave and 2107-2115 N. Henderson Ave properties that were placed in development upon acquisition. 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 2024 and 2023, respectively, are as follows:
|  | 2024 |  |  | 2023 |
|  | Low |  | High |  |  | Low |  | High |
Exit Capitalization Rate |  |  | 5.50 | % |  | 8.00 | % |  |  | 7.00 | % |  | 8.50 | %
Discount Rate |  |  | 7.50 | % |  | 10.00 | % |  |  | 10.00 | % |  | 10.25 | %
Annual net rental rate per square foot on acquired buildings |  | $ | 17.00 |  | $ | 615.00 |  |  | $ | 4.00 |  | $ | 47.00 |
Annual net rental rate per square foot on acquired master lease |  | $ | 29.11 |  | $ | 29.11 |  |  | $ | 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, 2024 and 2023, the Company disposed of the following properties and other real estate investments (in thousands):
Property and Location |  | Owner |  | Date Sold |  | Sale Price |  |  | Gain (Loss) on Sale (a) |
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 (b) |  | Core |  | May 16, 2024 |  |  | 48,250 |  |  |  | (2,213 | )
Canton Marketplace (Outparcel) - Canton, GA |  | Fund V |  | June 28, 2024 |  |  | 2,200 |  |  |  | 601 |
Walk at Highwoods Preserve - Tampa, FL (c) |  | Investment Management |  | October 25, 2024 |  |  | 31,366 |  |  |  | (393 | )
Total 2024 Dispositions |  |  |  |  |  | $ | 95,876 |  |  | $ | 364 |
2023 Dispositions |  |  |  |  |  |  |  |  |  |
None |  |  |  |  |  |  |  |  |  |
(a) During the first quarter of 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. (b) On May 16, 2024, the Company contributed its Shops at Grand property located in Queens, New York to a newly formed unconsolidated joint venture and retained a 5% non-controlling ownership interest 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 Loss on disposition of properties in the Consolidated Statements of Operations. (c) On October 25, 2024, the Company contributed its Walk at Highwoods Preserve property located in Tampa, Florida to a newly formed unconsolidated joint venture for $31.4 million and retained a 20% non-controlling ownership interest which was valued at $6.4 million. As a result of the transaction, the Company deconsolidated the property and accounted for its interest under the equity method of accounting effective October 25, 2024 as it no longer controls the investment (Note 4). The Company recognized a loss on deconsolidation of $0.4 million related to transaction costs, which is included in the Loss on disposition of properties in the Consolidated Statements of Operations. Properties Held for Sale At December 31, 2024, the Company did no t have any properties held for sale. At December 31, 2023, the Company had one Core property classified as held for sale, with total assets of properties held for sale of $11.1 million, which was transferred 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 of 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 |  |  | Year Ended December 31, 2024 |  |  | December 31, 2024 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | 2 |  |  | $ | 66,083 |  |  | $ | 12,156 |  |  | $ | 20,016 |  |  | $ | — |  |  |  | 4 |  |  |  | 98,255 |
Fund III |  |  | 1 |  |  |  | 28,716 |  |  |  | — |  |  |  | 2,648 |  |  |  | — |  |  |  | 1 |  |  |  | 31,364 |
Total |  |  | 3 |  |  | $ | 94,799 |  |  | $ | 12,156 |  |  | $ | 22,664 |  |  | $ | — |  |  |  | 5 |  |  | $ | 129,619 |
|  | 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 |
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, 2024, consolidated development projects included: portions of the Henderson Avenue Portfolio in the Core Portfolio, and Broad Hollow Commons in Fund III. During the year ended December 31, 2024, the Company acquired two development land parcels in the Henderson Avenue Portfolio (Note 2); the Company did not place any assets into service. At December 31, 2023, development projects included: portions of the Henderson Avenue Portfolio in the Core Portfolio, 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. 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 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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