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Investments in and Advances to Unconsolidated Affiliates (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Equity Method Investments | nvestments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):
|  |  |  | Ownership Interest |  | December 31, |  |  | December 31, |
Portfolio |  | Property |  | December 31, 2024 |  | 2024 |  |  | 2023 |
Core: |  | Renaissance Portfolio |  | 20% |  | $ | 28,250 |  |  | $ | 30,745 |
|  | Gotham Plaza |  | 49% |  |  | 30,561 |  |  |  | 30,772 |
|  | Georgetown Portfolio (a) |  | 50% |  |  | 4,214 |  |  |  | 4,230 |
|  | 1238 Wisconsin Avenue (a, b) |  | 80% |  |  | 19,048 |  |  |  | 19,719 |
|  | 840 N. Michigan Avenue (c) |  | 91.85% |  |  | 28,111 |  |  |  | 15,761 |
|  |  |  |  |  |  | 110,184 |  |  |  | 101,227 |
Investment Management: |  |  |  |  |  |  |  |  |  |
Fund IV: (g) |  | Fund IV Other Portfolio |  | 90% |  |  | 5,291 |  |  |  | 5,221 |
|  | 650 Bald Hill Road |  | 90% |  |  | 9,220 |  |  |  | 9,486 |
|  | Paramus Plaza |  | 50% |  |  | — |  |  |  | 70 |
|  |  |  |  |  |  | 14,511 |  |  |  | 14,777 |
Fund V: (g) |  | Family Center at Riverdale (c) |  | 89.42% |  |  | 1,832 |  |  |  | 2,552 |
|  | Tri-City Plaza |  | 90% |  |  | 6,914 |  |  |  | 6,452 |
|  | Frederick County Acquisitions (d) |  | 90% |  |  | 4,375 |  |  |  | 11,345 |
|  | Wood Ridge Plaza |  | 90% |  |  | 9,313 |  |  |  | 10,313 |
|  | La Frontera Village |  | 90% |  |  | 13,389 |  |  |  | 17,483 |
|  | Shoppes at South Hills |  | 90% |  |  | 10,139 |  |  |  | 11,707 |
|  | Mohawk Commons |  | 90% |  |  | 12,350 |  |  |  | 16,434 |
|  |  |  |  |  |  | 58,312 |  |  |  | 76,286 |
Other: |  | Shops at Grand |  | 5% |  |  | 2,452 |  |  |  | — |
|  | Walk at Highwoods Preserve |  | 20% |  |  | 2,279 |  |  |  | — |
|  | LINQ Promenade (a) |  | 15% |  |  | 16,508 |  |  |  | — |
|  |  |  |  |  |  | 21,239 |  |  |  | — |
Various: |  | Due (to) from Related Parties |  |  |  |  | 446 |  |  |  | 396 |
|  | Other (e) |  |  |  |  | 4,540 |  |  |  | 4,554 |
|  | Investments in and advances to unconsolidated affiliates |  |  |  | $ | 209,232 |  |  | $ | 197,240 |
Core: |  | Crossroads (f) |  | 49% |  | $ | 16,514 |  |  | $ | 7,982 |
|  | Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  |  | $ | 16,514 |  |  | $ | 7,982 |
a) Represents a variable interest entity (“VIE”) for which the Company is not the primary beneficiary (Note 16). b) Includes the amounts advanced against a $12.8 million construction commitment from the Company to the venture that holds its investment in 1238 Wisconsin. As of December 31, 2024 and December 31, 2023 the note receivable from a related party had a balance of $12.8 million, as of each period, net of an allowance for credit losses of $0.1 million at each of December 31, 2024 and 2023. 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, 2027 (as extended). The Company recognized Interest income of $0.2 million for each of the years ended December 31, 2024 and 2023, respectively, related to this note receivable. c) Represents a tenancy-in-common interest. In December 2023, the Company acquired an additional 3.42% interest in the North Michigan Avenue venture, increasing its ownership from 88.43% to 91.85% and provided a loan to the remaining venture partners. The note receivable bears interest at 6.50% had an outstanding balance of $2.3 million and $1.4 million as of December 31, 2024 and 2023, respectively (Note 3). d) On September 25, 2024 the venture which Fund V holds a 90% interest in sold a 300,000 square foot property in Frederick County, Maryland commonly referred to as Frederick Crossing. Fund V maintains its 90% interest in the venture which retains its interest in the remaining property of the Frederick County Acquisitions portfolio, commonly referred to as Frederick County Square. e) Includes cost-method investment in Fifth Wall. As of December 31, 2024, the Company recorded an impairment charge of $0.4 million. f) Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity. g) The Company owns 23.12% and 20.10% in Funds IV and V, respectively (Note 1). For the ventures within these Funds, the ownership interest percentage represents the Fund’s ownership interest and not the Company’s proportionate share.
Schedule of Condensed Balance Sheet | The following Combined and Condensed Balance Sheets and Statements of Operations, in each period, summarized the financial information of the Company’s investments in unconsolidated affiliates that were held as of December 31, 2024 and 2023 (in thousands):
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Combined and Condensed Balance Sheets |  |  |  |  |  |
Assets: |  |  |  |  |  |
Rental property, net |  | $ | 1,016,229 |  |  | $ | 723,411 |
Other assets |  |  | 162,713 |  |  |  | 125,699 |
Total assets |  | $ | 1,178,942 |  |  | $ | 849,110 |
Liabilities and partners’ equity: |  |  |  |  |  |
Mortgage notes payable |  | $ | 815,045 |  |  | $ | 662,552 |
Other liabilities |  |  | 140,743 |  |  |  | 100,270 |
Partners’ equity |  |  | 223,154 |  |  |  | 86,288 |
Total liabilities and partners’ equity |  | $ | 1,178,942 |  |  | $ | 849,110 |
Company's share of accumulated equity |  | $ | 131,793 |  |  | $ | 128,690 |
Basis differential |  |  | 50,851 |  |  |  | 51,824 |
Deferred fees, net of portion related to the Company's interest |  |  | 5,400 |  |  |  | 3,794 |
Amounts receivable/payable by the Company |  |  | 446 |  |  |  | 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 |  |  | 188,490 |  |  |  | 184,704 |
Investments carried at cost |  |  | 4,228 |  |  |  | 4,554 |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 16,514 |  |  |  | 7,982 |
Investments in and advances to unconsolidated affiliates |  | $ | 209,232 |  |  | $ | 197,240 |
Schedule of Condensed Income Statement |
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Combined and Condensed Statements of Operations |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 114,442 |  |  | $ | 108,425 |  |  | $ | 96,080 |
Operating and other expenses |  |  | (41,001 | ) |  |  | (35,488 | ) |  |  | (29,858 | )
Interest expense |  |  | (40,998 | ) |  |  | (40,864 | ) |  |  | (26,807 | )
Depreciation and amortization |  |  | (43,183 | ) |  |  | (42,212 | ) |  |  | (34,596 | )
Gain (loss) on extinguishment of debt (a) |  |  | 3,934 |  |  |  | 368 |  |  |  | (7 | )
Impairment of Investment (b) |  |  | — |  |  |  | — |  |  |  | (57,423 | )
Gain on disposition of properties (c) |  |  | 21,357 |  |  |  | — |  |  |  | 12,983 |
Net income (loss) attributable to unconsolidated affiliates |  | $ | 14,551 |  |  | $ | (9,771 | ) |  | $ | (39,628 | )
Company’s share of equity in net earnings (losses) of unconsolidated affiliates |  | $ | 16,151 |  |  | $ | (6,688 | ) |  | $ | (31,907 | )
Basis differential amortization |  |  | (973 | ) |  |  | (989 | ) |  |  | (1,000 | )
Company’s equity in earnings (losses) of unconsolidated affiliates |  | $ | 15,178 |  |  | $ | (7,677 | ) |  | $ | (32,907 | )
a) Includes the gain on debt extinguishment related to the restructuring at 840 N. Michigan Avenue for the year ended December 31, 2024 and 2023. b) Includes the impairment charge related to 840 N. Michigan Avenue for the year ended December 31, 2022. c) Includes the gain on the sale of Frederick Crossing, Paramus Plaza for the year ended December 31, 2024 and Promenade at Manassas for the year ended December 31, 2022.

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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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