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Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2025
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] |
Schedule of Consolidated Real Estate | The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Buildings and improvements |  | $ | 3,359,373 |  |  | $ | 3,174,250 |
Tenant improvements |  |  | 311,562 |  |  |  | 304,645 |
Land |  |  | 1,088,389 |  |  |  | 906,031 |
Construction in progress |  |  | 28,807 |  |  |  | 23,704 |
Right-of-use assets - finance leases (Note 11) |  |  | 61,366 |  |  |  | 61,366 |
Total |  |  | 4,849,497 |  |  |  | 4,469,996 |
Less: Accumulated depreciation and amortization |  |  | (954,293 | ) |  |  | (926,022 | )
Operating real estate, net |  |  | 3,895,204 |  |  |  | 3,543,974 |
Real estate under development |  |  | 142,110 |  |  |  | 129,619 |
Net investments in real estate |  | $ | 4,037,314 |  |  | $ | 3,673,593 |
Schedule of Business Acquisitions, by Acquisition | During the three months ended March 31, 2025, the Company acquired the following retail properties and other retail investments (dollars in thousands):
Property and Location |  | Percent Acquired |  | Date of Acquisition |  | Purchase Price (a) |
2025 Acquisitions |  |  |  |  |  |  |
Core |  |  |  |  |  |  |
106 Spring Street - New York, NY |  | 100% |  | January 9, 2025 |  | $ | 55,137 |
73 Wooster Street - New York, NY |  | 100% |  | January 9, 2025 |  |  | 25,459 |
Renaissance Portfolio (b) |  | 48% |  | January 23, 2025 |  |  | 245,700 |
Subtotal Core |  |  |  |  |  |  | 326,296 |
Investment Management |  |  |  |  |  |  |
Pinewood Square - Lake Worth, FL |  | 100% |  | March 19, 2025 |  |  | 68,207 |
Total 2025 Acquisitions (c) |  |  |  |  |  | $ | 394,503 |
(a) Purchase price includes capitalized transaction costs of $0.8 million. (b) On January 23, 2025, the Company acquired an additional 48% economic ownership interest, and increased its existing 20% interest to 68%, in the Renaissance Portfolio primarily located in Washington D.C. The 48% interest was acquired for a purchase price of $117.9 million, based upon a gross portfolio fair value of $245.7 million, which included existing mortgage loan indebtedness of $156.1 million in aggregate (Note 7). Prior to the acquisition, the Company accounted for its 20% interest under the equity method of accounting (Note 4). Due to the Company gaining a controlling financial interest as a result of this acquisition, the Company determined it should consolidate its investment within its Core Portfolio effective January 23, 2025. As such, the Company measured and recognized 100% of the identifiable assets acquired, the liabilities assumed and any noncontrolling interests of the Renaissance Portfolio, at fair value and recognized a $9.6 million loss on change in control representing the difference between the carrying value and fair value of its existing equity method interest immediately before consolidation of the portfolio in its Condensed Consolidated Statements of Operations related to the remeasurement of its previously held equity interest. (c) The Company acquired additional retail properties subsequent to March 31, 2025 (Note 16).
Schedule of Purchase Price Allocations | The following table summarizes the allocation of the purchase price of properties acquired during the three months ended March 31, 2025 (in thousands):
|  | Land |  |  | Buildings and improvements |  |  | Intangible assets |  |  | Intangible liabilities |  |  | Debt fair value adjustment |  |  | Total |
106 Spring Street - New York, NY |  | $ | 51,108 |  |  | $ | 5,460 |  |  | $ | 10,391 |  |  | $ | (11,822 | ) |  | $ | — |  |  | $ | 55,137 |
73 Wooster St - New York, NY |  |  | 15,876 |  |  |  | 6,775 |  |  |  | 2,848 |  |  |  | (40 | ) |  |  | — |  |  |  | 25,459 |
Renaissance Portfolio - Washington, D.C. |  |  | 101,765 |  |  |  | 129,042 |  |  |  | 20,583 |  |  |  | (3,795 | ) |  |  | (1,895 | ) |  |  | 245,700 |
Pinewood Square - Lake Worth, FL |  |  | 17,208 |  |  |  | 46,208 |  |  |  | 12,668 |  |  |  | (7,877 | ) |  |  | — |  |  |  | 68,207 |
2025 Total |  | $ | 185,957 |  |  | $ | 187,485 |  |  | $ | 46,490 |  |  | $ | (23,534 | ) |  | $ | (1,895 | ) |  | $ | 394,503 |
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 three months ended March 31, 2025 are as follows:
|  | 2025 |
|  | Low |  | High |
Exit Capitalization Rate |  |  | 5.75 | % |  | 6.75 | %
Discount Rate |  |  | 7.75 | % |  | 11.50 | %
Annual net rental rate per square foot on acquired buildings |  | $ | 15.00 |  | $ | 850.00 |
Interest rate on assumed debt |  |  | 6.35 | % |  | 6.35 | %
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, 2025 |  |  | Three Months Ended March 31, 2025 |  |  | March 31, 2025 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core (a) |  |  | 4 |  |  | $ | 98,255 |  |  | $ | 2,166 |  |  | $ | 10,560 |  |  | $ | 1,066 |  |  |  | 4 |  |  |  | 109,915 |
Fund III |  |  | 1 |  |  |  | 31,364 |  |  |  | — |  |  |  | 831 |  |  |  | — |  |  |  | 1 |  |  |  | 32,195 |
Total |  |  | 5 |  |  | $ | 129,619 |  |  | $ | 2,166 |  |  | $ | 11,391 |  |  | $ | 1,066 |  |  |  | 5 |  |  | $ | 142,110 |
(a) During the first quarter of 2025, the Company placed one property in development and one property in service within the Henderson Avenue portfolio.

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