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Real Estate | 9 Months Ended
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Sep. 30, 2025
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):
|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Buildings and improvements |  | $ | 3,411,249 |  |  | $ | 3,174,250 |
Tenant improvements |  |  | 332,990 |  |  |  | 304,645 |
Land |  |  | 1,147,235 |  |  |  | 906,031 |
Construction in progress |  |  | 30,944 |  |  |  | 23,704 |
Right-of-use assets - finance leases (Note 11) |  |  | 61,366 |  |  |  | 61,366 |
Total |  |  | 4,983,784 |  |  |  | 4,469,996 |
Less: Accumulated depreciation and amortization |  |  | (989,377 | ) |  |  | (926,022 | )
Operating real estate, net |  |  | 3,994,407 |  |  |  | 3,543,974 |
Real estate under development |  |  | 142,468 |  |  |  | 129,619 |
Net investments in real estate |  | $ | 4,136,875 |  |  | $ | 3,673,593 |
Acquisitions During the nine months ended September 30, 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 |  |  |  |  |  |  |
REIT Portfolio |  |  |  |  |  |  |
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 - Washington, D.C. (b) |  | 48% |  | January 23, 2025 |  |  | 245,700 |
95, 97, and 107 North 6th Street - Brooklyn, NY |  | 100% |  | April 9, 2025 |  |  | 59,668 |
85 5th Avenue - New York, NY |  | 100% |  | April 11, 2025 |  |  | 47,014 |
70 and 93 North 6th Street - Brooklyn, NY |  | 100% |  | June 4, 2025 |  |  | 50,323 |
2117 N. Henderson Avenue (Land Parcel) - Dallas, TX |  | 100% |  | July 31, 2025 |  |  | 904 |
Subtotal REIT Portfolio |  |  |  |  |  |  | 484,205 |
Investment Management |  |  |  |  |  |  |
Pinewood Square - Lake Worth, FL |  | 100% |  | March 19, 2025 |  |  | 68,207 |
The Avenue at West Cobb - Marietta, GA |  | 100% |  | September 30, 2025 |  |  | 62,701 |
Subtotal Investment Management |  |  |  |  |  |  | 130,908 |
Total 2025 Acquisitions |  |  |  |  |  | $ | 615,113 |
(a) Purchase price includes capitalized transaction costs of $2.4 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 REIT 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. Purchase Price Allocations The purchase prices for the acquisitions (excluding any properties that were acquired in development) 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 nine months ended September 30, 2025 (in thousands):
|  | Land |  |  | Buildings and improvements |  |  | Intangible assets |  |  | Intangible liabilities |  |  | Debt fair value adjustment |  |  | Total |
106 Spring Street |  | $ | 51,495 |  |  | $ | 5,043 |  |  | $ | 10,165 |  |  | $ | (11,566 | ) |  | $ | — |  |  | $ | 55,137 |
73 Wooster St |  |  | 15,876 |  |  |  | 6,775 |  |  |  | 2,848 |  |  |  | (40 | ) |  |  | — |  |  |  | 25,459 |
Renaissance Portfolio |  |  | 103,962 |  |  |  | 127,368 |  |  |  | 20,016 |  |  |  | (4,100 | ) |  |  | (1,546 | ) |  |  | 245,700 |
Pinewood Square |  |  | 17,208 |  |  |  | 46,208 |  |  |  | 12,668 |  |  |  | (7,877 | ) |  |  | — |  |  |  | 68,207 |
95, 97, and 107 North 6th Street |  |  | 17,342 |  |  |  | 36,493 |  |  |  | 6,167 |  |  |  | (334 | ) |  |  | — |  |  |  | 59,668 |
85 5th Avenue |  |  | 32,718 |  |  |  | 7,318 |  |  |  | 6,978 |  |  |  | — |  |  |  | — |  |  |  | 47,014 |
70 and 93 North 6th Street |  |  | 17,058 |  |  |  | 30,834 |  |  |  | 5,833 |  |  |  | (3,402 | ) |  |  | — |  |  |  | 50,323 |
2117 N. Henderson Avenue |  |  | 904 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 904 |
The Avenue at West Cobb |  |  | 9,647 |  |  |  | 40,355 |  |  |  | 15,633 |  |  |  | (2,934 | ) |  |  | — |  |  |  | 62,701 |
2025 Total |  | $ | 266,210 |  |  | $ | 300,394 |  |  | $ | 80,308 |  |  | $ | (30,253 | ) |  | $ | (1,546 | ) |  | $ | 615,113 |
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. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. 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 the nine months ended September 30, 2025 are as follows:
|  | 2025
|  | Low | High
Exit Capitalization Rate |  | 5.00% | 7.75%
Discount Rate |  | 6.25% | 10.50%
Annual net rental rate per square foot on acquired buildings |  | $15.00 | $850.00
Interest rate on assumed debt |  | 6.35% | 6.35%
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. Disposition During the nine months ended September 30, 2025, the Company disposed of the following retail properties (dollars in thousands):
Property and Location |  | Owner |  | Date Sold |  | Sale Price |  |  | Gain on Sale (a) |
2025 Dispositions |  |  |  |  |  |  |  |  |  |
Mad River - Dayton, OH (b) |  | REIT |  | August 19, 2025 |  | $ | 15,020 |  |  | $ | 2,756 |
640 Broadway - New York, NY (c) |  | IM (Fund III) |  | September 5, 2025 |  |  | 49,500 |  |  |  | 172 |
Total 2025 Dispositions |  |  |  |  |  | $ | 64,520 |  |  | $ | 2,928 |
(a) During the three months ended September 30, 2025, the Company incurred a $0.4 million loss related to a Fund IV property that was sold in 2019 in connection with a post-closing dispute. This loss is omitted from the table above, but is included in Gain (loss) on disposition of properties in the Company’s Condensed Consolidated Statements of Operations. (b) Pursuant to the purchase and sale agreement, $1.9 million of the total sale consideration was placed in an escrow in connection with a contingency, upon resolution of which such funds will be released to the Company as the seller. The Company recognized a variable gain on sale relating to this amount because the Company believes it is probable that a significant reversal of such recorded gain will not occur when the uncertainty associated with the variable consideration will be subsequently resolved in the fourth quarter of 2025. Subsequently, at the end of each reporting period, the Company will update the estimated transaction price (including updating its assessment of whether an estimate of variable consideration is constrained) to represent the circumstances present at the end of the reporting period and the changes in circumstances during the reporting period. (c) This property was previously impaired. Refer to Note 8 for more detail. Properties Held for Sale As of September 30, 2025, the Company classified a portion of 1035 Third Avenue, a consolidated Fund IV Investment Management property, as held for sale. The property was subsequently sold on October 1, 2025 (Note 16). The assets and liabilities of the property held for sale are presented separately in the accompanying condensed consolidated balance sheets and are summarized as follows:
|  | September 30, |
|  | 2025 |
Assets |  |  |
Building and improvements |  | $ | 23,341 |
Tenant improvements |  |  | 1,769 |
Land |  |  | 5,896 |
Less: Accumulated depreciation and amortization |  |  | (11,246 | )
Other |  |  | 1,263 |
|  | $ | 21,023 |
Liabilities |  |  |
Real estate, intangible liabilities |  | $ | — |
The Company did no t have any properties classified as held for sale as of December 31, 2024. Real Estate Under Development Real estate under development represents the Company’s consolidated properties that have not yet been placed into service and are undergoing substantial development or construction. Development activity for these properties during the periods presented is summarized below (dollars in thousands):
|  | January 1, 2025 |  |  | Nine Months Ended September 30, 2025 |  |  | September 30, 2025 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
REIT Portfolio (a) |  |  | 4 |  |  | $ | 98,255 |  |  | $ | 3,072 |  |  | $ | 42,219 |  |  | $ | 1,078 |  |  |  | 6 |  |  |  | 142,468 |
IM (Fund III) (b) |  |  | 1 |  |  |  | 31,364 |  |  |  | — |  |  |  | 2,621 |  |  |  | 33,985 |  |  |  | — |  |  |  | — |
Total |  |  | 5 |  |  | $ | 129,619 |  |  | $ | 3,072 |  |  | $ | 44,840 |  |  | $ | 35,063 |  |  |  | 6 |  |  | $ | 142,468 |
(a) During the nine months ended September 30, 2025, the Company placed two REIT Portfolio properties into development within the Henderson Avenue portfolio. (b) During the nine months ended September 30, 2025, the Company transferred out one Investment Management Fund III property that is no longer in development. The number of properties in the table above refers to full-property development projects; however, certain projects represent only a portion of a property, and the capitalized costs and carrying value of these projects are included in the table above. As of September 30, 2025, consolidated development projects included six properties in the Henderson Avenue Portfolio (REIT Portfolio). Construction in progress refers to construction activity at operating properties that remain in service 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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