Investment in Real Estate

6 Months Ended

Jun. 30, 2024

The following table summarizes the Company’s investment in real estate, at cost as of:


	June 30, 2024		December 31, 2023
Land	$	1,249,014	$	1,220,339
Building and improvements	6,189,247		5,969,364
Tenant improvements	747,809		818,653
Furniture and fixtures	6,012		8,609
Property under development	202,422		195,931
INVESTMENT IN REAL ESTATE, AT COST	$	8,394,504	$	8,212,896

Acquisitions of Real Estate

The Company had no acquisitions of real estate during the six months ended June 30, 2024.

Impairment of Long-Lived Assets

The Company assesses the carrying value of real estate assets and related intangibles whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable in accordance with GAAP. Impairment losses are recorded on real estate assets held for investment when indicators of impairment are present and the future undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. The Company recognizes impairment losses to the extent the carrying amount exceeds the fair value, based on Level 1 or Level 2 inputs.

The Company had no impairments of real estate during the six months ended June 30, 2024 and 2023.

Dispositions of Real Estate

The Company had no dispositions of real estate during the six months ended June 30, 2024.

The following table summarizes information on the disposition of a property considered non-strategic to the Company’s portfolio completed during the six months ended June 30, 2023:

Property

Segment

Date of Disposition

Square Feet (unaudited)

Sales Price(1) (in millions)

Gain on Sale(2) (in millions)

Skyway Landing

Office

2/6/2023

246,997

102.0

7.0

__________________

1.Represents gross sales price before certain credits, prorations and closing costs.

2.Included within gain on sale of real estate on the Consolidated Statement of Operations.