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Property Held for Sale | 3 Months Ended
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Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract] |
Property Held for Sale | Property Held for Sale On March 6, 2026, we entered into an agreement to sell our Rego Park I shopping center, located in Queens, New York, for $235,500,000. The sale, which is subject to customary closing conditions, is expected to be completed by the third quarter of 2026. The Company expects to receive overall proceeds of approximately $202,000,000, net of estimated costs. As of March 31, 2026, $20,800,000 of such costs had already been paid. Therefore, we expect to receive proceeds of approximately $222,800,000 at closing of the sale. The financial statement gain is expected to be approximately $147,000,000. As of March 31, 2026, the $54,654,000 carrying value of the property was classified as “Property held for sale” on our consolidated balance sheet. Components of the property held for sale consisted of the following:
(Amounts in thousands) |  | March 31, 2026
Land |  | $ | 1,647 |
Building and leasehold improvements |  | 105,328 |
Total |  | 106,975 |
Accumulated depreciation and amortization |  | (52,321) |
Real estate, net |  | $ | 54,654 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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