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Real Estate | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Real Estate | Real Estate Construction in Progress Construction in progress includes land, preconstruction and development costs of active projects. Preconstruction costs include legal, zoning and permitting costs and other project carrying costs incurred prior to the commencement of construction. Development costs include direct construction costs and indirect costs incurred subsequent to the start of construction such as architectural, engineering, construction management and carrying costs consisting of interest, real estate taxes and insurance. The following table shows the components of construction in progress.
(In thousands) | December 31, 2024 |  | December 31, 2023
Hampden House (1) | $ | 217,537 |  |  | $ | 142,240 |
Twinbrook Quarter Phase I - Retail/Residential (2) | 9,664 |  |  | 248,913 |
Twinbrook Quarter - Other (3) | 84,662 |  |  | 106,200 |
Other | 14,330 |  |  | 17,200 |
Total | $ | 326,193 |  |  | $ | 514,553 |
(1)Includes capitalized interest of $20.8 million and $14.1 million, as of December 31, 2024 and December 31, 2023, respectively. (2)Includes capitalized interest of $0.6 million and $18.8 million, as of December 31, 2024 and December 31, 2023, respectively. (3)Other includes infrastructure and site work necessary to support current and future development phases, and includes capitalized interest of $5.4 million and $6.7 million, as of December 31, 2024 and December 31, 2023, respectively.
On October 1, 2024, including capitalized interest, $299.5 million relating to Twinbrook Quarter Phase I - Retail/Residential and $46.0 million relating to Twinbrook Quarter - Other were placed in service. Allocation of Purchase Price of Real Estate Acquired The Company allocates the purchase price of real estate investment properties to various components, such as land, buildings and intangibles related to in-place leases and customer relationships, based on their relative fair values. The gross carrying amount of lease acquisition costs included in deferred leasing costs as of December 31, 2024 and 2023 was $9.4 million and $10.6 million, respectively, and accumulated amortization was $8.4 million and $9.4 million, respectively. Amortization expense totaled, $0.2 million, $0.3 million and $0.4 million, for the years ended December 31, 2024, 2023, and 2022, respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2024 and 2023 was $21.8 million and $23.3 million, respectively, and accumulated amortization was $18.0 million and $18.6 million, respectively. Accretion income totaled $0.9 million, $1.3 million, and $1.3 million, for the years ended December 31, 2024, 2023, and 2022, respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2024 and 2023 was $0.6 million and $0.6 million, respectively, and accumulated amortization was $260,600 and $227,700, respectively. Amortization expense totaled $32,900, $32,900 and $32,900, for the years ended December 31, 2024, 2023, and 2022, respectively. The remaining weighted-average amortization period as of December 31, 2024 is 4.5 years, 5.3 years, and 5.1 years for lease acquisition costs, above market leases and below market leases, respectively. As of December 31, 2024, scheduled amortization of intangible assets and deferred income related to in place leases is as follows:
(In thousands) | Lease acquisition costs |  | Above market leases |  | Below market leases
2025 | $ | 146 |  |  | $ | 33 |  |  | $ | 601 |
2026 | 123 |  |  | 33 |  |  | 508 |
2027 | 119 |  |  | 33 |  |  | 507 |
2028 | 117 |  |  | 33 |  |  | 507 |
2029 | 103 |  |  | 33 |  |  | 226 |
Thereafter | 372 |  |  | 178 |  |  | 1,504 |
Total | $ | 980 |  |  | $ | 343 |  |  | $ | 3,853 |

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- References No definition available. + Details
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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481990/310-10-45-3 + Details
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