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Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real estate and accumulated depreciation

									Costs																																																												Buildings
									Capitalized						Basis at Close of Period																																																						and
			Initial Basis						Subsequent to Acquisition						Land						Buildings and Improvements						Construction in Progress						Total						Accumulated Depreciation						Book Value						Related Debt (2)						Date of Construction						Date Acquired						Improvements Depreciable Lives in Years
Shopping Centers
Ashbrook, Ashburn, VA			$	8,938					$	25,514					$	13,258					$	21,194					$	—					$	34,452					$	3,532					$	30,920					$	19,604					2019						5/18						50
Ashburn Village, Ashburn, VA			11,431						21,282						6,764						25,814						135						32,713						17,728						14,985						50,000						1994 & 2000-6						3/94						40
Ashland Square Phase I, Manassas, VA			1,178						7,508						1,178						7,508						—						8,686						3,625						5,061						—						2007, 2013						12/04						20 & 50
Beacon Center, Alexandria, VA			24,161						18,595						22,691						20,065						—						42,756						17,379						25,377						52,487						1960 & 1974						1/72 , 11/16						40 & 50
BJ's Wholesale Club, Alexandria, VA			22,623						—						22,623						—						—						22,623						—						22,623						14,817												3/08
Boca Valley Plaza, Boca Raton, FL			16,720						4,076						5,735						15,061						—						20,796						7,644						13,152						—												2/04						40
Boulevard, Fairfax, VA			4,883						4,754						3,687						5,942						8						9,637						4,212						5,425						8,929						1969, 1999 & 2009						4/94						40
Briggs Chaney MarketPlace, Silver Spring, MD			27,037						5,976						9,789						23,183						41						33,013						12,824						20,189						—												4/04						40
Broadlands Village, Ashburn, VA			5,316						37,048						5,300						36,957						107						42,364						17,575						24,789						27,101						2002-3, 2004 & 2006						3/02						40 & 50
Burtonsville Town Square, Burtonsville, MD			74,212						6,363						28,402						52,149						24						80,575						11,500						69,075						30,874						2010						1/17						20 & 45
Countryside Marketplace, Sterling, VA			28,912						5,180						7,666						26,378						48						34,092						14,624						19,468						—												2/04						40
Cranberry Square, Westminster, MD			31,578						2,254						6,700						27,132						—						33,832						9,129						24,703						12,468												9/11						40
Cruse MarketPlace, Cumming, GA			12,226						1,044						3,901						9,369						—						13,270						4,940						8,330						—												3/04						40
Flagship Center, Rockville, MD			160						409						169						400						—						569						170						399						—						1972						1/72
French Market, Oklahoma City, OK			5,781						18,626						1,118						22,806						483						24,407						15,237						9,170						—						1972 & 1998						3/74						50
Germantown, Germantown, MD			2,034						566						2,034						566						—						2,600						497						2,103						—						1990						08/93						40
The Glen, Lake Ridge, VA			12,918						8,835						5,300						16,444						9						21,753						11,951						9,802						19,612						1993 & 2005						6/94						40
Great Falls Center, Great Falls, VA			41,750						3,582						14,766						30,566						—						45,332						13,833						31,499						29,751												3/08						40
Hampshire Langley, Takoma, MD			3,159						3,690						1,892						4,947						10						6,849						4,232						2,617						10,878						1960						1/72						40
Hunt Club Corners / Hunt Club Pad Site, Apopka, FL			12,584						4,901						4,822						12,654						9						17,485						7,004						10,481						—												6/06, 12/12						40
Jamestown Place, Altamonte Springs, FL			14,055						3,506						4,455						13,106						—						17,561						6,329						11,232						—												11/05						40
Kentlands Square I, Gaithersburg, MD			14,379						3,730						5,005						13,104						—						18,109						6,003						12,106						18,243						2002						9/02						40
Kentlands Square II, III, Gaithersburg, MD			76,723						3,990						23,133						57,268						312						80,713						21,022						59,691						28,465												9/11, 9/13						40
Kentlands Place, Gaithersburg, MD			1,425						8,050						1,425						8,044						6						9,475						4,998						4,477						6,203						2005						1/04						50
Lansdowne Town Center, Leesburg, VA			6,545						44,414						6,546						44,211						202						50,959						22,100						28,859						—						2006						11/02						50
Leesburg Pike, Baileys Crossroads, VA			2,418						7,039						1,132						8,315						10						9,457						6,702						2,755						25,864						1965						2/66						40
Lumberton Plaza, Lumberton, NJ			4,400						12,369						950						15,691						128						16,769						13,861						2,908						—						1975						12/75						40
Metro Pike Center, Rockville, MD			33,123						5,482						26,064						8,493						4,048						38,605						3,199						35,406						—												12/10						40
Shops at Monocacy, Frederick, MD			9,541						16,078						9,260						16,351						8						25,619						8,044						17,575						24,886						2003-4						11/03						50
Northrock, Warrenton, VA			12,686						15,514						12,686						15,499						15						28,200						7,092						21,108						11,597						2009						01/08						50
Olde Forte Village, Ft. Washington, MD			15,933						7,426						5,409						17,940						10						23,359						10,390						12,969						18,964						2003-4						07/03						40
Olney, Olney, MD			4,963						3,054						3,079						4,938						—						8,017						3,855						4,162						12,836						1972						11/75						40
Orchard Park, Dunwoody, GA			19,377						1,642						7,751						13,268						—						21,019						6,084						14,935						—												7/07						40
Palm Springs Center, Altamonte Springs, FL			18,365						2,592						5,739						15,214						4						20,957						7,816						13,141						—												3/05						40
Ravenwood, Baltimore, MD			1,245						4,588						703						5,130						—						5,833						3,789						2,044						10,708						1959 & 2006						1/72						40
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD			26,561						24						22,113						4,472						—						26,585						1,602						24,983						—												10/10, 12/12						40
1500/1580 Rockville Pike, Rockville, MD			35,609						942						28,323						6,274						1,954						36,551						6,151						30,400						—												12/12, 1/14						5, 10
Seabreeze Plaza, Palm Harbor, FL			24,526						3,937						8,665						19,798						—						28,463						9,510						18,953						12,038												11/05						40
Sea Colony (Market Place at), Bethany Beach, DE			2,920						399						1,147						2,172						—						3,319						927						2,392						—												3/08						40
Seven Corners, Falls Church, VA			4,848						46,798						4,929						46,697						20						51,646						36,517						15,129						83,979						1956 & 1997						07/93						40
Severna Park Marketplace, Severna Park, MD			63,254						4,273						12,700						54,726						101						67,527						17,578						49,949						22,998												9/11						40
Shops at Fairfax, Fairfax, VA			2,708						11,159						992						12,875						—						13,867						10,096						3,771						12,495						1975 & 1999						6/75						50
Smallwood Village Center, Waldorf, MD			17,819						9,013						6,402						20,430						—						26,832						12,645						14,187						—												1/06						40
Southdale, Glen Burnie, MD			18,895						27,633						15,255						30,892						381						46,528						24,795						21,733						—						1962 & 1986						1/72 , 11/16						40
Southside Plaza, Richmond, VA			6,728						12,334						1,878						17,184						—						19,062						14,299						4,763						—						1958						1/72						40
South Dekalb Plaza, Atlanta, GA			2,474						5,152						615						6,926						85						7,626						5,783						1,843						—						1970						2/76						40
Thruway / Thruway Pad Site Winston-Salem, NC			7,848						33,780						7,692						32,418						1,518						41,628						22,283						19,345						69,810						1955 & 1965						5/72						40
Village Center, Centreville, VA			16,502						3,573						7,851						12,184						40						20,075						9,163						10,912						23,838						1990						08/93						40
Westview Village / Westview South , Frederick, MD			6,047						26,246						6,047						26,246						—						32,293						13,749						18,544						—						2009						11/07 , 02/15						50
White Oak, Silver Spring, MD			6,277						7,551						4,649						8,939						240						13,828						7,064						6,764						29,338						1958 & 1967						1/72						40
Other Buildings / Improvements									182						—						182						—						182						182						—						—
Total Shopping Centers			825,795						512,673						410,390						918,122						9,956						1,338,468						501,264						837,204						688,783
Mixed-Use Properties
Avenel Business Park, Gaithersburg, MD			21,459						38,478						3,756						56,172						9						59,937						44,773						15,164						43,858						1984, 1986,1990, 1998 & 2000						12/84, 8/85, 2/86, 4/98 & 10/2000						35 & 40
Clarendon Center, Arlington, VA (1)			12,753						190,259						16,287						186,325						400						203,012						68,203						134,809						76,873						2010						7/73, 1/96 & 4/02						50
Park Van Ness, Washington, DC			2,242						92,234						2,242						92,203						31						94,476						22,586						71,890						58,838						2016						7/73, 2/11						50
Twinbrook Quarter Phase 1, Rockville, MD			60,260						294,200						60,260						284,536						9,664						354,460						2,126						352,334						129,625						2024						4/14, 12/14, 03/21						50
The Waycroft, Arlington, VA			52,067						228,875						53,618						227,248						76						280,942						32,157						248,785						145,306						2020						8/14, 12/14, 9/15, 8/16						50
601 Pennsylvania Ave., Washington, DC			5,479						74,706						5,667						74,240						278						80,185						61,271						18,914						—						1986						07/73						35
Washington Square, Alexandria, VA			2,034						64,848						544						65,061						1,277						66,882						35,462						31,420						48,400						1952 & 2000						07/73						50
Total Mixed-Use Properties			156,294						983,600						142,374						985,785						11,735						1,139,894						266,578						873,316						502,900
Development Land
Ashland Square Phase II, Manassas, VA			5,292						4,056						7,049						—						2,299						9,348						—						9,348						—												12/04
New Market, New Market, MD			2,088						150						2,234						—						4						2,238						—						2,238						—												9/05
Hampden House, Bethesda, MD			39,641						177,896						—						—						217,537						217,537						—						217,537						74,006												10/18, 12/18
Twinbrook Quarter - Future Phases, Rockville, MD			59,503						25,159						—						—						84,662						84,662						—						84,662						—												4/14, 12/14, 03/21
Total Development Land			106,524						207,261						9,283						—						304,502						313,785						—						313,785						74,006
Total			$	1,088,613					$	1,703,534					$	562,047					$	1,903,907					$	326,193					$	2,792,147					$	767,842					$	2,024,305					$	1,265,689

(1)Includes the North and South Blocks and Residential

(2)Amounts do not include deferred debt and therefore will not match the Consolidated Balance Sheet

Depreciation and amortization related to the real estate investments reflected in the statements of operations is calculated over the estimated useful lives of the assets as follows: 

Base building						Generally 35 - 50 years or a shorter period if management determines that
						the building has a shorter useful life.
Building components						Up to 20 years
Tenant improvements						The shorter of the term of the lease or the useful life
						of the improvements

The aggregate remaining net basis of the real estate investments for federal income tax purposes was approximately $1.85 billion at December 31, 2024. Depreciation and amortization are provided on the declining balance and straight-line methods over the estimated useful lives of the assets.

The changes in total real estate investments and related accumulated depreciation for each of the years in the three year period ended December 31, 2024 are summarized as follows:

(In thousands)			2024						2023						2022
Total real estate investments:
Balance, beginning of year			$	2,621,105					$	2,408,136					$	2,284,126
Acquisitions			—						—						—
Improvements			179,283						216,154						130,300
Retirements			(8,241)						(3,185)						(6,290)
Transfers to assets held for sale			—						—						—
Balance, end of year			$	2,792,147					$	2,621,105					$	2,408,136
Total accumulated depreciation:
Balance, beginning of year			$	729,470					$	688,475					$	650,113
Depreciation expense			46,386						44,163						44,636
Retirements			(8,014)						(3,168)						(6,274)
Transfers to assets held for sale			—						—						—
Balance, end of year			$	767,842					$	729,470					$	688,475

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- References

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- Definition

The entire disclosure of real estate investments and associated accumulated depreciation for entities with a significant portion of their business acquiring and holding investment real estate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1

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