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Real Estate | 9 Months Ended
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Sep. 30, 2025
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. Construction in progress as of September 30, 2025 and December 31, 2024, is composed of the following:
(Dollars in thousands) | September 30, 2025 |  | December 31, 2024
Hampden House (1) | $ | 256,342 |  |  | $ | 217,537 |
Twinbrook Quarter - Other (2) | 85,870 |  |  | 84,662 |
Ashland Square Phase II (3) | 10,626 |  |  | — |
Twinbrook Quarter Phase I - Retail/Residential (4) | 2,623 |  |  | 9,664 |
Other | 16,060 |  |  | 14,330 |
Total | $ | 371,521 |  |  | $ | 326,193 |
(1)Includes capitalized interest of $25.9 million and $20.8 million, as of September 30, 2025 and December 31, 2024, respectively. (2)Twinbrook Quarter - Other includes infrastructure and site work necessary to support current and future development phases, and includes capitalized interest of $5.3 million and $5.4 million, as of September 30, 2025 and December 31, 2024, respectively. (3)Includes capitalized interest of $0.2 million as of September 30, 2025. (4)Includes capitalized interest of $0.2 million and $0.6 million, as of September 30, 2025 and December 31, 2024, respectively.
During the nine months ended September 30, 2025, including capitalized interest, $11.8 million relating to Twinbrook Quarter Phase I - Retail/Residential and $1.1 million relating to Twinbrook Quarter - Other were placed in service. Leases We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly rental payments and, where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases have been determined to be operating leases and generally range in term from one to 15 years. Some of our leases have termination options and/or extension options. Termination options allow the lessee and/or lessor to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and/or lessor and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. An operating lease right of use asset and corresponding lease liability related to our headquarters sublease are reflected in other assets and other liabilities, respectively. The sublease expires on February 28, 2027. The right of use asset and corresponding lease liability totaled $1.1 million and $1.2 million, respectively, at September 30, 2025 and $1.7 million and $1.8 million, respectively at December 31, 2024. Deferred Leasing Costs Deferred leasing costs primarily consist of initial direct costs incurred in connection with successful property leasing and amounts attributed to in-place leases associated with acquired properties. Such amounts are capitalized and amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. Initial direct costs primarily consist of leasing commissions, which are incremental costs paid to third-party brokers and lease commissions paid to certain employees when obtaining a lease that would not have been incurred if the lease had not been obtained and tenant lease incentives. Unamortized deferred costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. Collectively, deferred leasing costs totaled $26.2 million and $25.9 million, net of accumulated amortization of $57.1 million and $56.1 million, as of September 30, 2025 and December 31, 2024, respectively. Amortization expense, included in depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, totaled $1.0 million and $1.1 million for the three months ended September 30, 2025 and 2024, respectively, and $3.0 million and $3.2 million for the nine months ended September 30, 2025 and 2024, respectively. Amortization of tenant lease incentives, included as a reduction of rental revenue in the Consolidated Statements of Operations, totaled $0.2 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, and $0.4 million and $0.3 million for the nine months ended September 30, 2025 and 2024, respectively. Real Estate Investment Properties Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvement expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvements, using the straight-line method. Depreciation expense in the Consolidated Statements of Operations totaled $13.1 million and $11.0 million for the three months ended September 30, 2025 and 2024, respectively, and $39.7 million and $32.9 million for the nine months ended September 30, 2025 and 2024, respectively. Repairs and maintenance expense, which is included in property operating expenses in the Consolidated Statements of Operations, totaled $4.8 million and $4.6 million for the three months ended September 30, 2025 and 2024, respectively, and $16.6 million and $13.6 million for the nine months ended September 30, 2025 and 2024, respectively. The Company did not recognize an impairment loss on any of its real estate during the nine months ended September 30, 2025 or 2024.

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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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