XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Segments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Net Operating Income of Reportable Segments | The following table presents NOI for the Company's five reportable segments for the three and six months ended June 30, 2024 and 2023 (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Retail real estate |  |  |  |  |  |  |  |
Rental revenues |  | $ | 26,094 |  |  | $ | 25,288 |  |  | $ | 51,745 |  |  | $ | 48,247 |
Rental expenses |  | 4,394 |  |  | 4,073 |  |  | 8,605 |  |  | 7,717 |
Real estate taxes |  | 2,420 |  |  | 2,340 |  |  | 4,835 |  |  | 4,608 |
Segment net operating income |  | 19,280 |  |  | 18,875 |  |  | 38,305 |  |  | 35,922 |
Office real estate |  |  |  |  |  |  |  |
Rental revenues |  | 22,870 |  |  | 20,629 |  |  | 44,748 |  |  | 40,286 |
Rental expenses |  | 5,956 |  |  | 5,332 |  |  | 12,079 |  |  | 10,491 |
Real estate taxes |  | 2,135 |  |  | 2,157 |  |  | 4,350 |  |  | 4,242 |
Segment net operating income |  | 14,779 |  |  | 13,140 |  |  | 28,319 |  |  | 25,553 |
Multifamily real estate |  |  |  |  |  |  |  |
Rental revenues |  | 14,301 |  |  | 14,034 |  |  | 28,653 |  |  | 27,636 |
Rental expenses |  | 4,737 |  |  | 4,271 |  |  | 9,008 |  |  | 8,428 |
Real estate taxes |  | 1,331 |  |  | 1,134 |  |  | 2,626 |  |  | 2,193 |
Segment net operating income |  | 8,233 |  |  | 8,629 |  |  | 17,019 |  |  | 17,015 |
General contracting and real estate services |  |  |  |  |  |  |  |
General contracting and real estate services revenues |  | 116,839 |  |  | 102,574 |  |  | 243,814 |  |  | 186,812 |
General contracting and real estate services expenses |  | 112,500 |  |  | 99,071 |  |  | 235,398 |  |  | 180,241 |
Segment gross profit |  | 4,339 |  |  | 3,503 |  |  | 8,416 |  |  | 6,571 |
Real estate financing |  |  |  |  |  |  |  |
Interest income |  | 3,966 |  |  | 3,225 |  |  | 7,966 |  |  | 6,761 |
Interest expense(a) |  | 1,767 |  |  | 809 |  |  | 3,099 |  |  | 1,906 |
Segment gross profit |  | 2,199 |  |  | 2,416 |  |  | 4,867 |  |  | 4,855 |
Net operating income |  | $ | 48,830 |  |  | $ | 46,563 |  |  | $ | 96,926 |  |  | $ | 89,916 |
________________________________________ (a) Interest expense within the real estate financing segment is allocated based on the average outstanding principal of notes receivable in the real estate financing portfolio and the effective interest rates on the credit facility, the M&T term loan facility, and the TD term loan facility, each as defined in Note 9.
Schedule of Reconciliation of Net Income | The following table reconciles NOI to net income, the most directly comparable GAAP measure, for the three and six months ended June 30, 2024 and 2023 (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Net operating income |  | $ | 48,830 |  |  | $ | 46,563 |  |  | $ | 96,926 |  |  | $ | 89,916 |
Interest income(a) |  | 666 |  |  | 189 |  |  | 1,292 |  |  | 372 |
Depreciation and amortization |  | (20,789) |  |  | (19,878) |  |  | (41,224) |  |  | (38,346) |
Amortization of right-of-use assets - finance leases |  | (394) |  |  | (347) |  |  | (789) |  |  | (624) |
General and administrative expenses |  | (4,503) |  |  | (4,052) |  |  | (10,377) |  |  | (9,500) |
Acquisition, development, and other pursuit costs |  | (5,528) |  |  | (18) |  |  | (5,528) |  |  | (18) |
Impairment charges |  | (1,494) |  |  | — |  |  | (1,494) |  |  | (102) |
Gain on real estate dispositions, net |  | — |  |  | 511 |  |  | — |  |  | 511 |
Interest expense(b) |  | (19,460) |  |  | (12,820) |  |  | (36,103) |  |  | (24,025) |
Change in fair value of derivatives and other |  | 4,398 |  |  | 5,005 |  |  | 17,286 |  |  | 2,558 |
Unrealized credit loss release (provision) |  | 228 |  |  | (100) |  |  | 145 |  |  | (177) |
Other income, net |  | 79 |  |  | 168 |  |  | 158 |  |  | 261 |
Income tax benefit (provision) |  | 1,246 |  |  | (336) |  |  | 712 |  |  | (524) |
Net income |  | $ | 3,279 |  |  | $ | 14,885 |  |  | $ | 21,004 |  |  | $ | 20,302 |
________________________________________ (a) Excludes real estate financing segment interest income of $4.0 million and $3.2 million for the three months ended June 30, 2024 and 2023, respectively, and $8.0 million and $6.8 million for the six months ended June 30, 2024 and 2023, respectively. (b) Excludes real estate financing segment interest expense of $1.8 million and $0.8 million for the three months ended June 30, 2024 and 2023, respectively, and $3.1 million and $1.9 million for the six months ended June 30, 2024 and 2023, respectively.

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration