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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2023
Real Estate [Abstract] |
Schedule of Real Estate Properties | The following table summarizes the Company’s gross investment in real estate as of:
|  | December 31, 2023 |  | December 31, 2022
Land |  | $ | 231,175 |  |  | $ | 327,408 |
Building and improvements |  | 1,968,314 |  |  | 2,631,965 |
Tenant origination and absorption cost |  | 402,251 |  |  | 535,889 |
Construction in progress |  | 8,371 |  |  | 1,994 |
Total real estate |  | $ | 2,610,111 |  |  | $ | 3,497,256 |
The following summary presents the major components of assets and liabilities related to the real estate properties held for sale as of December 31, 2023:
ASSETS |  | As of December 31, 2023
Land |  | $ | 10,091 |
Building and improvements |  | 42,678 |
Tenant origination and absorption cost |  | 11,519 |
Total real estate |  | 64,288 |
Less: accumulated depreciation |  | (14,636) |
Total real estate, net |  | 49,652 |
Intangible assets, net |  | 144 |
Deferred rent |  | 407 |
Other assets, net |  | 8 |
Total real estate and other assets held for sale |  | $ | 50,211 |
LIABILITIES |  |
Intangible liabilities, net |  | $ | 21 |
Accrued expenses and other liabilities |  | 518 |
Liabilities of real estate assets held for sale |  | $ | 539 |
Schedule of Gain (Loss) on Sale of Properties | The Company recognized a net gain of approximately $29.2 million, detailed in the table below:
Sale Date |  | Segment |  | Location |  | Gross Proceeds |  | Gain (Loss)
Three Months Ended March 31, 2023
January 6, 2023 |  | Industrial |  | Irvine, CA |  | $ | 40,000 |  |  | $ | 18,690 |
February 16, 2023 |  | Industrial |  | Clinton, SC |  | 19,300 |  |  | 7,109 |
March 2, 2023 |  | Office |  | Herndon, VA |  | 110,300 |  |  | 4,811 |
|  |  |  | Total |  | 169,600 |  |  | 30,610 |
April 13, 2023 |  | Listing Date |  |  |  |  |  |
Three Months Ended June 30, 2023
May 9, 2023 |  | Other |  | Lone Tree, CO |  | 5,600 |  |  | (275) |
May 15, 2023 |  | Office |  | Houston, TX |  | 62,300 |  |  | (5,024) |
June 8, 2023 |  | Other |  | Greenwood Village, CO |  | 5,000 |  |  | (5,228) |
June 30, 2023 |  | Office |  | Andover, MA |  | 23,700 |  |  | 122 |
June 30, 2023 |  | Office |  | Andover, MA |  | 34,200 |  |  | 704 |
|  |  |  | Total |  | 130,800 |  |  | (9,701) |
Three Months Ended September 30, 2023 |  |  |  |
August 16, 2023 |  | Other |  | Rancho Cordova, CA |  | 8,300 |  |  | 3,748 |
|  |  |  | Total |  | 8,300 |  |  | 3,748 |
Three Months Ended December 31, 2023 |  |  |  |
December 15, 2023 |  | Other |  | Houston, TX |  | 5,825 |  |  | 2,014 |
December 20, 2023 |  | Office |  | Tyler, TX |  | 21,400 |  | 1 | 2,493 |
|  |  |  | Total |  | 27,225 |  |  | 4,507 |
Total for the Year Ended December 31, 2023 |  |  |  | $ | 335,925 |  |  | $ | 29,164 |
(1) The gross proceeds amount of $21.4 million is inclusive of a lease termination fee received in conjunction with the sale.
Schedule of Company's Intangibles | The following table summarizes the Company’s allocation of acquired and contributed real estate asset value to in-place lease valuation, tenant origination and absorption cost, and other intangibles, net of the write-off of intangibles for the years ended December 31, 2023 and 2022:
| December 31,
| 2023 |  | 2022
In-place lease valuation (above market) | $ | 22,759 |  |  | $ | 28,619 |
In-place lease valuation (above market) - accumulated amortization | (16,616) |  |  | (19,799) |
In-place lease valuation (above market), net | 6,143 |  |  | 8,820 |
Intangibles - other | 32,028 |  |  | 32,028 |
Intangibles - other - accumulated amortization | (8,481) |  |  | (6,987) |
Intangibles - other, net | 23,547 |  |  | 25,041 |
Intangible assets, net | $ | 29,690 |  |  | $ | 33,861 |
In-place lease valuation (below market) | $ | (42,534) |  |  | $ | (48,686) |
Land leasehold interest (above market) | (3,072) |  |  | (3,072) |
In-place lease valuation & land leasehold interest - accumulated amortization | 29,770 |  |  | 31,358 |
Intangibles - other (above market) | (187) |  |  | (258) |
Intangible liabilities, net | $ | (16,023) |  |  | $ | (20,658) |
Tenant origination and absorption cost | $ | 402,251 |  |  | $ | 535,889 |
Tenant origination and absorption cost - accumulated amortization | (221,786) |  |  | (282,383) |
Tenant origination and absorption cost, net | $ | 180,465 |  |  | $ | 253,506 |
Schedule of Estimated Annual Amortization (Income) Expense | The amortization of the intangible assets and other leasing costs for the respective periods is as follows:
| Amortization (income) expense for the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Above and below market leases, net | $ | (1,239) |  |  | $ | (2,205) |  |  | $ | (1,323) |
Tenant origination and absorption cost | $ | 38,305 |  |  | $ | 73,172 |  |  | $ | 78,389 |
Ground leasehold amortization (below market) | $ | (388) |  |  | $ | (372) |  |  | $ | (349) |
Other leasing costs amortization | $ | 2,013 |  |  | $ | 4,754 |  |  | $ | 6,209 |
The following table sets forth the estimated annual amortization (income) expense for in-place lease valuation, net, tenant origination and absorption costs, ground leasehold interest, and other leasing costs as of December 31, 2023 for the next five years:
Year |  | In-place lease valuation, net |  | Tenant origination and absorption costs |  | Ground leasehold interest |  | Other leasing costs
2024 |  | $ | (1,169) |  |  | $ | 29,107 |  |  | $ | (318) |  |  | $ | 2,230 |
2025 |  | $ | (1,165) |  |  | $ | 26,012 |  |  | $ | (317) |  |  | $ | 2,491 |
2026 |  | $ | (1,073) |  |  | $ | 24,872 |  |  | $ | (317) |  |  | $ | 2,442 |
2027 |  | $ | (829) |  |  | $ | 23,199 |  |  | $ | (317) |  |  | $ | 2,261 |
2028 |  | $ | (644) |  |  | $ | 19,657 |  |  | $ | (318) |  |  | $ | 2,126 |

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