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Real Estate (Tables)

12 Months Ended

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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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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