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Contributions from partner | 12 Months Ended
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Dec. 31, 2024
Contributions From Partner |
Contributions from partner | Contributions from partners. On November 4, 2022 the Company sold a 20% ownership interest in tenancy-in-common (TIC) of Dock 79 and The Maren for $65.3 million to a new partner Steuart Investment Company (SIC). Net of the mortgage assumption of $36.0 million and the Company’s share of transfer taxes and other transactions costs of $1.4 million the net contribution was $27.9 million. Of this amount $9.3 million was distributed to MRP and $18.6 million to the Company. A reallocation of partners’ interest of $7.7 million was recorded to Capital in excess of par value for the difference between the $18.6 million consideration received by the Company and the net book value of the Company’s share of assets sold. Deferred income tax expense of $2.1 million was recorded to Capital in excess of par value on the Company’s reallocation. The Company continues to consolidate both properties because of continued control over major decisions for both properties. The Company entered into two new warehouse development partnership agreements in early 2024 with Altman Logistics Properties (formerly doing business as BBX Logistics) (Lakeland Logistics Park Venture, LLC, and Davie Logistics Park Venture, LLC). Altman Logistic Properties' contributions towards the partnerships in 2024 were $15.7 million which is reflected as noncontrolling interest. The Company consolidates these partnerships because it is the primary beneficiary.

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