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Discontinued Operations | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | 12. Discontinued Operations On October 1, 2024, the Company completed the spin-off of 79 convenience properties to Curbline, a separate publicly-traded company. The spin-off of the convenience properties represented a strategic shift in the Company’s business and, as such, the Curbline properties are reflected as discontinued operations for all periods presented. The following table presents the assets and liabilities associated with the Curbline properties (in thousands):
|  | December 31, 2023 |
Assets |  |  |
Land |  | $ | 316,212 |
Buildings |  |  | 622,414 |
Fixtures and tenant improvements |  |  | 58,676 |
|  |  | 997,302 |
Less: Accumulated depreciation |  |  | (136,168 | )
|  |  | 861,134 |
Construction in progress and land |  |  | 13,504 |
Total real estate assets, net |  |  | 874,638 |
Cash and cash equivalents |  |  | 566 |
Restricted cash |  |  | 155 |
Accounts receivable |  |  | 11,528 |
Intangible assets, net |  |  | 34,330 |
Other assets |  |  | 415 |
Assets related to discontinued operations |  | $ | 921,632 |
Liabilities and Equity |  |  |
Mortgage indebtedness, net |  | $ | 25,758 |
Below market leases, net |  |  | 21,243 |
Accounts payable and other liabilities |  |  | 11,993 |
Liabilities related to discontinued operations |  | $ | 58,994 |
The operating results related to the Curbline properties were as follows (in thousands):
|  | For the Year Ended December 31, |
|  | 2024(1) |  |  | 2023 |  |  | 2022 |
Revenue from Operations: |  |  |  |  |  |  |  |  |
Rental income |  | $ | 85,386 |  |  | $ | 93,004 |  |  | $ | 72,855 |
Other income |  |  | 572 |  |  |  | 656 |  |  |  | 281 |
|  |  | 85,958 |  |  |  | 93,660 |  |  |  | 73,136 |
Rental operation expenses: |  |  |  |  |  |  |  |  |
Operating and maintenance |  |  | 9,532 |  |  |  | 10,653 |  |  |  | 7,385 |
Real estate taxes |  |  | 9,307 |  |  |  | 11,261 |  |  |  | 7,990 |
General and administrative |  |  | 208 |  |  |  | — |  |  |  | — |
Depreciation and amortization |  |  | 29,556 |  |  |  | 31,849 |  |  |  | 26,534 |
|  |  | 48,603 |  |  |  | 53,763 |  |  |  | 41,909 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense |  |  | (416 | ) |  |  | (1,520 | ) |  |  | (1,619 | )
Transaction costs and other expense |  |  | (30,879 | ) |  |  | (2,376 | ) |  |  | (10 | )
Gain on disposition of real estate |  |  | — |  |  |  | 371 |  |  |  | — |
|  |  | (31,295 | ) |  |  | (3,525 | ) |  |  | (1,629 | )
Net income attributable to discontinued operations |  | $ | 6,060 |  |  | $ | 36,372 |  |  | $ | 29,598 |
(1) Through September 30, 2024. The following table summarizes non-cash flow data related to discontinued operations (in thousands):
| For the Year Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Accounts payable related to construction in progress | $ | — |  |  | $ | 1.5 |  |  | $ | 3.9 |
Assumption of buildings due to ground lease terminations |  | 2.7 |  |  |  | — |  |  |  | — |
Recognition of below market ground leases |  | 13.7 |  |  |  | — |  |  |  | — |
For the years ended December 31, 2024, 2023 and 2022, capital expenditures included in discontinued operations were $234.7 million, $187.6 million and $323.5 million, respectively.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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