Discontinued Operations

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

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 the three and nine months ended September 30, 2024. The operating results related to the Curbline properties were as follows (in thousands):


	Three Months Ended September 30, 2024			Nine Months Ended September 30, 2024
Revenue from operations:
Rental income	$	29,576		$	85,386
Other income		187			572
		29,763			85,958

Rental operation expenses:
Operating and maintenance		3,541			9,532
Real estate taxes		3,311			9,307
General and administrative		39			208
Depreciation and amortization		11,023			29,556
		17,914			48,603
Other income (expense):
Interest expense		—			(416	)
Transaction costs and other expense		(23,635	)		(30,879	)
		(23,635	)		(31,295	)
Net (loss) income attributable to discontinued operations	$	(11,786	)	$	6,060

The following table summarizes non-cash flow data related to discontinued operations (in millions):


	Nine Months Ended September 30, 2024
Accounts payable related to construction in progress	$	1.4
Assumption of buildings due to ground lease terminations		2.7
Recognition of below-market ground leases		13.7

For the nine months ended September 30, 2024, capital expenditures included in discontinued operations was $234.7 million.