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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended
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Dec. 31, 2024
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs Capitalized Subsequent | ​ | Gross Amounts at Which Carried at | ​ | ​ | ​ | ​ |  | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Initial Cost (b) | ​ | to Acquisition (c) | ​ | Close of Period (d) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Name of Center | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Buildings and | ​ | ​ | ​ | ​ | Buildings and | ​ | ​ | ​ | ​ | Buildings and | ​ | ​ | ​ | ​ | Accumulated | ​ | Date of | ​ | Date Acquired
thousands |  | Location |  | Center Type |  | Encumbrances (a) |  | Land |  | Improvements |  | Land |  | Improvements |  | Land |  | Improvements |  | Total |  | Depreciation (e) |  | Construction |  | / Completed
Seaport |  |  |  |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  |  |  |
Historic District Area / Uplands |  | New York, NY |  | Retail | ​ | $ | — | ​ | $ | — | ​ | $ | 7,884 | ​ | $ | — | ​ | $ | 78,646 |  | $ | — | ​ | $ | 86,530 | ​ | $ | 86,530 | ​ | $ | (36,631) |  | 2013 |  | 2016
Pier 17 |  | New York, NY |  | Retail | ​ |  | — | ​ |  | — | ​ |  | 468,476 | ​ |  | — | ​ |  | (241,638) |  | ​ | — | ​ |  | 226,838 | ​ |  | 226,838 | ​ |  | (107,450) |  | 2013 |  | 2018
85 South Street |  | New York, NY |  | Multi-family | ​ |  | — | ​ |  | 15,913 | ​ |  | 8,137 | ​ |  | (11,734) | ​ |  | (1,873) |  | ​ | 4,179 | ​ |  | 6,264 | ​ |  | 10,443 | ​ |  | (4,501) |  |  |  | 2014
Tin Building |  | New York, NY |  | Retail | ​ |  | — | ​ |  | — | ​ |  | 198,984 | ​ |  | — | ​ |  | (134,798) |  | ​ | — | ​ |  | 64,186 | ​ |  | 64,186 | ​ |  | (18,032) |  | 2017 |  | 2022
250 Water Street |  | New York, NY |  | Development | ​ |  | 61,300 | ​ |  | — | ​ |  | 179,471 | ​ |  | — | ​ |  | (36,261) |  | ​ | — | ​ |  | 143,210 | ​ |  | 143,210 | ​ |  | — |  |  |  | 2018
Summerlin |  |  |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  |  | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |
Aviators / Las Vegas Ballpark |  | Las Vegas, NV |  | Other | ​ |  | 41,087 | ​ |  | 5,318 | ​ |  | 124,391 | ​ |  | — | ​ |  | 3,092 |  | ​ | 5,318 | ​ |  | 127,483 | ​ |  | 132,801 | ​ |  | (36,043) |  | 2018 |  | 2019
Total excluding Corporate and Deferred financing costs |  |  |  |  | ​ |  | 102,387 | ​ |  | 21,231 | ​ |  | 987,343 | ​ |  | (11,734) | ​ |  | (332,832) |  | ​ | 9,497 | ​ |  | 654,511 | ​ |  | 664,008 | ​ |  | (202,657) |  |  |  |
Corporate (f) |  | Various |  |  | ​ |  | — | ​ |  | — | ​ |  | 14,054 | ​ |  | — | ​ |  | 563 |  | ​ |  | ​ |  | 14,617 | ​ |  | 14,617 | ​ |  | (12,827) |  |  |  |
Deferred financing costs |  | N/A |  |  | ​ |  | (794) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — |  | ​ | — | ​ |  | — | ​ |  | — | ​ |  | — |  |  |  |
​ | ​ | ​ |  | Total | ​ | $ | 101,593 | ​ | $ | 21,231 | ​ | $ | 1,001,397 | ​ | $ | (11,734) | ​ | $ | (332,269) | ​ | $ | 9,497 | ​ | $ | 669,128 | ​ | $ | 678,625 | ​ | $ | (215,484) | ​ | ​ | ​ | ​
(a) | Refer to Note 6 – Mortgages Payable, Net in the Notes to Consolidated and Combined Financial Statements included in this Annual Report for additional information.
(b) | Initial cost for projects undergoing development or redevelopment is cost through the end of first complete calendar year subsequent to the asset being placed in service.
(c) | For retail and other properties, costs capitalized subsequent to acquisitions is net of cost of disposals or other property write-offs and impairment.
(d) | The aggregate cost of land, building and improvements for federal income tax purposes is approximately $463.0 million.
(e) | Depreciation is based upon the useful lives in Note 1 – Summary of Significant Accounting Policies in the Notes to Consolidated and Combined Financial Statements included in this Annual report.
(f) | Costs related to leasehold improvements related to Seaport office lease.
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of Real Estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
thousands |  | 2024 |  | 2023 |  | 2022
Balance as of January 1 | ​ | $ | 640,670 | ​ | $ | 1,254,496 | ​ | $ | 1,175,122
Additions | ​ |  | 57,021 | ​ |  | 66,382 | ​ |  | 85,511
Dispositions and write-offs | ​ |  | (17,746) | ​ |  | (4,697) | ​ |  | (5,146)
Impairments | ​ |  | (1,320) | ​ |  | (672,492) | ​ |  | —
Contributions to unconsolidated ventures | ​ |  | — | ​ |  | (3,019) | ​ |  | (991)
Balance as of December 31 | ​ | $ | 678,625 | ​ | $ | 640,670 | ​ | $ | 1,254,496
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of Accumulated Depreciation |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
thousands | ​ | 2024 | ​ | 2023 | ​ | 2022
Balance as of January 1 | ​ | $ | 203,208 | ​ | $ | 161,637 | ​ | $ | 120,790
Depreciation Expense | ​ |  | 21,962 | ​ |  | 45,030 | ​ |  | 43,985
Dispositions and Write-offs | ​ |  | (9,686) | ​ |  | (3,459) | ​ |  | (3,138)
Balance as of December 31 | ​ | $ | 215,484 | ​ | $ | 203,208 | ​ | $ | 161,637
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- Definition The entire disclosure of real estate investments and associated accumulated depreciation for entities with a significant portion of their business acquiring and holding investment real estate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 28 -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 970 -SubTopic 360 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1 + Details
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