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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

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.


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