Real Estate Assets (Tables)

12 Months Ended

Dec. 31, 2021

Business Acquisition

schedule of depreciation and amortization expense [Table Text Block]

The Company recorded aggregate amortization and depreciation expense of:

	Years ended December 31,
(In thousands)	2021		2020		2019
Depreciation:
Buildings and improvements	$	99,115	$	113,402	$	99,137
Furniture, fixtures, and equipment	40,836		50,474		50,747
	$	139,951	$	163,876	$	149,884
Amortization:
Acquired intangible assets	$	27,439	36,030		$	34,057
Deferred leasing costs	1,635		1,576		933
Website development costs	168		195		191
Total depreciation and amortization	$	169,193	$	201,677	$	185,065

real estate owned [Table Text Block]

The Company's real estate assets consisted of:

	As of:
(unaudited)	December 31, 2021		December 31, 2020
Residential properties:
Properties (1)	41	(1, 2)	37
Units	12,052		11,143
New Market Properties:
Properties	54	( 2, 3)	54
Gross leasable area (square feet) (3)	6,210,778		6,208,278
Preferred Office Properties: (4)
Properties	2		9
Rentable square feet	1,072,000		3,169,000
Land	1		2
Rentable square feet	—		35,000
(1) The acquired second phases of certain communities are managed in combination with the initial phases, and so together are considered a single property.
(2) One multifamily community and two grocery-anchored shopping centers are owned through consolidated joint ventures. One grocery-anchored shopping center is an investment in an unconsolidated joint venture.
(3) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and is not included in the totals above for New Market Properties.
(4) Eight of our office properties and the real estate loan investment supporting the 8West office building were sold during the third and fourth quarters 2021.

Table of Properties Acquired

The Company acquired no grocery-anchored shopping centers during 2021. During the year ended December 31, 2020, the Company completed the acquisition of the following grocery-anchored shopping centers:

Acquisition date	Property	Location	Gross leasable area (square feet)
1/29/2020	Wakefield Crossing	Raleigh, North Carolina	75,927
3/19/2020	Midway Market	Dallas, Texas	85,599
			161,526

Schedule of Business Acquisitions, by Acquisition

	Multifamily Communities acquired during the years ended December 31,
(In thousands, except amortization period data)	2021		2020
Land	$	27,639	$	28,074
Buildings and improvements	250,833		194,434
Furniture, fixtures and equipment	51,628		50,170
Lease intangibles	6,989		8,635
Prepaids & other assets	372		354
Accrued taxes	(1,464)		(437)
Security deposits, prepaid rents, and other liabilities	(831)		(742)
Net assets acquired	$	335,166	$	280,488
Cash paid	$	89,335	$	144,016
Mortgage debt, net	245,831		136,472
Total consideration	$	335,166	$	280,488
Year ended December 31, 2021:
Revenue	$	8,847	$	25,162
Net income (loss)	$	(5,387)	$	(7,656)
Year ended December 31, 2020:
Revenue	$	—	$	9,328
Net income (loss)	$	—	$	(6,244)
Capitalized acquisition costs incurred by The Company	$	1,018	$	4,370
Remaining amortization period of intangible assets and liabilities (months)	7.1		0

Disposal Groups, Including Discontinued Operations

The carrying amounts of the significant assets and liabilities of the disposed property at the date of sale were:

(In thousands)	Vineyards
Real estate assets:
Land	$	5,456
Building and improvements	43,437
Furniture, fixtures and equipment	5,218
Accumulated depreciation	(12,879)
Total assets, net	$	41,232
Liabilities:
Mortgage note payable	$	32,291

Equity Method Investments

The following tables summarize the balance sheet and statements of operations data for the Neapolitan Way shopping center subsequent to its contribution into the joint venture as of and for the periods presented:

	December 31,
(In thousands)	2021		2020
Total assets	$	36,687	$	39,109
Total liabilities	$	24,703	$	25,795

	For the year ended December 31,
	2021		2020
Rental and other property revenues	$	3,370	$	1,423
Total operating expenses	$	3,776	$	1,721
Interest expense	$	924	$	330
Net income (loss)	$	(1,330)	$	(628)
Net income (loss) attributable to the Company	$	(665)	$	(314)

Preferred Office Properties [Member]

Business Acquisition

Table of Properties Acquired

Preferred Office Properties assets sold

During the year ended December 31, 2021, the Company completed the disposition of the following office buildings:

Date	Property	Location
7/29/2021	Galleria 75	Atlanta, Georgia
7/29/2021	150 Fayetteville	Raleigh, North Carolina
7/29/2021	Capitol Towers	Charlotte, North Carolina
7/29/2021	CAPTRUST Tower	Raleigh, North Carolina
7/29/2021	Morrocroft Centre	Charlotte, North Carolina
9/8/2021	Armour Yards Portfolio	Atlanta, Georgia
11/12/2021	Brookwood Center	Birmingham, Alabama

The aggregate sales price of the disposed office properties was approximately $767.0 million and resulted in a gain on sale of approximately $0.4 million, net of disposition costs and is included in the line entitled Gain on sale of real estate, net on the

Company's Consolidated Statements of Operations for the year ended December 31, 2021. The disposal group was a component of the Company's Preferred Office Properties segment and contributed approximately $3,000,000.0 million of net income to the consolidated operating results of the Company for the year ended December 31, 2021. The carrying amounts of the significant assets and liabilities of the disposed properties at the dates of sale were:

(In thousands)	Preferred Office Properties' assets sold during the year ended December 31, 2021
Real estate assets:
Land	$	75,829
Building and improvements	665,169
Furniture, fixtures and equipment	87
Lease intangibles	69,098
Accumulated depreciation	(82,124)
Total assets, net	$	728,059
Liabilities:
Mortgage notes payable	$	465,886

The Company had no sales of Preferred Office Properties' assets during the year ended December 31, 2020.