Real Estate Investments and Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Schedule of real estate investments

The Company’s real estate investments comprised the following as of December 31, 2022 and 2021 (in thousands):

	December 31, 2022
	Income producing property		Held for development		Construction in progress		Total
Land	$	285,030	$	6,294	$	5,000	$	296,324
Land improvements	71,308		—		—		71,308
Buildings and improvements	1,527,876		—		—		1,527,876
Development and construction costs	—		—		48,067		48,067
Real estate investments	$	1,884,214	$	6,294	$	53,067	$	1,943,575

	December 31, 2021
	Income producing property		Held for development		Construction in progress		Total
Land	$	256,728	$	6,294	$	12,513	$	275,535
Land improvements	65,565		—		—		65,565
Buildings and improvements	1,336,316		—		—		1,336,316
Development and construction costs	—		—		60,022		60,022
Real estate investments	$	1,658,609	$	6,294	$	72,535	$	1,737,438

Schedule of the purchase price allocation

The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired for the three operating properties purchased during the year ended December 31, 2022 (in thousands):

	Constellation Energy Building(1)		Pembroke Square
Land	$	23,317	$	14,513
Site improvements	141		465
Building	194,916		8,825
In-place leases	53,705		4,445
Above-market leases	306		—
Below-market leases	—		(1,557)
Net assets acquired	$	272,385	$	26,691

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(1) The Constellation Energy Building is comprised of two properties which include the Constellation Office and 1305 Dock Street.

The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and intangible liabilities assumed for the three operating properties purchased during the year ended December 31, 2021 (in thousands):

	Delray Beach Plaza		Overlook Village		Greenbrier Square
Land	$	—	$	6,328	$	8,549
Site improvements	4,607		1,727		1,974
Building and improvements	22,544		18,375		19,196
In-place leases	7,209		3,997		6,659
Above-market leases	—		81		1,753
Below-market leases	(3,121)		(2,146)		(1,365)
Finance lease liabilities	(27,940)		—		—
Finance lease right-of-use assets	24,466		—		—
Fair value adjustment on acquired debt	—		—		11
Net assets acquired	$	27,765	$	28,362	$	36,777

The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the three operating properties acquired during the year ended December 31, 2020 (in thousands):

	Nexton Square		Edison Apartments		The Residences at Annapolis Junction
Land	$	9,885	$	3,428	$	14,774
Site improvements	3,690		—		1,786
Building and improvements	24,070		18,227		101,219
Furniture and fixtures	—		355		1,796
In-place leases	5,239		1,882		4,079
Below-market leases	(1,877)		(140)		—
Fair value adjustment on acquired debt	364		(6)		—
Net assets acquired	$	41,371	$	23,746	$	123,654