Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

Schedule of Real Estate Investments

The Company’s real estate investments comprised the following as of December 31, 2024 and 2023 (in thousands):

	December 31, 2024
	Income producing property		Held for development		Construction in progress		Total
Land	$	273,020	$	5,683	$	—	$	278,703
Land improvements	71,798		—		—		71,798
Buildings and improvements	1,828,969		—		—		1,828,969
Development and construction costs	—		—		17,515		17,515
Real estate investments	$	2,173,787	$	5,683	$	17,515	$	2,196,985

	December 31, 2023
	Income producing property		Held for development		Construction in progress		Total
Land	$	279,135	$	11,978	$	5,000	$	296,113
Land improvements	73,313		—		—		73,313
Buildings and improvements	1,740,584		—		—		1,740,584
Development and construction costs	—		—		97,277		97,277
Real estate investments	$	2,093,032	$	11,978	$	102,277	$	2,207,287

Schedule of 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 operating property purchased during the year ended December 31, 2023 (in thousands):

	The Interlock(1)
Building	$	183,907
In-place leases	35,234
Above-market leases	62
Below-market leases	(3,931)
Finance lease right-of-use assets(2)	46,616
Finance lease liabilities	(46,616)
Net assets acquired	$	215,272

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(1) The net assets acquired attributable to the office and retail real estate segments were $134.6 million and $80.6 million, respectively.

(2) Excludes $1.1 million of rent for the finance lease, which was prepaid on the acquisition date. The total finance lease right-of-use asset recognized on the acquisition date was $47.7 million.

Schedule of the Purchase Price Allocation Assets acquired and Intangible Liabilities

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 three properties which include Constellation Retail, Constellation Office, and 1305 Dock Street.