Real Estate

12 Months Ended

Dec. 31, 2023

Investment in unconsolidated joint venture

On May 5, 2021, the Company formed a joint venture with Goldman Sachs Urban Investment Group and Asland Capital Partners (the "Joint Venture") for the construction of an approximately 258,000 square foot six-story commercial building in Washington, D.C. consisting of approximately 240,000 square feet of office space which is 100% leased to the Washington, D.C., Department of General Services for its headquarters and approximately 18,000 square feet of street-level retail. On August 5, 2022, the Joint Venture was sold in connection with the Grocery-Anchored Portfolio Sale. The Company contributed approximately $4.8 million of capital to the Joint Venture through its tenure.

2022 Acquisition

On June 28, 2022, the Company acquired a 40% minority ownership percentage in the Crossroads II joint venture for $1.0 million. The Company's ownership interest in Crossroads II was included in the Grocery-Anchored Portfolio Sale that occurred on July 7, 2022.

Dispositions

Excluding the Grocery-Anchored Portfolio Sale, during 2023 and 2022, the Company sold the properties listed below:


Property	Location	Date Sold	Sales Price		Gain on Sale/ Impairment
2023
Carll's Corner outparcel building	Bridgeton, NJ	7/11/2023	$	3,000,000	$	2,662,000

2022
Riverview Plaza	Philadelphia, PA	5/16/2022	$	34,000,000	$	(361,000)

Impairments

Impairments of $9.4 million for the year ended December 31, 2022 also include those related to the Company's then-investment in the unconsolidated joint venture and the then-note receivable associated with Senator Square. These impairments are included in operating loss in the accompanying consolidated statement of operations.

Discontinued Operations

On July 7, 2022, the Company and certain of its subsidiaries completed the Grocery-Anchored Portfolio Sale and the East River Park and Senator Square redevelopment asset sales for total gross proceeds of approximately $879 million, including the assumed debt. The assets sold in these transactions were:

Property Name

Location

Property Name

Location

Academy Plaza

Philadelphia, PA

New London Mall

New London, CT

Bethel Shopping Center

Bethel, CT

Newport Plaza

Newport, PA

Carmans Plaza

Massapequa, NY

Northside Commons

Campbelltown, PA

Christina Crossing

Wilmington, DE

Norwood Shopping Center

Norwood, MA

Colonial Commons

Harrisburg, PA

Oak Ridge Shopping Center

Suffolk, VA

Crossroads II

Bartonsville, PA

Oakland Mills

Columbia, MD

East River Park

Washington, DC

Palmyra Shopping Center

Palmyra, PA

Elmhurst Square

Portsmouth, VA

Quartermaster Plaza

Philadelphia, PA

Fishtown Crossing

Philadelphia, PA

Senator Square

Washington, DC

Franklin Village Plaza

Franklin, MA

Shoppes at Arts District

Hyattsville, MD

General Booth Plaza

Virginia Beach, VA

Swede Square

E. Norriton Township, PA

Girard Plaza

Philadelphia, PA

The Point

Harrisburg, PA

Groton Shopping Center

Groton, CT

The Shops as Bloomfield Station

Bloomfield, NJ

Halifax Plaza

Halifax, PA

The Shops at Suffolk Downs

Revere, MA

Jordan Lane

Wethersfield, PA

Trexlertown Plaza

Trexlertown, PA

Kempsville Crossing

Virginia Beach, VA

Valley Plaza

Hagerstown, MD

Lawndale Plaza

Philadelphia, PA

Yorktowne Plaza

Cockeysville, MD

Meadows Marketplace

Hummelstown, PA

The Grocery-Anchored Portfolio Sale represented a strategic shift and had a material effect on the Company's operations and financial results, and, therefore, the Company determined that it was deemed a discontinued operation. Accordingly, the portfolio of 33 grocery-anchored shopping centers were classified as held for sale and the results of their operations were classified as discontinued operations in 2022.

The following is a summary of income from discontinued operations:


	Years ended December 31,
	2023		2022
REVENUES
Rental revenues	$	—	$	44,130,000
Other revenues	—		184,000
Total revenues	—		44,314,000
EXPENSES
Operating, maintenance and management	—		9,557,000
Real estate and other property-related taxes	—		6,749,000
Corporate general and administrative	—		469,000
Depreciation and amortization	—		9,726,000
Total expenses	—		26,501,000


OPERATING INCOME	—		17,813,000

NON-OPERATING INCOME AND EXPENSES
Interest expense, net	—		(3,511,000)
Total non-operating income and expenses	—		(3,511,000)

INCOME FROM DISCONTINUED OPERATIONS	—		14,302,000

Impairment charges	—		(16,629,000)
Gain on sales	—		125,500,000

TOTAL INCOME FROM DISCONTINUED OPERATIONS	$	—	$	123,173,000

Net cash provided by operating activities from discontinued operations was $0.0 million and $25.9 million for the years ended December 31, 2023 and 2022, respectively. Net cash provided by investing activities from discontinued operations was $0.0 million and $651.5 million for the years ended December 31, 2023 and 2022, respectively.