Real Estate (Tables)

3 Months Ended

Mar. 31, 2025

Real Estate [Abstract]

Schedule of Asset Acquisition

During the three months ended March 31, 2025, the Company acquired the following operating properties, through direct asset acquisitions (in thousands):

					Purchase Price
Property Name	Location	Month Acquired	Cash		Debt		Other		Total		GLA
Markets at Town Center (1)	Jacksonville, FL	Jan-25	$	108,238	$	-	$	-	$	108,238		254
College Park Land (2)	Las Vegas, NV	Jan-25		12,746		-		1,428		14,174		-
Francisco Center Land (2)	Las Vegas, NV	Jan-25		11,588		-		593		12,181		-
			$	132,572	$	-	$	2,021	$	134,593		254

(1)The Company had a mortgage receivable of $15.0 million related to this property, which was repaid by the seller at closing.

(2)The Company acquired the fee interest in two properties under finance ground lease agreements through the exercise of a call option for an aggregate purchase price of $24.2 million. In addition, the Company had a mortgage receivable of $3.4 million, which was repaid by the seller at closing. This transaction also resulted in a decrease in Other assets of $26.2 million and a decrease in Other liabilities of $24.2 million on the Company’s Condensed Consolidated Balance Sheets related to the finance right-of-use assets and lease liabilities (included in Other). See Footnote 9 of the Notes to Condensed Consolidated Financial Statements for further details.

Schedule of Purchase Price Allocation for Properties Acquired/Consolidated

The purchase price allocation for properties acquired/consolidated during the three months ended March 31, 2025 were as follows (in thousands):

	Allocation as of March 31, 2025			Weighted Average Useful Life (in Years)
Land	$	48,844		n/a
Buildings		68,659			50.0
Building improvements		4,700			45.0
Tenant improvements		5,390			6.2
In-place leases		12,859			4.9
Above-market leases		457			5.4
Below-market leases		(6,316	)		15.8
Net assets acquired	$	134,593

Summary Of Disposition Activity

The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels for the three months ended March 31, 2025 and 2024 (dollars in millions):

	Three Months Ended March 31,
	2025		2024
Aggregate sales price/gross fair value (1)	$	1.5	$	248.4
Gain on sale of properties (2)	$	0.9	$	0.3
Number of operating properties sold		-		10
Number of parcels sold		1		5

(1)During the three months ended March 31, 2024, the Company provided, as a lender, seller financing totaling $175.4 million related to the sale of nine operating properties.

(2)Before taxes of $0.2 million for the three months ended March 31, 2025.