Discontinued Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

12. Discontinued Operations

On October 1, 2024, the Company completed the spin-off of 79 convenience properties to Curbline, a separate publicly-traded company. The spin-off of the convenience properties represented a strategic shift in the Company’s business and, as such, the Curbline properties are reflected as discontinued operations for all periods presented. The following table presents the assets and liabilities associated with the Curbline properties (in thousands):

	December 31, 2023
Assets
Land	$	316,212
Buildings		622,414
Fixtures and tenant improvements		58,676
		997,302
Less: Accumulated depreciation		(136,168	)
		861,134
Construction in progress and land		13,504
Total real estate assets, net		874,638
Cash and cash equivalents		566
Restricted cash		155
Accounts receivable		11,528
Intangible assets, net		34,330
Other assets		415
Assets related to discontinued operations	$	921,632
Liabilities and Equity
Mortgage indebtedness, net	$	25,758
Below market leases, net		21,243
Accounts payable and other liabilities		11,993
Liabilities related to discontinued operations	$	58,994

The operating results related to the Curbline properties were as follows (in thousands):

	For the Year Ended December 31,
	2024(1)			2023			2022
Revenue from Operations:
Rental income	$	85,386		$	93,004		$	72,855
Other income		572			656			281
		85,958			93,660			73,136
Rental operation expenses:
Operating and maintenance		9,532			10,653			7,385
Real estate taxes		9,307			11,261			7,990
General and administrative		208			—			—
Depreciation and amortization		29,556			31,849			26,534
		48,603			53,763			41,909
Other income (expense):
Interest expense		(416	)		(1,520	)		(1,619	)
Transaction costs and other expense		(30,879	)		(2,376	)		(10	)
Gain on disposition of real estate		—			371			—
		(31,295	)		(3,525	)		(1,629	)
Net income attributable to discontinued operations	$	6,060		$	36,372		$	29,598

(1) Through September 30, 2024.

The following table summarizes non-cash flow data related to discontinued operations (in thousands):

	For the Year Ended December 31,
	2024		2023		2022
Accounts payable related to construction in progress	$	—	$	1.5	$	3.9
Assumption of buildings due to ground lease terminations		2.7		—		—
Recognition of below market ground leases		13.7		—		—

For the years ended December 31, 2024, 2023 and 2022, capital expenditures included in discontinued operations were $234.7 million, $187.6 million and $323.5 million, respectively.