Discontinued Operations

6 Months Ended

Jun. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

8.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 the three and six months ended June 30, 2024. The operating results related to the Curbline properties were as follows (in thousands):

	Three Months Ended June 30, 2024			Six Months Ended June 30, 2024
Revenue from Operations:
Rental income	$	27,944		$	55,810
Other income		212			385
		28,156			56,195
Rental operation expenses:
Operating and maintenance		3,059			5,991
Real estate taxes		2,975			5,996
General and administrative		66			169
Depreciation and amortization		9,333			18,533
		15,433			30,689
Other income (expense):
Interest expense		(166	)		(416	)
Transaction costs and other expense		(4,142	)		(7,244	)
		(4,308	)		(7,660	)
Net income attributable to discontinued operations	$	8,415		$	17,846

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

	Six Months Ended June 30, 2024
Accounts payable related to construction in progress	$	1.0
Assumption of buildings due to ground lease terminations		2.7
Recognition of below-market ground leases		13.7

For the six months ended June 30, 2024, capital expenditures included in discontinued operations was $80.9 million.