XML 43 R28.htm IDEA: XBRL DOCUMENT

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2023


			Initial Cost to Company						Gross Amount at Which Carried at December 31, 2023
Description and Location	Encumbrances		Land		Buildings & Improvements		Increase (Decrease) in Net Investments		Land		Buildings & Improvements (1)		Total (2)		Accumulated Depreciation (1)		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Operations is Compared (1)
Core Portfolio:
Crescent Plaza Brockton, MA		—		1,147		7,425		4,855		1,147		12,280		13,427		9,760	1993	(a)	40 years
New Loudon Center Latham, NY		—		505		4,161		16,414		505		20,575		21,080		17,764	1993	(a)	40 years
Mark Plaza Edwardsville, PA		—		—		3,396		1		—		3,397		3,397		3,186	1993	(c)	40 years
Plaza 422 Lebanon, PA		—		190		3,004		2,809		190		5,813		6,003		5,406	1993	(c)	40 years
Route 6 Mall Honesdale, PA		—		1,664		—		17,141		1,664		17,141		18,805		12,058	1994	(c)	40 years
Abington Towne Center Abington, PA		—		799		3,197		4,811		799		8,008		8,807		5,162	1998	(a)	40 years
Bloomfield Town Square Bloomfield Hills, MI		—		3,207		13,774		29,347		3,207		43,121		46,328		29,743	1998	(a)	40 years
Elmwood Park Shopping Center Elmwood Park, NJ		—		3,248		12,992		22,103		3,798		34,545		38,343		23,339	1998	(a)	40 years
Merrillville Plaza Hobart, IN		—		4,288		17,152		12,245		4,288		29,397		33,685		17,321	1998	(a)	40 years
Marketplace of Absecon Absecon, NJ		—		2,573		10,294		5,817		2,577		16,107		18,684		10,986	1998	(a)	40 years
239 Greenwich Avenue Greenwich, CT		26,000		1,817		15,846		2,908		1,817		18,754		20,571		10,749	1998	(a)	40 years
Hobson West Plaza Naperville, IL		—		1,793		7,172		5,659		1,793		12,831		14,624		7,996	1998	(a)	40 years
Village Commons Shopping Center Smithtown, NY		—		3,229		12,917		5,779		3,229		18,696		21,925		12,698	1998	(a)	40 years
Town Line Plaza Rocky Hill, CT		—		878		3,510		8,389		907		11,870		12,777		10,021	1998	(a)	40 years
Branch Shopping Center Smithtown, NY		—		3,156		12,545		17,465		3,401		29,765		33,166		20,748	1998	(a)	40 years
Methuen Shopping Center Methuen, MA		—		956		3,826		2,006		961		5,827		6,788		3,659	1998	(a)	40 years
The Gateway Shopping Center South Burlington, VT		—		1,273		5,091		12,932		1,273		18,023		19,296		12,937	1999	(a)	40 years
Mad River Station Dayton, OH		—		2,350		9,404		2,689		2,350		12,093		14,443		7,791	1999	(a)	40 years
Brandywine Holdings Wilmington, DE		—		5,063		15,252		2,983		5,201		18,097		23,298		9,491	2003	(a)	40 years
Bartow Avenue Bronx, NY		—		1,691		5,803		1,635		1,691		7,438		9,129		4,178	2005	(c)	40 years
Amboy Road Staten Island, NY		—		—		11,909		3,537		—		15,446		15,446		11,403	2005	(a)	40 years
Chestnut Hill Philadelphia, PA		—		8,289		5,691		4,802		8,289		10,493		18,782		6,519	2006	(a)	40 years
2914 Third Avenue Bronx, NY		—		11,108		8,038		5,627		11,855		12,918		24,773		4,910	2006	(a)	40 years
West 54th Street Manhattan, NY		—		16,699		18,704		1,515		16,699		20,219		36,918		9,028	2007	(a)	40 years
5-7 East 17th Street Manhattan, NY		—		3,048		7,281		7,468		3,048		14,749		17,797		9,065	2008	(a)	40 years
651-671 W Diversey Chicago, IL		—		8,576		17,256		402		8,576		17,658		26,234		5,450	2011	(a)	40 years
15 Mercer Street Manhattan, NY		—		1,887		2,483		97		1,887		2,580		4,467		778	2011	(a)	40 years
4401 White Plains Bronx, NY		—		1,581		5,054		—		1,581		5,054		6,635		1,558	2011	(a)	40 years
56 E. Walton Chicago, IL		—		994		6,126		3,078		994		9,204		10,198		1,450	2011	(a)	40 years
841 W. Armitage Chicago, IL		—		728		1,989		422		728		2,411		3,139		1,037	2011	(a)	40 years
2731 N. Clark Chicago, IL		—		557		1,839		43		557		1,882		2,439		600	2011	(a)	40 years
2140 N. Clybourn Chicago, IL		—		306		788		54		306		842		1,148		261	2011	(a)	40 years
853 W. Armitage Chicago, IL		—		557		1,946		508		557		2,454		3,011		1,088	2011	(a)	40 years
2299 N. Clybourn Avenue Chicago, IL		—		177		484		—		177		484		661		150	2011	(a)	40 years
843-45 W. Armitage Chicago, IL		—		731		2,730		299		731		3,029		3,760		968	2012	(a)	40 years
1525 W. Belmont Avenue Chicago, IL		—		1,480		3,338		887		1,480		4,225		5,705		1,540	2012	(a)	40 years
2206-08 N. Halsted Chicago, IL		—		1,183		3,540		360		1,183		3,900		5,083		1,391	2012	(a)	40 years
2633 N. Halsted Chicago, IL		—		960		4,096		359		998		4,417		5,415		1,333	2012	(a)	40 years
50-54 E. Walton Chicago, IL		—		2,848		12,694		642		2,848		13,336		16,184		4,095	2012	(a)	40 years
662 W. Diversey Chicago, IL		—		1,713		1,603		10		1,713		1,613		3,326		446	2012	(a)	40 years
837 W. Armitage Chicago, IL		—		780		1,758		151		780		1,909		2,689		633	2012	(a)	40 years
823 W. Armitage Chicago, IL		—		717		1,149		95		717		1,244		1,961		364	2012	(a)	40 years


			Initial Cost to Company							Gross Amount at Which Carried at December 31, 2023
Description and Location	Encumbrances		Land		Buildings & Improvements		Increase (Decrease) in Net Investments			Land		Buildings & Improvements (1)		Total (2)		Accumulated Depreciation (1)		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Operations is Compared (1)
851 W. Armitage Chicago, IL		—		545		209		139			545		348		893		185	2012	(a)	40 years
1240 W. Belmont Avenue Chicago, IL		—		2,137		1,589		1,357			2,137		2,946		5,083		1,013	2012	(a)	40 years
21 E. Chestnut Chicago, IL		—		1,318		8,468		752			1,318		9,220		10,538		2,467	2012	(a)	40 years
819 W. Armitage Chicago, IL		—		790		1,266		689			790		1,955		2,745		542	2012	(a)	40 years
1520 Milwaukee Avenue Chicago, IL		—		2,110		1,306		348			2,110		1,654		3,764		618	2012	(a)	40 years
Rhode Island Place Shopping Center Washington, D.C.		—		7,458		15,968		2,659			7,458		18,627		26,085		6,591	2012	(a)	40 years
930 Rush Street Chicago, IL		—		4,933		14,587		—			4,933		14,587		19,520		4,285	2012	(a)	40 years
28 Jericho Turnpike Westbury, NY		—		6,220		24,416		46			6,220		24,462		30,682		7,424	2012	(a)	40 years
181 Main Street Westport, CT		—		1,908		12,158		719			1,908		12,877		14,785		3,771	2012	(a)	40 years
83 Spring Street Manhattan, NY		—		1,754		9,200		309			1,754		9,509		11,263		2,649	2012	(a)	40 years
179-53 & 1801-03 Connecticut Avenue Washington, D.C.		—		11,690		10,135		1,999			11,690		12,134		23,824		3,619	2012	(a)	40 years
639 West Diversey Chicago, IL		—		4,429		6,102		1,089			4,429		7,191		11,620		2,428	2012	(a)	40 years
664 North Michigan Chicago, IL		—		15,240		65,331		322			15,240		65,653		80,893		17,776	2013	(a)	40 years
8-12 E. Walton Chicago, IL		—		5,398		15,601		977			5,398		16,578		21,976		4,970	2013	(a)	40 years
3200-3204 M Street Washington, DC		—		6,899		4,249		1,213			6,899		5,462		12,361		1,465	2013	(a)	40 years
868 Broadway Manhattan, NY		—		3,519		9,247		5			3,519		9,252		12,771		2,331	2013	(a)	40 years
313-315 Bowery Manhattan, NY		—		—		5,516		—			—		5,516		5,516		2,232	2013	(a)	40 years
120 West Broadway Manhattan, NY		—		—		32,819		2,101			—		34,920		34,920		5,987	2013	(a)	40 years
11 E. Walton Chicago, IL		—		16,744		28,346		1,444			16,744		29,790		46,534		7,757	2014	(a)	40 years
61 Main Street Westport, CT		—		4,578		2,645		1,862			4,578		4,507		9,085		1,238	2014	(a)	40 years
865 W. North Avenue Chicago, IL		—		1,893		11,594		246			1,893		11,840		13,733		2,874	2014	(a)	40 years
152-154 Spring St. Manhattan, NY		—		8,544		27,001		347			8,544		27,348		35,892		6,706	2014	(a)	40 years
2520 Flatbush Ave Brooklyn, NY		—		6,613		10,419		313			6,613		10,732		17,345		2,693	2014	(a)	40 years
252-256 Greenwich Avenue Greenwich, CT		—		10,175		12,641		1,122			10,175		13,763		23,938		3,735	2014	(a)	40 years
Bedford Green Bedford Hills, NY		—		12,425		32,730		4,729			13,765		36,119		49,884		9,524	2014	(a)	40 years
131-135 Prince Street Manhattan, NY		—		—		57,536		1,251			—		58,787		58,787		26,387	2014	(a)	40 years
Shops at Grand Ave Queens, NY		—		20,264		33,131		3,380			20,264		36,511		56,775		8,497	2014	(a)	40 years
201 Needham Street Newton, MA		—		4,550		4,459		110			4,550		4,569		9,119		1,117	2014	(a)	40 years
City Center San Francisco, CA		—		36,063		109,098		7,129			26,386		125,904		152,290		28,162	2015	(a)	40 years
163 Highland Avenue Needham, MA		7,363		12,679		11,213		(105	)		12,529		11,258		23,787		2,644	2015	(a)	40 years
Roosevelt Galleria Chicago, IL		—		4,838		14,574		1,208			4,838		15,782		20,620		3,188	2015	(a)	40 years
Route 202 Shopping Center Wilmington, DE		—		—		6,346		708			—		7,054		7,054		1,996	2015	(a)	40 years
991 Madison Avenue Manhattan, NY		—		—		76,965		(75,357	)		—		1,608		1,608		767	2016	(a)	40 years
165 Newbury Street Boston, MA		—		1,918		3,980		—			1,918		3,980		5,898		763	2016	(a)	40 years
Concord & Milwaukee Chicago, IL		2,301		2,739		2,746		486			2,739		3,232		5,971		752	2016	(a)	40 years
State & Washington Chicago, IL		21,386		3,907		70,943		6,236			3,907		77,179		81,086		15,388	2016	(a)	40 years
151 N. State Street Chicago, IL		12,207		1,941		25,529		172			1,941		25,701		27,642		4,739	2016	(a)	40 years
North & Kingsbury Chicago, IL		10,432		18,731		16,292		3,252			18,731		19,544		38,275		3,857	2016	(a)	40 years
Sullivan Center Chicago, IL		50,000		13,443		137,327		1,615			13,443		138,942		152,385		25,724	2016	(a)	40 years
California & Armitage Chicago, IL		2,142		6,770		2,292		98			6,770		2,390		9,160		475	2016	(a)	40 years
555 9th Street San Francisco, CA		60,000		75,591		73,268		5,775			75,591		79,043		154,634		13,366	2016	(a)	40 years
Market Square Wilmington, DE		—		8,100		31,221		683			8,100		31,904		40,004		5,342	2017	(a)	40 years
613-623 W. Diversey Chicago, IL		—		10,061		2,773		11,896			10,061		14,669		24,730		4,660	2018	(c)	40 years
51 Greene Street Manhattan, NY		—		4,488		8,992		100			4,488		9,092		13,580		1,102	2019	(a)	40 years


			Initial Cost to Company							Gross Amount at Which Carried at December 31, 2023
Description and Location	Encumbrances		Land		Buildings & Improvements		Increase (Decrease) in Net Investments			Land		Buildings & Improvements (1)		Total (2)		Accumulated Depreciation (1)		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Operations is Compared (1)
53 Greene Street Manhattan, NY		—		3,605		12,177		2			3,605		12,179		15,784		1,446	2019	(a)	40 years
41 Greene Street Manhattan, NY		—		6,276		9,582		—			6,276		9,582		15,858		1,098	2019	(a)	40 years
47 Greene Street Manhattan, NY		—		6,265		16,758		6			6,265		16,764		23,029		1,851	2019	(a)	40 years
849 W Armitage Chicago, IL		—		837		2,731		—			837		2,731		3,568		311	2019	(a)	40 years
912 W Armitage Chicago, IL		—		982		2,868		183			982		3,051		4,033		360	2019	(a)	40 years
Melrose Place Collection Los Angeles, CA		—		20,490		26,788		—			20,490		26,788		47,278		2,800	2019	(a)	40 years
45 Greene Street Manhattan, NY		—		2,903		8,487		297			2,903		8,784		11,687		975	2019	(a)	40 years
565 Broadway Manhattan, NY		—		-		22,491		9,492			—		31,983		31,983		2,421	2019	(a)	40 years
907 W Armitage Chicago, IL		—		700		2,081		—			700		2,081		2,781		232	2019	(a)	40 years
37 Greene Street Manhattan, NY		—		6,721		9,119		573			6,721		9,692		16,413		912	2020	(a)	40 years
917 W Armitage Chicago, IL		—		901		2,368		—			901		2,368		3,269		251	2020	(a)	40 years
Brandywine Town Center Wilmington, DE		—		15,632		101,861		9,076			15,632		110,937		126,569		11,879	2020	(a)	40 years
1324 14th Street Washington, D.C.		—		728		3,044		—			728		3,044		3,772		152	2021	(a)	40 years
1526 14th Street Washington, D.C.		—		1,377		6,964		—			1,377		6,964		8,341		348	2021	(a)	40 years
1529 14th Street Washington, D.C.		—		1,485		10,411		—			1,485		10,411		11,896		521	2021	(a)	40 years
121 Spring St Manhattan, NY		—		5,380		31,707		—			5,380		31,707		37,087		1,585	2022	(a)	40 years
8833 Beverly Blvd West Hollywood, CA		—		14,423		8,314		—			14,423		8,314		22,737		382	2022	(a)	40 years
Williamsburg Portfolio Brooklyn, NY		—		31,500		60,720		2,334			31,500		63,054		94,554		2,861	2022	(a)	40 years
Henderson Portfolio Dallas, TX		—		27,086		41,823		4,537			27,086		46,360		73,446		2,321	2022	(a)	40 years
Fund II:
City Point Brooklyn, NY		137,485		—		100,316		571,784			—		672,100		672,100		135,588	2007	(c)	40 years
Fund III:
640 Broadway Manhattan, NY		33,000		27,831		27,291		939			27,831		28,230		56,061		1,365	2012	(a)	40 years
Fund IV:
210 Bowery Manhattan, NY		—		1,875		5,625		(6,514	)		518		468		986		242	2012	(c)	40 years
27 E. 61st Street Manhattan, NY		7,473		4,813		14,438		3,358			3,523		19,086		22,609		3,130	2014	(c)	40 years
17 E. 71st Street Manhattan, NY		—		7,391		20,176		388			7,391		20,564		27,955		4,901	2014	(a)	40 years
1035 Third Avenue Manhattan, NY		13,725		12,759		37,431		5,852			14,099		41,943		56,042		10,791	2015	(a)	40 years
801 Madison Avenue Manhattan, NY		15,002		4,178		28,470		(4,667	)		2,922		25,059		27,981		4,522	2015	(c)	40 years
2208-2216 Fillmore Street San Francisco, CA		5,308		3,027		6,376		217			3,027		6,593		9,620		1,368	2015	(a)	40 years
2207 Fillmore Street San Francisco, CA		1,120		1,498		1,735		125			1,498		1,860		3,358		408	2015	(a)	40 years
1964 Union Street San Francisco, CA		1,356		563		1,688		2,071			563		3,759		4,322		602	2016	(c)	40 years
Restaurants at Fort Point Boston, MA		—		1,041		10,905		81			1,041		10,986		12,027		2,204	2016	(a)	40 years
717 N. Michigan Chicago, IL		46,000		72,591		35,440		(25,344	)		48,920		33,767		82,687		411	2016	(a)	40 years
18 E. Broughton St. Savannah, GA		1,545		609		1,513		62			609		1,575		2,184		213	2018	(a)	40 years
20 E. Broughton St. Savannah, GA		1,008		588		937		12			588		949		1,537		127	2018	(a)	40 years
25 E. Broughton St. Savannah, GA		3,178		1,324		2,459		383			1,324		2,842		4,166		491	2018	(a)	40 years
109 W. Broughton St. Savannah, GA		6,466		2,343		6,560		904			2,343		7,464		9,807		1,063	2018	(a)	40 years
204-206 W. Broughton St. Savannah, GA		910		547		439		32			547		471		1,018		74	2018	(a)	40 years
216-218 W. Broughton St. Savannah, GA		2,663		1,160		2,736		1,944			1,160		4,680		5,840		820	2018	(a)	40 years
220 W. Broughton St. Savannah, GA		1,863		619		1,799		985			619		2,784		3,403		496	2018	(a)	40 years
223 W. Broughton St. Savannah, GA		910		465		688		33			465		721		1,186		97	2018	(a)	40 years
226-228 W. Broughton St. Savannah, GA		—		660		1,900		34			660		1,934		2,594		260	2018	(a)	40 years
309/311 W. Broughton St. Savannah, GA		2,345		1,160		2,695		193			1,160		2,888		4,048		365	2018	(a)	40 years
230-240 W. Broughton St. Savannah, GA		5,052		2,185		9,597		6			2,185		9,603		11,788		861	2020	(a)	40 years
102 E. Broughton St. Savannah, GA		—		—		514		—			—		514		514		46	2020	(a)	40 years


				Initial Cost to Company						Gross Amount at Which Carried at December 31, 2023
Description and Location	Encumbrances			Land		Buildings & Improvements		Increase (Decrease) in Net Investments		Land		Buildings & Improvements (1)		Total (2)		Accumulated Depreciation (1)		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Operations is Compared (1)
Fund V:
Plaza Santa Fe Santa Fe, NM		22,893			—		28,214		2,005		—		30,219		30,219		5,587	2017	(a)	40 years
Hickory Ridge Hickory, NC		27,546			7,852		29,998		5,041		7,852		35,039		42,891		7,177	2017	(a)	40 years
New Towne Plaza Canton, MI		16,334			5,040		17,391		587		4,719		18,299		23,018		3,497	2017	(a)	40 years
Fairlane Green Allen Park, MI		32,260			18,121		37,143		3,991		18,121		41,134		59,255		6,809	2017	(a)	40 years
Trussville Promenade Birmingham, AL		28,472			7,587		34,285		77		7,587		34,362		41,949		5,451	2018	(a)	40 years
Elk Grove Commons Elk Grove, CA		40,247			6,204		48,008		1,884		6,204		49,892		56,096		7,200	2018	(a)	40 years
Hiram Pavilion Hiram, GA		27,667			13,029		25,446		625		13,029		26,071		39,100		4,412	2018	(a)	40 years
Palm Coast Landing Palm Coast, FL		25,862			7,066		27,299		789		7,066		28,088		35,154		4,033	2019	(a)	40 years
Lincoln Commons Lincoln, RI		38,134			14,429		34,417		6,169		14,429		40,586		55,015		5,438	2019	(a)	40 years
Landstown Commons Virginia Beach, VA		59,795			10,222		69,005		7,200		10,222		76,205		86,427		8,949	2019	(a)	40 years
Canton Marketplace Canton, GA		36,000			11,883		34,902		1,204		11,883		36,106		47,989		2,476	2021	(a)	40 years
Monroe Marketplace Selinsgrove, PA		29,150			8,755		35,452		482		8,755		35,934		44,689		2,623	2021	(a)	40 years
Midstate Mall East Brunswick, NJ		42,400			13,062		43,290		3,241		13,062		46,531		59,593		2,808	2021	(a)	40 years
Cypress Creek Tampa, FL		32,200			25,313		39,637		54		—		65,004		65,004		841	2023	(a)	40 years
Maple Tree Place Williston, VT		—			17,597		49,404		—		17,597		49,404		67,001		121	2023	(a)	40 years

Total operating real estate		937,200			930,827		2,595,398		814,495		872,228		3,468,492		4,340,720		823,439
Real estate under development		—			31,673		—		63,126		31,673		63,126		94,799		—
Unamortized loan costs		(7,313	)		—		—		—		—		—		—		—
Unamortized premium		240			—		—		—		—		—		—		—
Total	$	930,127		$	962,500	$	2,595,398	$	877,621	$	903,901	$	3,531,618	$	4,435,519	$	823,439

Notes:

(1)

Depreciation on buildings and improvements reflected on the Consolidated Statements of Operations is calculated over the estimated useful life of the assets as follows: Buildings at 40 years and improvements at the shorter of lease term or useful life.

(2)

The aggregate gross cost of property included above for Federal income tax purposes was approximately $4.6 billion as of December 31, 2023.

The following table reconciles the activity for real estate properties from January 1, 2021 to December 31, 2023 (in thousands):


	Year Ended December 31,
	2023			2022			2021

Balance at beginning of year	$	4,253,010		$	4,071,607		$	4,011,326
Improvements and other		75,668			50,696			32,070
Property acquisitions		131,952			234,557			172,558
Property dispositions or held for sale assets		(21,425	)		(125,933	)		(134,422	)
Consolidation of previously unconsolidated investments		—			55,394			—
Impairment charges		(3,686	)		(33,311	)		(9,925	)
Balance at end of year	$	4,435,519		$	4,253,010		$	4,071,607

The following table reconciles accumulated depreciation from January 1, 2021 to December 31, 2023 (in thousands):


	Year Ended December 31,
	2023			2022			2021

Balance at beginning of year	$	725,143		$	648,461		$	573,364
Depreciation related to real estate		100,300			98,414			90,456
Property dispositions or held for sale assets		(2,004	)		(21,732	)		(15,359	)
Balance at end of year	$	823,439		$	725,143		$	648,461