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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2024

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, 2024


			Initial Cost to Company							Gross Amount at Which Carried at December 31, 2024
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		10,166	1993	(a)	40 years
New Loudon Center Latham, NY		—		505		4,161		17,520			505		21,681		22,186		18,315	1993	(a)	40 years
Mark Plaza Edwardsville, PA		—		—		3,396		(176	)		—		3,220		3,220		3,220	1993	(c)	40 years
Plaza 422 Lebanon, PA		—		190		3,004		2,832			190		5,836		6,026		5,441	1993	(c)	40 years
Route 6 Mall Honesdale, PA		—		1,664		—		18,857			1,664		18,857		20,521		12,909	1994	(c)	40 years
Abington Towne Center Abington, PA		—		799		3,197		5,302			799		8,499		9,298		5,437	1998	(a)	40 years
Bloomfield Town Square Bloomfield Hills, MI		—		3,207		13,774		29,481			3,207		43,255		46,462		31,131	1998	(a)	40 years
Elmwood Park Shopping Center Elmwood Park, NJ		—		3,248		12,992		23,045			3,798		35,487		39,285		24,300	1998	(a)	40 years
Merrillville Plaza Hobart, IN		—		4,288		17,152		12,891			4,288		30,043		34,331		19,150	1998	(a)	40 years
Marketplace of Absecon Absecon, NJ		—		2,573		10,294		6,649			2,577		16,939		19,516		11,372	1998	(a)	40 years
239 Greenwich Avenue Greenwich, CT		26,000		1,817		15,846		4,137			1,817		19,983		21,800		11,339	1998	(a)	40 years
Hobson West Plaza Naperville, IL		—		1,793		7,172		5,914			1,793		13,086		14,879		8,544	1998	(a)	40 years
Village Commons Shopping Center Smithtown, NY		—		3,229		12,917		5,935			3,229		18,852		22,081		13,223	1998	(a)	40 years
Town Line Plaza Rocky Hill, CT		—		878		3,510		8,524			907		12,005		12,912		10,176	1998	(a)	40 years
Branch Shopping Center Smithtown, NY		—		3,156		12,545		17,520			3,401		29,820		33,221		22,497	1998	(a)	40 years
Methuen Shopping Center Methuen, MA		—		956		3,826		2,088			961		5,909		6,870		3,845	1998	(a)	40 years
The Gateway Shopping Center South Burlington, VT		—		1,273		5,091		13,849			1,273		18,940		20,213		13,434	1999	(a)	40 years
Mad River Station Dayton, OH		—		2,350		9,404		3,732			2,350		13,136		15,486		8,124	1999	(a)	40 years
Brandywine Holdings Wilmington, DE		—		5,063		15,252		3,095			5,201		18,209		23,410		9,863	2003	(a)	40 years
Bartow Avenue Bronx, NY		—		1,691		5,803		1,797			1,691		7,600		9,291		4,361	2005	(c)	40 years
Amboy Road Staten Island, NY		—		—		11,909		3,588			—		15,497		15,497		12,255	2005	(a)	40 years
Chestnut Hill Philadelphia, PA		—		8,289		5,691		5,546			8,289		11,237		19,526		6,860	2006	(a)	40 years
2914 Third Avenue Bronx, NY		—		11,108		8,038		5,709			11,855		13,000		24,855		5,292	2006	(a)	40 years
West Shore Expressway Staten Island, NY		—		3,380		13,499		117			3,380		13,616		16,996		6,629	2007	(a)
West 54th Street Manhattan, NY		—		16,699		18,704		1,615			16,699		20,319		37,018		9,571	2007	(a)	40 years
5-7 East 17th Street Manhattan, NY		—		3,048		7,281		8,090			3,048		15,371		18,419		9,316	2008	(a)	40 years
651-671 W Diversey Chicago, IL		—		8,576		17,256		722			8,576		17,978		26,554		5,928	2011	(a)	40 years
15 Mercer Street Manhattan, NY		—		1,887		2,483		496			1,887		2,979		4,866		854	2011	(a)	40 years
4401 White Plains Bronx, NY		—		1,581		5,054		—			1,581		5,054		6,635		1,685	2011	(a)	40 years
56 E. Walton Chicago, IL		—		994		6,126		3,428			994		9,554		10,548		1,798	2011	(a)	40 years
841 W. Armitage Chicago, IL		—		728		1,989		441			728		2,430		3,158		1,094	2011	(a)	40 years
2731 N. Clark Chicago, IL		—		557		1,839		162			557		2,001		2,558		649	2011	(a)	40 years
2140 N. Clybourn Chicago, IL		—		306		788		112			306		900		1,206		287	2011	(a)	40 years
853 W. Armitage Chicago, IL		—		557		1,946		508			557		2,454		3,011		1,145	2011	(a)	40 years
2299 N. Clybourn Avenue Chicago, IL		—		177		484		—			177		484		661		162	2011	(a)	40 years
843-45 W. Armitage Chicago, IL		—		731		2,730		336			731		3,066		3,797		1,063	2012	(a)	40 years
1525 W. Belmont Avenue Chicago, IL		—		1,480		3,338		902			1,480		4,240		5,720		1,755	2012	(a)	40 years
2206-08 N. Halsted Chicago, IL		—		1,183		3,540		360			1,183		3,900		5,083		1,479	2012	(a)	40 years
2633 N. Halsted Chicago, IL		—		960		4,096		359			998		4,417		5,415		1,457	2012	(a)	40 years


50-54 E. Walton Chicago, IL	—	2,848	12,694	1,050		2,848	13,744	16,592	4,418	2012	(a)	40 years
662 W. Diversey Chicago, IL	—	1,713	1,603	10		1,713	1,613	3,326	487	2012	(a)	40 years
837 W. Armitage Chicago, IL	—	780	1,758	151		780	1,909	2,689	677	2012	(a)	40 years
823 W. Armitage Chicago, IL	—	717	1,149	118		717	1,267	1,984	400	2012	(a)	40 years
851 W. Armitage Chicago, IL	—	545	209	139		545	348	893	202	2012	(a)	40 years
1240 W. Belmont Avenue Chicago, IL	—	2,137	1,589	1,358		2,137	2,947	5,084	1,155	2012	(a)	40 years
21 E. Chestnut Chicago, IL	—	1,318	8,468	815		1,318	9,283	10,601	2,888	2012	(a)	40 years
819 W. Armitage Chicago, IL	—	790	1,266	691		790	1,957	2,747	626	2012	(a)	40 years
1520 Milwaukee Avenue Chicago, IL	—	2,110	1,306	350		2,110	1,656	3,766	717	2012	(a)	40 years
Rhode Island Place Shopping Center Washington, D.C.	—	7,458	15,968	2,691		7,458	18,659	26,117	7,213	2012	(a)	40 years
930 Rush Street Chicago, IL	—	4,933	14,587	—		4,933	14,587	19,520	4,649	2012	(a)	40 years
28 Jericho Turnpike Westbury, NY	—	6,220	24,416	46		6,220	24,462	30,682	8,067	2012	(a)	40 years
181 Main Street Westport, CT	—	1,908	12,158	729		1,908	12,887	14,795	4,168	2012	(a)	40 years
83 Spring Street Manhattan, NY	—	1,754	9,200	313		1,754	9,513	11,267	2,927	2012	(a)	40 years
179-53 & 1801-03 Connecticut Avenue Washington, D.C.	—	11,690	10,135	2,012		11,690	12,147	23,837	4,022	2012	(a)	40 years
639 West Diversey Chicago, IL	—	4,429	6,102	1,382		4,429	7,484	11,913	2,663	2012	(a)	40 years
664 North Michigan Chicago, IL	—	15,240	65,331	324		15,240	65,655	80,895	19,413	2013	(a)	40 years
8-12 E. Walton Chicago, IL	—	5,398	15,601	980		5,398	16,581	21,979	5,484	2013	(a)	40 years
3200-3204 M Street Washington, DC	—	6,899	4,249	1,213		6,899	5,462	12,361	1,753	2013	(a)	40 years
868 Broadway Manhattan, NY	—	3,519	9,247	5		3,519	9,252	12,771	2,563	2013	(a)	40 years
313-315 Bowery Manhattan, NY	—	—	5,516	—		—	5,516	5,516	2,456	2013	(a)	40 years
120 West Broadway Manhattan, NY	—	—	32,819	2,221		—	35,040	35,040	6,522	2013	(a)	40 years
11 E. Walton Chicago, IL	—	16,744	28,346	1,444		16,744	29,790	46,534	8,647	2014	(a)	40 years
61 Main Street Westport, CT	—	4,578	2,645	1,887		4,578	4,532	9,110	1,450	2014	(a)	40 years
865 W. North Avenue Chicago, IL	—	1,893	11,594	251		1,893	11,845	13,738	3,175	2014	(a)	40 years
152-154 Spring St. Manhattan, NY	—	8,544	27,001	347		8,544	27,348	35,892	7,427	2014	(a)	40 years
2520 Flatbush Ave Brooklyn, NY	—	6,613	10,419	313		6,613	10,732	17,345	2,973	2014	(a)	40 years
252-256 Greenwich Avenue Greenwich, CT	—	10,175	12,641	1,122		10,175	13,763	23,938	4,174	2014	(a)	40 years
Bedford Green Bedford Hills, NY	—	12,425	32,730	4,815		13,765	36,205	49,970	10,569	2014	(a)	40 years
131-135 Prince Street Manhattan, NY	—	—	57,536	1,153		—	58,689	58,689	29,246	2014	(a)	40 years
201 Needham Street Newton, MA	—	4,550	4,459	270		4,550	4,729	9,279	1,234	2014	(a)	40 years
City Center San Francisco, CA	—	36,063	109,098	7,193		26,386	125,968	152,354	31,428	2015	(a)	40 years
163 Highland Avenue Needham, MA	-	12,679	11,213	(104	)	12,529	11,259	23,788	2,934	2015	(a)	40 years
Roosevelt Galleria Chicago, IL	—	4,838	14,574	1,208		4,838	15,782	20,620	3,666	2015	(a)	40 years
Route 202 Shopping Center Wilmington, DE	—	—	6,346	709		—	7,055	7,055	2,182	2015	(a)	40 years
991 Madison Avenue Manhattan, NY	—	—	76,965	(75,357	)	—	1,608	1,608	904	2016	(a)	40 years
165 Newbury Street Boston, MA	—	1,918	3,980	—		1,918	3,980	5,898	862	2016	(a)	40 years
Concord & Milwaukee Chicago, IL	2,204	2,739	2,746	523		2,739	3,269	6,008	871	2016	(a)	40 years
State & Washington Chicago, IL	20,690	3,907	70,943	6,295		3,907	77,238	81,145	17,682	2016	(a)	40 years
151 N. State Street Chicago, IL	11,830	1,941	25,529	172		1,941	25,701	27,642	5,389	2016	(a)	40 years
North & Kingsbury Chicago, IL	9,953	18,731	16,292	3,272		18,731	19,564	38,295	4,653	2016	(a)	40 years
Sullivan Center Chicago, IL	50,000	13,443	137,327	1,615		13,443	138,942	152,385	29,205	2016	(a)	40 years
California & Armitage Chicago, IL	2,035	6,770	2,292	98		6,770	2,390	9,160	545	2016	(a)	40 years
555 9th Street San Francisco, CA	57,500	75,591	73,268	14,631		75,591	87,899	163,490	15,786	2016	(a)	40 years
Market Square Wilmington, DE	—	8,100	31,221	748		8,100	31,969	40,069	6,242	2017	(a)	40 years
613-623 W. Diversey Chicago, IL	—	10,061	2,773	11,876		10,061	14,649	24,710	5,021	2018	(c)	40 years


51 Greene Street Manhattan, NY	—	4,488	8,992	100		4,488	9,092	13,580	1,333	2019	(a)	40 years
53 Greene Street Manhattan, NY	—	3,605	12,177	2		3,605	12,179	15,784	1,751	2019	(a)	40 years
41 Greene Street Manhattan, NY	—	6,276	9,582	—		6,276	9,582	15,858	1,338	2019	(a)	40 years
47 Greene Street Manhattan, NY	—	6,265	16,758	6		6,265	16,764	23,029	2,270	2019	(a)	40 years
849 W Armitage Chicago, IL	—	837	2,731	—		837	2,731	3,568	382	2019	(a)	40 years
912 W Armitage Chicago, IL	—	982	2,868	183		982	3,051	4,033	452	2019	(a)	40 years
Melrose Place Collection Los Angeles, CA	—	20,490	26,788	—		20,490	26,788	47,278	3,472	2019	(a)	40 years
45 Greene Street Manhattan, NY	—	2,903	8,487	297		2,903	8,784	11,687	1,236	2019	(a)	40 years
565 Broadway Manhattan, NY	—	-	22,491	11,630		—	34,121	34,121	3,245	2019	(a)	40 years
907 W Armitage Chicago, IL	—	700	2,081	—		700	2,081	2,781	288	2019	(a)	40 years
37 Greene Street Manhattan, NY	—	6,721	9,119	752		6,721	9,871	16,592	1,167	2020	(a)	40 years
917 W Armitage Chicago, IL	—	901	2,368	—		901	2,368	3,269	315	2020	(a)	40 years
Brandywine Town Center Wilmington, DE	—	15,632	101,861	23,042		15,632	124,903	140,535	15,589	2020	(a)	40 years
1324 14th Street Washington, D.C.	—	728	3,044	—		728	3,044	3,772	228	2021	(a)	40 years
1526 14th Street Washington, D.C.	—	1,377	6,964	2		1,377	6,966	8,343	522	2021	(a)	40 years
1529 14th Street Washington, D.C.	—	1,485	10,411	—		1,485	10,411	11,896	781	2021	(a)	40 years
121 Spring St Manhattan, NY	—	5,380	31,707	34		5,380	31,741	37,121	2,378	2022	(a)	40 years
8833 Beverly Blvd West Hollywood, CA	—	14,423	8,314	—		14,423	8,314	22,737	591	2022	(a)	40 years
Williamsburg Portfolio Brooklyn, NY	—	31,500	60,720	3,317		31,500	64,037	95,537	4,458	2022	(a)	40 years
Henderson Portfolio Dallas, TX	—	28,090	42,966	5,634		28,090	48,600	76,690	3,101	2022	(a)	40 years
Bleecker Street Portfolio Manhattan, NY	—	4,962	13,189	—		4,962	13,189	18,151	91	2024	(a)	40 years
123-129 N 6th St Brooklyn, NY	—	13,083	25,428	—		13,083	25,428	38,511	160	2024	(a)	40 years
109 N 6th St, Brooklyn, NY	—	5,142	13,146	—		5,142	13,146	18,288	55	2024	(a)	40 years
92-94 Greene St Manhattan, NY	—	32,499	10,406	—		32,499	10,406	42,905	135	2024	(a)	40 years
Fund II:
City Point Brooklyn, NY	137,485	—	100,316	578,700		—	679,016	679,016	157,011	2007	(c)	40 years
Fund III:
640 Broadway Manhattan, NY	33,000	27,831	27,291	1,152		27,831	28,443	56,274	2,109	2012	(a)	40 years
Fund IV:
210 Bowery Manhattan, NY	—	1,875	5,625	(6,516	)	518	466	984	291	2012	(c)	40 years
27 E. 61st Street Manhattan, NY	7,473	4,813	14,438	3,774		3,523	19,502	23,025	3,560	2014	(c)	40 years
17 E. 71st Street Manhattan, NY	—	7,391	20,176	490		7,391	20,666	28,057	5,446	2014	(a)	40 years
1035 Third Avenue Manhattan, NY	13,725	12,759	37,431	5,854		14,099	41,945	56,044	12,079	2015	(a)	40 years
801 Madison Avenue Manhattan, NY	15,002	4,178	28,470	(4,666	)	2,922	25,060	27,982	5,181	2015	(c)	40 years
1964 Union Street San Francisco, CA	1,332	563	1,688	901		380	2,772	3,152	706	2016	(c)	40 years
Restaurants at Fort Point Boston, MA	—	1,041	10,905	106		1,041	11,011	12,052	2,482	2016	(a)	40 years
717 N. Michigan Chicago, IL	46,000	72,591	35,440	(24,822	)	48,920	34,289	83,209	2,499	2016	(a)	40 years
18 E. Broughton St. Savannah, GA	1,545	609	1,513	61		609	1,574	2,183	278	2018	(a)	40 years
20 E. Broughton St. Savannah, GA	1,008	588	937	12		588	949	1,537	152	2018	(a)	40 years
25 E. Broughton St. Savannah, GA	3,178	1,324	2,459	383		1,324	2,842	4,166	590	2018	(a)	40 years
109 W. Broughton St. Savannah, GA	6,466	2,343	6,560	1,780		2,343	8,340	10,683	1,414	2018	(a)	40 years
204-206 W. Broughton St. Savannah, GA	910	547	439	32		547	471	1,018	87	2018	(a)	40 years
216-218 W. Broughton St. Savannah, GA	2,663	1,160	2,736	1,959		1,160	4,695	5,855	1,010	2018	(a)	40 years
220 W. Broughton St. Savannah, GA	1,863	619	1,799	985		619	2,784	3,403	606	2018	(a)	40 years
223 W. Broughton St. Savannah, GA	910	465	688	28		465	716	1,181	117	2018	(a)	40 years
226-228 W. Broughton St. Savannah, GA	—	660	1,900	240		660	2,140	2,800	338	2018	(a)	40 years
309/311 W. Broughton St. Savannah, GA	2,345	1,160	2,695	193		1,160	2,888	4,048	447	2018	(a)	40 years
230-240 W. Broughton St. Savannah, GA	5,052	2,185	9,597	6		2,185	9,603	11,788	1,101	2020	(a)	40 years
102 E. Broughton St. Savannah, GA	—	—	514	38		—	552	552	65	2020	(a)	40 years


Fund V:
Plaza Santa Fe Santa Fe, NM		22,893			—		28,214		2,218		—		30,432		30,432		6,565	2017	(a)	40 years
Hickory Ridge Hickory, NC		26,708			7,852		29,998		5,157		7,852		35,155		43,007		8,716	2017	(a)	40 years
New Towne Plaza Canton, MI		16,037			5,040		17,391		587		4,719		18,299		23,018		4,084	2017	(a)	40 years
Fairlane Green Allen Park, MI		31,639			18,121		37,143		4,120		18,121		41,263		59,384		8,245	2017	(a)	40 years
Trussville Promenade Birmingham, AL		28,109			7,587		34,285		944		7,587		35,229		42,816		6,410	2018	(a)	40 years
Elk Grove Commons Elk Grove, CA		41,000			6,204		48,008		2,035		6,204		50,043		56,247		8,662	2018	(a)	40 years
Hiram Pavilion Hiram, GA		27,088			13,029		25,446		1,098		13,029		26,544		39,573		5,304	2018	(a)	40 years
Palm Coast Landing Palm Coast, FL		25,301			7,066		27,299		1,492		7,066		28,791		35,857		4,996	2019	(a)	40 years
Lincoln Commons Lincoln, RI		35,595			14,429		34,417		6,390		14,429		40,807		55,236		6,949	2019	(a)	40 years
Landstown Commons Virginia Beach, VA		58,848			10,222		69,005		6,951		10,222		75,956		86,178		11,466	2019	(a)	40 years
Canton Marketplace Canton, GA		34,460			11,883		34,902		521		10,588		36,718		47,306		3,648	2021	(a)	40 years
Monroe Marketplace Selinsgrove, PA		25,300			8,755		35,452		2,567		8,755		38,019		46,774		3,952	2021	(a)	40 years
Midstate Mall East Brunswick, NJ		50,200			13,062		43,290		10,553		13,062		53,843		66,905		4,442	2021	(a)	40 years
Cypress Creek Tampa, FL		32,200			25,313		39,637		56		—		65,006		65,006		2,238	2023	(a)	40 years
Maple Tree Place Williston, VT		43,400			17,597		49,404		1,126		17,597		50,530		68,127		1,577	2023	(a)	40 years

Total operating real estate		958,947			966,108		2,630,967		872,921		906,031		3,563,965		4,469,996		926,022
Real estate under development		—			43,817		—		85,802		43,817		85,802		129,619		—
Unamortized loan costs		(5,459	)		—		—		—		—		—		—		—
Unamortized premium		212			—		—		—		—		—		—		—
Total	$	953,700		$	1,009,925	$	2,630,967	$	958,723	$	949,848	$	3,649,767	$	4,599,615	$	926,022

(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 $4.7 billion as of December 31, 2024.

The following table reconciles the activity for real estate properties from January 1, 2022 to December 31, 2024 (in thousands):


	Year Ended December 31,
	2024			2023			2022

Balance at beginning of year	$	4,435,519		$	4,253,010		$	4,071,607
Improvements and other		87,253			75,668			50,696
Property acquisitions		158,926			131,952			234,557
Property dispositions or held for sale assets		(97,732	)		(21,425	)		(125,933	)
Consolidation of previously unconsolidated investments		—			—			55,394
Property transfers out of Held for Sale		16,996
Impairment charges		(1,347	)		(3,686	)		(33,311	)
Balance at end of year	$	4,599,615		$	4,435,519		$	4,253,010

The following table reconciles accumulated depreciation from January 1, 2022 to December 31, 2024 (in thousands):


	Year Ended December 31,
	2024			2023			2022

Balance at beginning of year	$	823,439		$	725,143		$	648,461
Depreciation related to real estate		107,464			100,300			98,414
Property dispositions or held for sale assets		(10,777	)		(2,004	)		(21,732	)
Property transfers out of Held for Sale		5,896			—			—
Balance at end of year	$	926,022		$	823,439		$	725,143