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Real Estate (Tables)
 12 Months Ended
Dec. 31, 2024
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]  
Schedule of Consolidated Real Estate

The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands):

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Buildings and improvements

 

$

3,174,250

 

 

$

3,128,650

 

Tenant improvements

 

 

304,645

 

 

 

257,955

 

Land

 

 

906,031

 

 

 

872,228

 

Construction in progress

 

 

23,704

 

 

 

23,250

 

Right-of-use assets - finance leases (Note 11)

 

 

61,366

 

 

 

58,637

 

Total

 

 

4,469,996

 

 

 

4,340,720

 

Less: Accumulated depreciation and amortization

 

 

(926,022

)

 

 

(823,439

)

Operating real estate, net

 

 

3,543,974

 

 

 

3,517,281

 

Real estate under development

 

 

129,619

 

 

 

94,799

 

Net investments in real estate

 

$

3,673,593

 

 

$

3,612,080

 

 
Schedule of Business Acquisitions, by Acquisition

During the years ended December 31, 2024 and 2023, the Company acquired the following retail properties and other real estate investments (dollars in thousands):

 

Property and Location

 

Percent
Acquired

 

Date of
Acquisition

 

Purchase
Price (a)

 

2024 Acquisitions

 

 

 

 

 

 

 

Core

 

 

 

 

 

 

 

Bleecker Street Portfolio (4 assets) - New York, NY

 

100%

 

September 19, 2024

 

$

20,347

 

1718 N. Henderson Ave (Land Parcel) - Dallas, TX

 

100%

 

September 19, 2024

 

 

1,063

 

123-129 N. 6th Street - Brooklyn, NY

 

100%

 

October 11, 2024

 

 

35,343

 

92-94 Greene Street - New York, NY

 

100%

 

October 17, 2024

 

 

43,594

 

109 N. 6th Street - Brooklyn, NY

 

100%

 

October 24, 2024

 

 

19,040

 

1834 N. Henderson Ave - Dallas, TX

 

100%

 

November 21, 2024

 

 

2,144

 

2107-2115 N. Henderson Ave (Land Parcel) - Dallas, TX

 

100%

 

November 25, 2024

 

 

11,082

 

Subtotal Core

 

 

 

 

 

 

132,613

 

 

 

 

 

 

 

 

 

Investment Management

 

 

 

 

 

 

 

Walk at Highwoods Preserve - Tampa, FL (b)

 

100%

 

July 3, 2024

 

 

31,766

 

Total 2024 Acquisitions

 

 

 

 

 

 

164,379

 

 

 

 

 

 

 

 

 

2023 Acquisitions

 

 

 

 

 

 

 

Investment Management

 

 

 

 

 

 

 

Cypress Creek - Tampa, FL

 

100%

 

July 3, 2023

 

$

49,374

 

Maple Tree Place - Williston, VT

 

100%

 

November 27, 2023

 

 

77,816

 

Total 2023 Acquisitions

 

 

 

 

 

$

127,190

 

 

(a)
Purchase price includes capitalized transaction costs.
(b)
On October 25, 2024, the Company contributed its Walk at Highwoods Preserve property to a newly formed joint venture and retained a 20% non-controlling ownership interest. Refer to the disposition table below and Note 4.
Schedule of Purchase Price Allocations The following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2024 and 2023 (in thousands):

 

 

 

Land

 

 

Buildings and improvements

 

 

Intangible assets

 

 

Right-of-use asset

 

 

Lease liability

 

 

Intangible liabilities

 

Other assets, net

 

 

Net assets acquired

 

Bleecker Street Portfolio (4 assets)

 

$

4,962

 

 

$

10,460

 

 

$

3,695

 

 

$

2,729

 

 

$

(1,071

)

 

$

(428

)

$

—

 

 

$

20,347

 

Walk at Highwoods Preserve

 

 

9,730

 

 

 

18,026

 

 

 

8,631

 

 

 

—

 

 

 

—

 

 

 

(4,621

)

 

—

 

 

 

31,766

 

123-129 N. 6th Street

 

 

13,083

 

 

 

25,428

 

 

 

3,280

 

 

 

—

 

 

 

—

 

 

 

(6,448

)

 

—

 

 

 

35,343

 

109 N. 6th Street

 

 

5,142

 

 

 

13,146

 

 

 

3,081

 

 

 

—

 

 

 

—

 

 

 

(2,329

)

 

—

 

 

 

19,040

 

92-94 Greene Street

 

 

32,499

 

 

 

10,406

 

 

 

3,694

 

 

 

—

 

 

 

—

 

 

 

(3,005

)

 

—

 

 

 

43,594

 

1834 N. Henderson Ave

 

 

1,002

 

 

 

1,142

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

 

 

2,144

 

2024 Total (a)

 

$

66,418

 

 

$

78,608

 

 

$

22,381

 

 

$

2,729

 

 

$

(1,071

)

 

$

(16,831

)

$

—

 

 

$

152,234

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cypress Creek

 

$

—

 

 

$

39,637

 

 

$

10,949

 

 

$

25,313

 

 

$

(22,075

)

 

$

(4,450

)

$

—

 

 

$

49,374

 

Maple Tree Place

 

 

17,597

 

 

 

49,404

 

 

 

18,209

 

 

 

—

 

 

 

—

 

 

 

(7,395

)

 

—

 

 

 

77,816

 

2023 Total

 

$

17,597

 

 

$

89,041

 

 

$

29,158

 

 

$

25,313

 

 

$

(22,075

)

 

$

(11,845

)

$

—

 

 

$

127,190

 
(a)
Excludes 1718 N. Henderson Ave and 2107-2115 N. Henderson Ave properties that were placed in development upon acquisition.
Schedule of Significant Assumptions Used in Calculating Fair Value of the Asset Acquisitions The most significant assumptions used in calculating the “as-if vacant” value for acquisition activity during 2024 and 2023, respectively, are as follows:

 

 

 

2024

 

 

2023

 

 

 

Low

 

High

 

 

Low

 

High

 

Exit Capitalization Rate

 

 

5.50

%

 

8.00

%

 

 

7.00

%

 

8.50

%

Discount Rate

 

 

7.50

%

 

10.00

%

 

 

10.00

%

 

10.25

%

Annual net rental rate per square foot on acquired buildings

 

$

17.00

 

$

615.00

 

 

$

4.00

 

$

47.00

 

Annual net rental rate per square foot on acquired master lease

 

$

29.11

 

$

29.11

 

 

$

1.04

 

$

1.91

 
Schedule of Property Dispositions

During the years ended December 31, 2024 and 2023, the Company disposed of the following properties and other real estate investments (in thousands):

Property and Location

 

Owner

 

Date Sold

 

Sale Price

 

 

Gain (Loss)
on Sale (a)

 

2024 Dispositions

 

 

 

 

 

 

 

 

 

 

2208-2216 Fillmore Street - San Francisco, CA

 

Fund IV

 

April 3, 2024

 

$

9,777

 

 

$

1,239

 

2207 Fillmore Street - San Francisco, CA

 

Fund IV

 

April 3, 2024

 

 

4,283

 

 

 

1,130

 

Shops at Grand - Queens, NY (b)

 

Core

 

May 16, 2024

 

 

48,250

 

 

 

(2,213

)

Canton Marketplace (Outparcel) - Canton, GA

 

Fund V

 

June 28, 2024

 

 

2,200

 

 

 

601

 

Walk at Highwoods Preserve - Tampa, FL (c)

 

Investment Management

 

October 25, 2024

 

 

31,366

 

 

 

(393

)

Total 2024 Dispositions

 

 

 

 

 

$

95,876

 

 

$

364

 

 

 

 

 

 

 

 

 

 

 

 

2023 Dispositions

 

 

 

 

 

 

 

 

 

 

None

 

 

 

 

 

 

 

 

 

 

 

(a)
During the first quarter of 2024, the Company recorded a $1.2 million loss related to a Fund IV property that was sold in 2019 in connection with a post-closing dispute.
(b)
On May 16, 2024, the Company contributed its Shops at Grand property located in Queens, New York to a newly formed unconsolidated joint venture and retained a 5% non-controlling ownership interest which was fair valued at $2.4 million. As a result of the transaction, the Company deconsolidated the property and accounted for its interest under the equity method of accounting effective May 16, 2024 as it no longer controls the investment (Note 4). The Company recognized a loss on deconsolidation of $2.2 million related to transaction costs, which is included in the Loss on disposition of properties in the Consolidated Statements of Operations.
(c)
On October 25, 2024, the Company contributed its Walk at Highwoods Preserve property located in Tampa, Florida to a newly formed unconsolidated joint venture for $31.4 million and retained a 20% non-controlling ownership interest which was valued at $6.4 million. As a result of the transaction, the Company deconsolidated the property and accounted for its interest under the equity method of accounting effective October 25, 2024 as it no longer controls the investment (Note 4). The Company recognized a loss on deconsolidation of $0.4 million related to transaction costs, which is included in the Loss on disposition of properties in the Consolidated Statements of Operations.
Schedule of Development in Process Activities

Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands):

 

 

 

January 1, 2024

 

 

Year Ended December 31, 2024

 

 

December 31, 2024

 

 

 

Number of
Properties

 

 

Carrying
Value

 

 

Transfers In

 

 

Capitalized
Costs

 

 

Transfers Out

 

 

Number of
Properties

 

 

Carrying
Value

 

Core

 

 

2

 

 

$

66,083

 

 

$

12,156

 

 

$

20,016

 

 

$

—

 

 

 

4

 

 

 

98,255

 

Fund III

 

 

1

 

 

 

28,716

 

 

 

—

 

 

 

2,648

 

 

 

—

 

 

 

1

 

 

 

31,364

 

Total

 

 

3

 

 

$

94,799

 

 

$

12,156

 

 

$

22,664

 

 

$

—

 

 

 

5

 

 

$

129,619

 

 

 

 

 

January 1, 2023

 

 

Year Ended December 31, 2023

 

 

December 31, 2023

 

 

 

Number of
Properties

 

 

Carrying
Value

 

 

Transfers In

 

 

Capitalized
Costs

 

 

Transfers Out

 

 

Number of
Properties

 

 

Carrying
Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core

 

 

2

 

 

$

54,817

 

 

$

—

 

 

$

11,266

 

 

$

—

 

 

 

2

 

 

$

66,083

 

Fund II

 

 

—

 

 

 

34,072

 

 

 

—

 

 

 

633

 

 

 

34,705

 

 

 

—

 

 

 

—

 

Fund III

 

 

1

 

 

 

25,798

 

 

 

—

 

 

 

2,958

 

 

 

40

 

 

 

1

 

 

 

28,716

 

Fund IV

 

 

1

 

 

 

69,915

 

 

 

—

 

 

 

—

 

 

 

69,915

 

 

 

—

 

 

 

—

 

Total

 

 

4

 

 

$

184,602

 

 

$

—

 

 

$

14,857

 

 

$

104,660

 

 

 

3

 

 

$

94,799