Real Estate (Tables)

6 Months Ended

Jun. 30, 2025

Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]

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


	June 30,			December 31,
	2025			2024
Buildings and improvements	$	3,398,124		$	3,174,250
Tenant improvements		326,565			304,645
Land		1,127,913			906,031
Construction in progress		29,477			23,704
Right-of-use assets - finance leases (Note 11)		61,366			61,366
Total		4,943,445			4,469,996
Less: Accumulated depreciation and amortization		(980,639	)		(926,022	)
Operating real estate, net		3,962,806			3,543,974
Real estate under development		153,196			129,619
Net investments in real estate	$	4,116,002		$	3,673,593

Schedule of Business Acquisitions, by Acquisition

During the six months ended June 30, 2025, the Company acquired the following retail properties and other retail investments (dollars in thousands):


Property and Location	Percent Acquired	Date of Acquisition	Purchase Price (a)
2025 Acquisitions
Core
106 Spring Street - New York, NY	100%	January 9, 2025	$	55,137
73 Wooster Street - New York, NY	100%	January 9, 2025		25,459
Renaissance Portfolio - Washington, D.C. (b)	48%	January 23, 2025		245,700
95, 97, and 107 North 6th Street - Brooklyn, NY	100%	April 9, 2025		59,668
85 5th Avenue - New York, NY	100%	April 11, 2025		47,014
70 and 93 North 6th Street - Brooklyn, NY	100%	June 4, 2025		50,323
Subtotal Core				483,301

Investment Management
Pinewood Square - Lake Worth, FL	100%	March 19, 2025		68,207
Total 2025 Acquisitions			$	551,508

(a)

Purchase price includes capitalized transaction costs of $2.1 million.

(b)

On January 23, 2025, the Company acquired an additional 48% economic ownership interest, and increased its existing 20% interest to 68%, in the Renaissance Portfolio primarily located in Washington D.C. The 48% interest was acquired for a purchase price of $117.9 million, based upon a gross portfolio fair value of $245.7 million, which included existing mortgage loan indebtedness of $156.1 million in aggregate (Note 7). Prior to the acquisition, the Company accounted for its 20% interest under the equity method of accounting (Note 4). Due to the Company gaining a controlling financial interest as a result of this acquisition, the Company determined it should consolidate its investment within its Core Portfolio effective January 23, 2025. As such, the Company measured and recognized 100% of the identifiable assets acquired, the liabilities assumed and any noncontrolling interests of the Renaissance Portfolio, at fair value and recognized a $9.6 million loss on change in control representing the difference between the carrying value and fair value of its existing equity method interest immediately before consolidation of the portfolio in its Condensed Consolidated Statements of Operations related to the remeasurement of its previously held equity interest.

Schedule of Purchase Price Allocations

The following table summarizes the allocation of the purchase price of properties acquired during the six months ended June 30, 2025 (in thousands):


	Land		Buildings and improvements		Intangible assets		Intangible liabilities			Debt fair value adjustment			Total
106 Spring Street - New York, NY	$	51,108	$	5,460	$	10,391	$	(11,822	)	$	—		$	55,137
73 Wooster St - New York, NY		15,876		6,775		2,848		(40	)		—			25,459
Renaissance Portfolio - Washington, D.C.		103,962		127,368		20,016		(4,100	)		(1,546	)		245,700
Pinewood Square - Lake Worth, FL		17,208		46,208		12,668		(7,877	)		—			68,207
95, 97, and 107 North 6th Street - Brooklyn, NY		17,342		36,493		6,167		(334	)		—			59,668
85 5th Avenue - New York, NY		32,718		7,318		6,978		—			—			47,014
70 and 93 North 6th Street - Brooklyn, NY		17,058		30,834		5,833		(3,402	)		—			50,323
2025 Total	$	255,272	$	260,456	$	64,901	$	(27,575	)	$	(1,546	)	$	551,508

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 the six months ended June 30, 2025 are as follows:


	2025
	Low			High
Exit Capitalization Rate		5.00	%		7.25	%
Discount Rate		6.25	%		10.50	%
Annual net rental rate per square foot on acquired buildings	$	15.00		$	850.00
Interest rate on assumed debt		6.35	%		6.35	%

Schedule of Asset Held for Sale Property

The assets and liabilities of the property held for sale are presented separately in the accompanying condensed consolidation balance sheets and are summarized as follows:


	June 30,
	2025
Assets
Building and improvements	$	24,902
Tenant improvements		198
Land		24,086
Real estate, intangible assets		335
Less: Accumulated depreciation and amortization		(2,466	)
Other		389
	$	47,444
Liabilities
Real estate, intangible liabilities	$	163

Schedule of Development in Process Activities

Development activity for these properties during the periods presented is summarized below (dollars in thousands):


	January 1, 2025				Six Months Ended June 30, 2025						June 30, 2025
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core (a)		4	$	98,255	$	2,166	$	20,829	$	1,066		4		120,184
Fund III		1		31,364		—		1,648		—		1		33,012
Total		5	$	129,619	$	2,166	$	22,477	$	1,066		5	$	153,196

(a)

During the first quarter of 2025, the Company placed one property into development and one property into service within the Henderson Avenue portfolio.