v3.26.1
Real Estate (Tables)
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Schedule of Asset Acquisition

During the three months ended March 31, 2026, there were no operating property acquisitions. During the three months ended March 31, 2025, the Company acquired the following operating properties, through direct asset acquisitions (in thousands):

 

 

 

 

 

 

 

 

 

Purchase Price

 

 

 

 

Property Name

 

Location

 

Month Acquired

 

Cash

 

 

Debt

 

 

Other

 

 

Total

 

 

GLA*

 

Markets at Town Center (1)

 

Jacksonville, FL

 

Jan-25

 

$

108,238

 

 

$

-

 

 

$

-

 

 

$

108,238

 

 

 

254

 

College Park Land (2)

 

Las Vegas, NV

 

Jan-25

 

 

12,746

 

 

 

-

 

 

 

1,428

 

 

 

14,174

 

 

 

-

 

Francisco Center Land (2)

 

Las Vegas, NV

 

Jan-25

 

 

11,588

 

 

 

-

 

 

 

593

 

 

 

12,181

 

 

 

-

 

 

 

 

 

 

$

132,572

 

 

$

-

 

 

$

2,021

 

 

$

134,593

 

 

 

254

 

* Gross leasable area (“GLA”)

(1)
The Company had a mortgage receivable of $15.0 million related to this property, which was repaid by the seller at closing.
(2)
The Company acquired the fee interest in two properties under finance ground lease agreements through the exercise of a call option for an aggregate purchase price of $24.2 million. In addition, the Company had a mortgage receivable of $3.4 million, which was repaid by the seller at closing. This transaction also resulted in a decrease in Other assets of $26.2 million and a decrease in Other liabilities of $24.2 million on the Company’s Condensed Consolidated Balance Sheets related to the finance right-of-use assets and lease liabilities (included in Other). See Footnote 8 of the Notes to Condensed Consolidated Financial Statements for further details.
Schedule of Purchase Price Allocation for Properties Acquired The purchase price allocation for properties acquired during the three months ended March 31, 2025 were as follows (in thousands):

 

Allocation as of
March 31, 2025

 

 

Weighted Average Useful Life (in Years)

 

Land

$

48,844

 

 

n/a

 

Buildings

 

68,659

 

 

 

50.0

 

Building improvements

 

4,700

 

 

 

45.0

 

Tenant improvements

 

5,390

 

 

 

6.2

 

In-place leases

 

12,859

 

 

 

4.9

 

Above-market leases

 

457

 

 

 

5.4

 

Below-market leases

 

(6,316

)

 

 

15.8

 

Net assets acquired

$

134,593

 

 

 

 

 
Summary of Disposition Activity

The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels for the three months ended March 31, 2026 and 2025 (dollars in millions):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Aggregate sales price/gross fair value (1)

 

$

47.2

 

 

$

1.5

 

Gain on sale of properties (2)

 

$

15.7

 

 

$

0.9

 

Number of parcels sold

 

 

3

 

 

 

1

 

 

(1)
Includes $0.6 million of Internal Revenue Code 26 U.S.C. §1031 proceeds held in escrow through sale of real estate interests as of March 31, 2026.
(2)
Before taxes of $0.2 million for the three months ended March 31, 2025.