Real Estate (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| 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):
|
|
|
|
|
|
|
|
|
|
|
June 30,
2026 |
|
|
December 31,
2025 |
|
Buildings and improvements |
|
$ |
3,089,483 |
|
|
$ |
3,421,366 |
|
Tenant improvements |
|
|
324,002 |
|
|
|
339,414 |
|
Land |
|
|
1,176,836 |
|
|
|
1,147,236 |
|
Construction in progress |
|
|
30,564 |
|
|
|
32,969 |
|
Right-of-use assets - finance leases (Note 11) |
|
|
61,366 |
|
|
|
61,366 |
|
Total |
|
|
4,682,251 |
|
|
|
5,002,351 |
|
Less: Accumulated depreciation and amortization |
|
|
(1,004,812 |
) |
|
|
(1,018,597 |
) |
Operating real estate, net |
|
|
3,677,439 |
|
|
|
3,983,754 |
|
Real estate under development |
|
|
194,222 |
|
|
|
167,051 |
|
Net investments in real estate |
|
$ |
3,871,661 |
|
|
$ |
4,150,805 |
|
|
| Schedule of Business Acquisitions, by Acquisition |
During the six months ended June 30, 2026, the Company acquired the following consolidated REIT Portfolio retail properties (dollars in thousands):
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|
|
|
|
|
|
|
Property and Location |
|
Percent
Acquired |
|
Date of
Acquisition |
|
Purchase
Price (a) |
|
2026 REIT Portfolio Acquisitions |
|
|
|
|
|
|
|
1045 and 1165 Madison Avenue - New York, NY |
|
100% |
|
January 29, 2026 |
|
$ |
21,313 |
|
Rhode Island Place - Washington, D.C. |
|
100% |
|
March 4, 2026 |
|
|
9,464 |
|
846 W. Armitage Avenue - Chicago, IL |
|
100% |
|
March 5, 2026 |
|
|
4,440 |
|
225 Worth Avenue - Palm Beach, FL |
|
100% |
|
March 27, 2026 |
|
|
43,469 |
|
4-6 Newbury Street and 28 Newbury Street - Boston, MA |
|
100% |
|
April 10, 2026 |
|
|
110,154 |
|
129 5th Avenue - New York, NY |
|
100% |
|
June 15, 2026 |
|
|
9,599 |
|
Total 2026 REIT Portfolio Acquisitions |
|
|
|
|
|
$ |
198,439 |
|
(a)Cumulative purchase price includes capitalized transaction costs of $3.1 million.
|
| Schedule of Asset Held for Sale Property |
The assets of the property held for sale are presented separately in the accompanying condensed consolidated balance sheets and are summarized as follows:
|
|
|
|
|
|
|
June 30, |
|
|
|
2026 |
|
Assets |
|
|
|
Building and improvements |
|
$ |
5,365 |
|
Land |
|
|
2,521 |
|
Less: Accumulated depreciation and amortization |
|
|
(1,844 |
) |
Other |
|
|
793 |
|
|
|
$ |
6,835 |
|
|
| Schedule of Development in Process Activities |
Development activity for these properties during the periods presented is summarized below (dollars in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2026 |
|
|
Six Months Ended June 30, 2026 |
|
|
June 30, 2026 |
|
|
|
Number of
Properties |
|
|
Carrying
Value |
|
|
Transfers In |
|
|
Capitalized
Costs (a) |
|
|
Transfers Out |
|
|
Number of
Properties |
|
|
Carrying
Value |
|
REIT Portfolio |
|
|
13 |
|
|
$ |
167,051 |
|
|
$ |
— |
|
|
$ |
27,171 |
|
|
$ |
— |
|
|
|
13 |
|
|
|
194,222 |
|
Total |
|
|
13 |
|
|
$ |
167,051 |
|
|
$ |
— |
|
|
$ |
27,171 |
|
|
$ |
— |
|
|
|
13 |
|
|
$ |
194,222 |
|
(a)Includes construction in progress at operating properties that remain in service during the construction period.
|
| 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 2026 are as follows:
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|
|
|
|
|
|
|
|
|
2026 |
|
|
|
Low |
|
High |
|
Exit Capitalization Rate |
|
|
5.00 |
% |
|
6.75 |
% |
Discount Rate |
|
|
6.25 |
% |
|
8.50 |
% |
Annual net rental rate per square foot on acquired buildings |
|
$ |
10.50 |
|
$ |
500.00 |
|
Annual net rental rate per square foot on acquired master lease |
|
$ |
4.71 |
|
$ |
23.83 |
|
|