Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 13, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Entity Registrant Name | ACADIA REALTY TRUST | ||
Entity Central Index Key | 0000899629 | ||
Current Fiscal Year End Date | --12-31 | ||
Trading Symbol | AKR | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 102,577,713 | ||
Entity Public Float | $ 1,371.3 | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | true | ||
Entity Current Reporting Status | Yes | ||
Entity File Number | 001-12002 | ||
Entity Tax Identification Number | 23-2715194 | ||
Entity Address, Address Line One | 411 Theodore Fremd Avenue | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | Rye | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10580 | ||
City Area Code | 914 | ||
Local Phone Number | 288-8100 | ||
Title of 12(b) Security | Common shares of beneficial interest, par value $0.001 per share | ||
Security Exchange Name | NYSE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Interactive Data Current | Yes | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates by reference information from certain portions of the definitive proxy statement of Acadia Realty Trust for the 2024 annual meeting of shareholders to be filed with the Securities and Exchange Commission (the “SEC”) within 120 days after the end of the fiscal year, or April 29, 2024, covered by this Annual Report on Form 10-K for the year ended December 31, 2023 (the “Report”). | ||
Auditor Firm ID | 34 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | New York, New York | ||
Document Financial Statement Error Correction [Flag] | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
ASSETS | |||
Operating real estate, net | $ 3,517,281 | $ 3,343,265 | |
Real estate under development | 94,799 | 184,602 | |
Net investments in real estate | 3,612,080 | 3,527,867 | |
Notes receivable, net ($1,279 and $898 of allowance for credit losses as of December 31, 2023 and December 31, 2022, respectively) | 124,949 | 123,903 | |
Investments in and advances to unconsolidated affiliates | 197,240 | 291,156 | |
Other assets, net | 208,460 | 229,591 | |
Right-of-use assets - operating leases, net | 29,286 | 37,281 | |
Cash and cash equivalents | 17,481 | 17,158 | |
Restricted cash | 7,813 | 15,063 | |
Marketable securities | 33,284 | ||
Rents receivable, net | 49,504 | 49,506 | |
Assets of properties held for sale | 11,057 | 11,057 | |
Total assets | [1],[2] | 4,291,154 | 4,302,582 |
Liabilities: | |||
Mortgage and other notes payable, net | 930,127 | 928,639 | |
Unsecured notes payable, net | 726,727 | 696,134 | |
Unsecured line of credit | 213,287 | 168,287 | |
Accounts payable and other liabilities | 229,375 | 196,491 | |
Lease liability - operating leases | 31,580 | 35,271 | |
Dividends and distributions payable | 18,520 | 18,395 | |
Distributions in excess of income from, and investments in, unconsolidated affiliates | 7,982 | 10,505 | |
Total liabilities | [1] | 2,157,598 | 2,053,722 |
Commitments and contingencies (Note 9) | |||
Redeemable noncontrolling interests (Note 10) | 50,339 | 67,664 | |
Acadia Shareholders' Equity | |||
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 95,361,676 and 95,120,773 shares, respectively | 95 | 95 | |
Additional paid-in capital | 1,953,521 | 1,945,322 | |
Accumulated other comprehensive income | 32,442 | 46,817 | |
Distributions in excess of accumulated earnings | (349,141) | (300,402) | |
Total Acadia shareholders’ equity | 1,636,917 | 1,691,832 | |
Noncontrolling interests | 446,300 | 489,364 | |
Total equity | 2,083,217 | 2,181,196 | |
Total liabilities, redeemable noncontrolling interests, and equity | $ 4,291,154 | $ 4,302,582 | |
[1] Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") ( Note 16 ). The Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $ 1,679.8 million and $ 1,466.4 million of Operating real estate, net; $ 28.9 million and $ 129.9 million of Real estate under development; $ 92.8 million and $ 210.9 million of Investments in and advances to unconsolidated affiliates; $ 101.7 million and $ 98.7 million of Other assets, net; $ 2.1 million and $ 2.5 million of Right-of-use assets - operating leases, net; $ 10.8 million and $ 13.3 million of Cash and cash equivalents; $ 7.0 million and $ 15.0 million of Restricted cash; $ 21.4 million and $ 17.9 million of Rents receivable, net; $ 764.6 million and $ 761.2 million of Mortgage and other notes payable, net; $ 80.5 million and $ 51.2 million of Unsecured notes payable, net; $ 127.2 million and $ 95.4 million of Accounts payable and other liabilities; $ 2.2 million and $ 2.7 million of Lease liability- operating leases as of December 31, 2023 and 2022, respectively. Total assets for the Funds segment includ e $ 555.8 million, $ 569.1 million, and $ 583.4 million related to Fund II’s City Point property at December 31, 2023, 2022 ,and 2021, respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Allowance for credit losses | $ 1,279 | [1] | $ 898 |
Common shares, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common shares, authorized (in shares) | 200,000,000 | 200,000,000 | |
Common shares, issued (in shares) | 95,361,676 | 95,120,773 | |
Common shares, outstanding (in shares) | 95,361,676 | 95,120,773 | |
Operating real estate, net | $ 3,517,281 | $ 3,343,265 | |
Real estate under development | 94,799 | 184,602 | |
Investments in and advances to unconsolidated affiliates | 197,240 | 291,156 | |
Other assets, net | 208,460 | 229,591 | |
Right-of-use assets - operating leases, net | 29,286 | 37,281 | |
Cash and cash equivalents | 17,481 | 17,158 | |
Restricted cash | 7,813 | 15,063 | |
Rents receivable, net | 49,504 | 49,506 | |
Mortgage and other notes payable, net | 930,127 | 928,639 | |
Unsecured notes payable, net | 726,727 | 696,134 | |
Accounts payable and other liabilities | 229,375 | 196,491 | |
Lease liability - operating leases | 31,580 | 35,271 | |
VIE | |||
Operating real estate, net | 1,679,779 | 1,466,381 | |
Real estate under development | 28,851 | 129,888 | |
Investments in and advances to unconsolidated affiliates | 92,802 | 210,922 | |
Other assets, net | 101,679 | 98,675 | |
Right-of-use assets - operating leases, net | 2,112 | 2,535 | |
Cash and cash equivalents | 10,787 | 13,330 | |
Restricted cash | 7,048 | 14,995 | |
Rents receivable, net | 21,427 | 17,915 | |
Mortgage and other notes payable, net | 764,614 | 761,166 | |
Unsecured notes payable, net | 80,473 | 51,202 | |
Accounts payable and other liabilities | 127,162 | 95,385 | |
Lease liability - operating leases | $ 2,213 | $ 2,657 | |
[1] The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2023 . |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 338,692 | $ 326,290 | $ 292,497 |
Expenses | |||
Depreciation and amortization | 135,984 | 135,917 | 123,439 |
General and administrative | 41,470 | 44,066 | 40,125 |
Real estate taxes | 46,650 | 44,932 | 45,357 |
Property operating | 61,826 | 56,995 | 53,516 |
Impairment charges | 3,686 | 33,311 | 9,925 |
Total expenses | 289,616 | 315,221 | 272,362 |
Gain on disposition of properties | 0 | 57,161 | 10,521 |
Operating income | 49,076 | 68,230 | 30,656 |
Equity in (losses) earnings of unconsolidated affiliates | (7,677) | (32,907) | 5,330 |
Interest income | 19,993 | 14,641 | 9,065 |
Realized and unrealized holdinggains (losses) on investments and other | 30,413 | (34,994) | 49,120 |
Interest expense | (93,253) | (80,209) | (68,048) |
(Loss) income from continuing operations before income taxes | (1,448) | (65,239) | 26,123 |
Income tax provision | (301) | (12) | (93) |
Net (loss) income | (1,749) | (65,251) | 26,030 |
Net loss attributable to redeemable noncontrolling interests | 8,239 | 5,536 | 0 |
Net loss (income) attributable to noncontrolling interests | 13,383 | 24,270 | (2,482) |
Net income (loss) attributable to Acadia shareholders | $ 19,873 | $ (35,445) | $ 23,548 |
Basic earnings (loss) per share | $ 0.2 | $ (0.38) | $ 0.26 |
Diluted earnings (loss) per share | $ 0.2 | $ (0.4) | $ 0.26 |
Weighted average shares for basic earnings (loss) per share | 95,283,752 | 94,575,251 | 87,653,818 |
Weighted average shares for diluted earnings (loss) per share | 95,283,752 | 94,643,466 | 87,653,818 |
Rental Income | |||
Revenues | $ 333,044 | $ 317,814 | $ 285,898 |
Other | |||
Revenues | $ 5,648 | $ 8,476 | $ 6,599 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (1,749) | $ (65,251) | $ 26,030 |
Other comprehensive (loss) income: | |||
Unrealized gain on valuation of swap agreements | 10,963 | 96,858 | 30,500 |
Reclassification of realized interest on swap agreements | (33,647) | 8,232 | 21,407 |
Other comprehensive (loss) income | (22,684) | 105,090 | 51,907 |
Comprehensive (loss) income | (24,433) | 39,839 | 77,937 |
Comprehensive loss attributable to redeemable noncontrolling interests | 8,239 | 5,536 | 0 |
Comprehensive loss (income) attributable to noncontrolling interests | 21,692 | 2,211 | (15,712) |
Comprehensive income attributable to Acadia shareholders | $ 5,498 | $ 47,586 | $ 62,225 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Accumulated Earnings | Total Common Shareholders' Equity | Noncontrolling Interests | Redeemable Non Controlling Interests | |
Balance at Dec. 31, 2020 | $ 2,050,204 | $ 86 | $ 1,683,165 | $ (74,891) | $ (167,321) | $ 1,441,039 | $ 609,165 | ||
Balance (in Shares) at Dec. 31, 2020 | 86,269,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 1,431 | 1,431 | (1,431) | ||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 90,000 | ||||||||
Cancellation of OP units | (568) | (568) | [1] | ||||||
Issuance of Common Shares, net | 63,876 | $ 3 | 63,873 | 63,876 | |||||
Issuance of Common Shares (in Shares) | 2,889,000 | ||||||||
Dividends/distributions declared | (57,057) | (52,872) | (52,872) | (4,185) | |||||
Employee and trustee stock compensation, net | 12,430 | 1,146 | 1,146 | 11,284 | |||||
Employee and trustee stock compensation, net (in Shares) | 56,000 | ||||||||
Noncontrolling interest distributions | (27,051) | (27,051) | |||||||
Noncontrolling interest contributions | 30,164 | 30,164 | |||||||
Comprehensive income (loss) | 77,937 | 38,677 | 23,548 | 62,225 | 15,712 | ||||
Comprehensive income (loss) | 77,937 | ||||||||
Reallocation of noncontrolling interests | 4,768 | 4,768 | (4,768) | [2] | |||||
Balance at Dec. 31, 2021 | 2,149,935 | $ 89 | 1,754,383 | (36,214) | (196,645) | 1,521,613 | 628,322 | ||
Balance (in Shares) at Dec. 31, 2021 | 89,304,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 3,945 | 3,945 | (3,945) | ||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 235,000 | ||||||||
Issuance of Common Shares, net | 119,485 | $ 6 | 119,479 | 119,485 | |||||
Issuance of Common Shares (in Shares) | 5,525,000 | ||||||||
Dividends/distributions declared | (73,406) | (68,312) | (68,312) | (5,094) | |||||
Acquisition of noncontrolling interest | (24,336) | 67,475 | 67,475 | (91,811) | |||||
City Point Loan Advances | 0 | $ (65,391) | |||||||
City Point Loan accrued interest, net | (3,923) | ||||||||
Employee and trustee stock compensation, net | 11,122 | 1,122 | 1,122 | 10,000 | |||||
Employee and trustee stock compensation, net (in Shares) | 57,000 | ||||||||
Noncontrolling interest distributions | (79,838) | (79,838) | |||||||
Noncontrolling interest contributions | 109,428 | 109,428 | 65,945 | ||||||
Comprehensive income (loss) | 39,839 | 83,031 | (35,445) | 47,586 | (2,211) | (5,536) | |||
Comprehensive income (loss) | 45,375 | ||||||||
Reclassification of redeemable noncontrolling interests | (76,569) | (76,569) | [3] | 76,569 | |||||
Reallocation of noncontrolling interests | (1,082) | (1,082) | 1,082 | [2] | |||||
Balance at Dec. 31, 2022 | $ 2,181,196 | $ 95 | 1,945,322 | 46,817 | (300,402) | 1,691,832 | 489,364 | ||
Balance (in Shares) at Dec. 31, 2022 | 95,120,773 | 95,121,000 | |||||||
Ending Balance, Redeemable NCI at Dec. 31, 2022 | $ 67,664 | 67,664 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 2,521 | 2,521 | (2,521) | ||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 151,000 | ||||||||
Dividends/distributions declared | (73,964) | (68,612) | (68,612) | (5,352) | |||||
City Point Loan Advances | 0 | (796) | |||||||
City Point Loan accrued interest, net | (9,350) | ||||||||
Employee and trustee stock compensation, net | 12,753 | 1,689 | 1,689 | 11,064 | |||||
Employee and trustee stock compensation, net (in Shares) | 90,000 | ||||||||
Noncontrolling interest distributions | (80,186) | (80,186) | (50) | ||||||
Noncontrolling interest contributions | 59,612 | 59,612 | 1,110 | ||||||
Comprehensive income (loss) | (24,433) | (14,375) | 19,873 | 5,498 | (21,692) | (8,239) | |||
Comprehensive income (loss) | (16,194) | ||||||||
Reallocation of noncontrolling interests | 3,989 | 3,989 | (3,989) | [2] | |||||
Balance at Dec. 31, 2023 | $ 2,083,217 | $ 95 | $ 1,953,521 | $ 32,442 | $ (349,141) | $ 1,636,917 | $ 446,300 | ||
Balance (in Shares) at Dec. 31, 2023 | 95,361,676 | 95,362,000 | |||||||
Ending Balance, Redeemable NCI at Dec. 31, 2023 | $ 50,339 | $ 50,339 | |||||||
[1] The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $ 0.5 million on July 12, 2021. Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership. Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared per common share (in dollars per share) | $ 0.72 | $ 0.72 | $ 0.6 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net (loss) income | $ (1,749) | $ (65,251) | $ 26,030 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Depreciation and amortization | 135,984 | 135,917 | 123,439 | |
Gain on disposition of properties and other investments | 0 | (58,634) | (10,521) | |
Net unrealized holding (gains) losses on investments | (1,634) | 37,751 | (51,925) | |
Stock compensation expense | 12,753 | 11,122 | 12,430 | |
Straight-line rents | (1,392) | (8,669) | (6,726) | |
Equity in losses (earnings) of unconsolidated affiliates | 7,677 | 32,907 | (5,330) | |
Distributions of operating income from unconsolidated affiliates | 3,844 | 24,179 | 3,828 | |
Adjustments to straight-line rent reserves | 0 | (292) | 2,682 | |
Amortization of financing costs | 6,481 | 5,639 | 4,396 | |
Non-cash lease expense | 3,596 | 3,462 | 3,721 | |
Adjustments to allowance for credit loss | (1,241) | (102) | (2,796) | |
Acceleration of below market lease | (8,057) | 0 | 0 | |
Impairment charges | 3,686 | 33,311 | 9,925 | |
Termination of ground lease | 0 | 0 | (3,615) | |
Other, net | (5,818) | (7,675) | (5,304) | |
Changes in assets and liabilities: | ||||
Rents receivable | 2,538 | 1,586 | 7,384 | |
Other liabilities | 15,492 | (2,959) | 7,856 | |
Accounts payable and accrued expenses | 2,045 | (2,141) | 572 | |
Prepaid expenses and other assets | (14,756) | (3,452) | (7,427) | |
Lease liability - operating leases | (3,691) | (3,488) | (3,636) | |
Net cash provided by operating activities | 155,758 | 133,211 | 104,983 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Acquisition of real estate | (126,545) | (242,633) | (161,846) | |
Proceeds from the disposition of properties and other investments, net | 0 | 224,558 | 63,901 | |
Investments in and advances to unconsolidated affiliates | (53,736) | (154,695) | (14,835) | |
Development, construction and property improvement costs | (69,540) | (51,046) | (40,671) | |
Refund (deposits) for properties under purchase contract | 1,080 | (729) | 0 | |
Deposits for properties under sale contract | 1,515 | 2,000 | 0 | |
Change in control of previously unconsolidated affiliate | 0 | 3,592 | 0 | |
Return of capital from unconsolidated affiliates | 44,486 | 77,774 | 17,722 | |
Payment of deferred leasing costs | (9,007) | (7,997) | (4,914) | |
Acquisition of investment interests | 0 | (4,527) | 0 | |
Proceeds from sale of marketable securities | 4,636 | 0 | 0 | |
Proceeds from repayment of notes receivable | 0 | 29,530 | 0 | |
Issuance of notes receivable | (1,426) | 0 | (57,895) | |
Net cash used in investing activities | (208,537) | (124,173) | (198,538) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from unsecured debt | 283,989 | 850,120 | 323,200 | |
Principal payments on unsecured debt | (209,599) | (656,556) | (206,781) | |
Proceeds from the sale of Common Shares | 0 | 119,485 | 63,876 | |
Capital contributions from noncontrolling interests | 59,926 | 109,428 | 30,164 | |
Principal payments on mortgage and other notes | (112,283) | (447,998) | (98,602) | |
Distributions to noncontrolling interests | (36,389) | (84,723) | (30,410) | |
Dividends paid to Common Shareholders | (68,568) | (64,586) | (39,476) | |
Proceeds received from mortgage and other notes | 132,902 | 204,138 | 56,847 | |
Payment of deferred financing and other costs | (4,026) | (9,348) | (7,436) | |
Acquisition of noncontrolling interest | 0 | (24,336) | 0 | |
Payments of finance lease obligations | (100) | 0 | (63) | |
Net cash provided by (used in) financing activities | 45,852 | (4,376) | 91,319 | |
Changes in cash, cash equivalents and restricted cash | (6,927) | 4,662 | (2,236) | |
Cash and cash equivalents of $17,158, $17,746 and $18,699 and restricted cash of $15,063, $9,813 and $11,096, respectively, beginning of year | 32,221 | 27,559 | 29,795 | |
Cash and cash equivalents of $17,481, $17,158 and $17,746 and restricted cash of $7,813, $15,063 and $9,813, respectively, end of year | 25,294 | 32,221 | 27,559 | |
Supplemental disclosure of cash flow information | ||||
Cash paid during the period for interest, net of capitalized interest of $7,206 and $4,166 and $3,421 respectively (a) | [1] | 119,550 | 65,109 | 44,663 |
Cash paid for income taxes, net of (refunds) | 301 | 11 | 147 | |
Supplemental disclosure of non-cash investing and financing activities | ||||
Distribution declared and payable | 18,372 | 18,368 | 14,314 | |
Assumption of accounts payable and accrued expenses through acquisition of real estate | 645 | 4,062 | 1,319 | |
Right-of-use assets, operating leases exchanged for operating lease liabilities | 0 | 0 | 412 | |
Disposition of 146 Geary Street upon deed-in-lieu of foreclosure | 19,338 | 0 | 0 | |
Extinguishment of a mortgage note for 146 Geary Street upon deed-in-lieu of foreclosure | (19,338) | 0 | 0 | |
Issuance of note receivable used as capital contributions from redeemable noncontrolling interests | 796 | 65,945 | 0 | |
Accrued interest on note receivable recorded to redeemable noncontrolling interest | 9,350 | 3,923 | 0 | |
Distributions to noncontrolling interests of marketable securities | 49,117 | 0 | 0 | |
Reclassification of investment in unconsolidated affiliate to marketable securities | 32,745 | 0 | 0 | |
Reclassification of noncontrolling interest in excess of amount paid to additional paid-in capital | 0 | 67,475 | 0 | |
Acquisition of real estate through assumption of debt | 0 | 0 | 31,801 | |
Settlement of note receivable through cancellation of OP Units | 0 | 0 | 479 | |
Change in control of previously unconsolidated (consolidated) investment | ||||
Increase in real estate | 0 | (55,791) | 0 | |
Increase in mortgage notes payable | 0 | 35,970 | 0 | |
Decrease in investments in and advances to unconsolidated affiliates | 0 | 17,822 | 0 | |
Decrease in notes receivable | 0 | 5,306 | 0 | |
Decrease in reserve on note receivable | 0 | (4,582) | 0 | |
Decrease in accrued interest on notes receivable | 0 | 4,691 | 0 | |
Change in other assets and liabilities | 0 | 176 | 0 | |
Increase in cash and restricted cash upon change of control | $ 0 | $ 3,592 | $ 0 | |
[1] Interest paid for the year ended December 31, 2023, 2022 an d 2021 excludes the cash flows from net settlements on interest rate swap contracts, which was a net receipt of cash of $ 28.7 million, a net payment of $ 8.3 million, and a net receipt of $ 29.9 million, respectiv ely. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents, beginning balance | $ 17,158 | $ 17,746 | $ 18,699 |
Cash and cash equivalents, ending balance | 17,481 | 17,158 | 17,746 |
Restricted cash, beginning balance | 15,063 | 9,813 | 11,096 |
Restricted cash, ending balance | 7,813 | 15,063 | 9,813 |
Cash paid for capitalized interest | 7,206 | 4,166 | 3,421 |
Net settlements received on interest rate swap contracts, excluded from interest paid | $ 28,700 | $ 29,900 | |
Net settlements paid on interest rate swap contracts, excluded from interest paid | $ 8,300 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non-Rule 10b5-1 Arrangement Modified | false |
Organization, Basis of Presenta
Organization, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Basis of Presentation and Summary of Significant Accounting Policies | 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization Acadia Realty Trust, (the “Trust”, collectively with its consolidated subsidiaries, the “Company”), a Maryland real estate investment trust (“REIT”), is a fully-integrated equity REIT focused on the ownership, acquisition, development, and management of retail properties located primarily in high-barrier-to-entry, supply-constrained, densely populated metropolitan areas in the United States. All of the Company’s assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the “Operating Partnership”) and entities in which the Operating Partnership owns an interest. As of December 31, 2023 and 2022, the Trust controlled approximately 95 % of the Operating Partnership as the sole general partner and is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest (“Common OP Units” or “Preferred OP Units”) and employees who have been awarded restricted Common OP Units (“LTIP Units”) as long-term incentive compensation ( Note 13 ). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one -for-one basis for common shares of beneficial interest, par value $ 0.001 per share, of the Company (“Common Shares”). This structure is referred to as an umbrella partnership REIT or “UPREIT.” As of December 31, 2023, the Company has ownership interests in 149 properties within its core portfolio, which consist of those properties either 100 % owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries thereof, not including those properties owned through its funds (“Core Portfolio”). The Company also has ownership interests in 52 properties within its opportunity funds, Acadia Strategic Opportunity Fund II, LLC (“Fund II”), Acadia Strategic Opportunity Fund III LLC (“Fund III”), Acadia Strategic Opportunity Fund IV LLC (“Fund IV”), and Acadia Strategic Opportunity Fund V LLC (“Fund V” and, collectively with Fund II, Fund III, and Fund IV, the “Funds”). The investment period for our current fund was completed in August 2023. At December 31, we have closed on all new investments in our Funds, and any remaining obligations to our Funds are related to existing investments. The 201 Core Portfolio and Fund properties primarily consist of street and urban retail, and suburban shopping centers. In addition, the Company, together with the investors in the Funds, invested in operating companies through Acadia Mervyn Investors II, LLC (“Mervyns II”), all on a non-recourse basis. The Company consolidates the Funds as it has (i) the power to direct the activities that most significantly impact the Funds’ economic performance, (ii) is obligated to absorb the Funds’ losses and (iii) has the right to receive benefits from the Funds that could potentially be significant. The Operating Partnership is the sole general partner or managing member of the Funds and Mervyns II and earns fees or priority distributions for asset management, property management, construction, development, leasing, and legal services. Cash flows from the Funds and Mervyns II are distributed pro-rata to their respective partners and members (including the Operating Partnership) until each receives a certain cumulative return (“Preferred Return”) and the return of all capital contributions. Thereafter, remaining cash flow is distributed 20 % to the Operating Partnership (“Promote”) and 80 % to the partners or members (including the Operating Partnership). All transactions between the Funds, Mervyns II, and the Operating Partnership have been eliminated in consolidation. The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns II (dollars in millions): Entity Formation Operating Capital Called (a) Unfunded (a) Equity Interest (b) Preferred Total (a) Fund II and Mervyns II (c) 6/2004 61.67 % $ 559.4 $ 0.0 61.67 % 8 % $ 172.9 Fund III 5/2007 24.54 % 448.1 1.9 24.54 % 6 % 603.5 Fund IV 5/2012 23.12 % 503.4 26.6 23.12 % 6 % 221.4 Fund V 8/2016 20.10 % 407.4 112.6 20.10 % 6 % 105.8 a) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. b) Amount represents the current economic ownership at December 31, 2023 , which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund. c) In January 2023, following the expiration of the lock-up period, Mervyns II distributed the 2.5 million shares of its investment in Albertsons to its partners; the Company received 1.6 million shares ( Note 4 , Note 8 ). The Company’s ownership in Mervyns II is 40.0 %. Basis of Presentation Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control, including where the Company has been determined to be a primary beneficiary of a variable interest entity ("VIE"), in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control and does not consolidate, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in Equity in (losses) earnings of unconsolidated affiliates in the Consolidated Statement of Operations. Use of Estimates Generally accepted accounting principles (“GAAP”) require s the Company’s management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Segments We review operating and financial data for each property on an individual basis; therefore, each of our individual properties is a separate operating segment. We define our reportable segments to be aligned with our method of internal reporting and the way our chief operating decision maker makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, we aggregate our operating segments into three reportable operating segments: Core Portfolio, Funds and Structured Financing, based on the economic characteristics and nature of our assets and services. Reclassifications Certain prior year amounts with regard to general reserves for leases and rental revenue have been reclassified to conform to the current year presentation. These reclassifications had no effect on the reported results of operations. Financial Statement Schedule II was also removed to conform to the current year presentation in the footnotes to the consolidated financial statements. Summary of Significant Accounting Policies Real Estate Land, buildings, and personal property are carried at cost less accumulated depreciation. Improvements and significant renovations that extend the useful life of the properties are capitalized, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Real estate under development includes costs for significant property expansion and development. Construction in progress pertains to construction activity at the Company’s operating properties that are in service and continue to operate during the construction period. Depreciation is computed on the straight-line basis over estimated useful lives of the assets as follows: Buildings and improvements Useful lives of 40 years for buildings and 15 years for improvements Furniture and fixtures Useful lives, ranging from five years to 10 years Tenant improvements Shorter of economic life or lease terms If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed, and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. Purchase Accounting – Upon acquisitions of real estate, the Company assesses the fair value of acquired assets and assumed liabilities (including land, buildings and improvements, and identified intangibles such as above- and below-market leases and acquired in-place leases) in accordance with ASC Topic 805, “Business Combinations” and ASC Topic 350 “Intangibles – Goodwill and Other,” and allocates the acquisition price based on their relative fair values. When acquisitions of properties do not meet the criteria for business combinations, they are accounted for as asset acquisitions; therefore, no goodwill is recorded, and acquisition costs are capitalized. The Company assesses the fair value of its tangible assets acquired and liabilities assumed based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information at the measurement period. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. In determining the value of above- and below-market leases, the Company estimates the present value difference between contractual rent obligations and estimated market rate of leases at the time of the transaction. To the extent there were fixed-rate options at below-market rental rates, the Company included these periods along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized to rental revenue over the remaining applicable lease term, inclusive of any option periods. In determining the value of acquired in-place leases, the Company considers market conditions at the time of the transaction and values the costs to execute similar leases during the expected lease-up period from vacancy to existing occupancy, including carrying costs. The value assigned to in-place leases and tenant relationships is amortized to depreciation and amortization expense over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs (e.g., lease intangibles) relating to that lease would be written off. The Company estimates the value of any assumption of mortgage debt based on market conditions at the time of acquisitions including prevailing interest rates, terms, and ability to obtain financing for a similar asset. Mortgage debt discounts or premiums are included in the carrying value of the debt and amortized into interest expense over the remaining term of the related debt instrument. Real Estate Under Development – The Company capitalizes certain costs related to the development of real estate. Interest and real estate taxes incurred during the period of the construction, expansion or development of real estate are capitalized and depreciated over the estimated useful life of the building. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants, but no later than one year from the completion of major construction activity, at which time the project is placed in service and depreciation commences. If the Company suspends substantially all activities related to the development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed. Real Estate Impairment – The Company reviews its real estate, real estate under development and right-of-use assets for impairment periodically or when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. In cases where the Company does not expect to recover its carrying amounts on properties held for use, the Company reduces its carrying amounts to fair value. The determination of anticipated undiscounted cash flows considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. Such cash flow projections consider factors such as expected future operating income, trends, and prospects, as well as the effects of demand, competition, and other factors. If an impairment is indicated, an impairment loss is recognized based on the excess of the carrying amount of the asset over its estimated fair value based on third-party appraisals, broker selling estimates, sale agreements under negotiation, and/or final selling prices, when available. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates to be made by management such as market rental rates and capitalization rates, and considers the most likely expected course of action at the balance sheet date based on current plans and available market information. See Note 8 for information about impairment charges recorded during the periods presented. Dispositions of Real Estate – The Company recognizes property sales in accordance with ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets . Sales of real estate include the sale of investments in real estate properties and real estate joint ventures. Gains on the sale of investment in real estate are recognized, and the related real estate derecognized, when the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date. Real Estate Held for Sale – The Company generally considers assets to be held for sale when certain criteria have been met, and management believes it is probable that the disposition will occur within one year. Properties are held for sale for a period longer than one year if events or circumstances out of the Company's control occur that delay the sale and while management continues to be committed to the plan of sale and is performing actions necessary to respond to the conditions causing the delay the properties held for sale remain salable in their current condition. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell, and depreciation and amortization are no longer recognized. Held for sale properties are evaluated quarterly to ensure that properties continue to meet the held for sale criteria. If properties are required to be reclassified from held for sale to held for use due to changes to a plan of sale, they are recorded at the lower of fair value or the carrying amount before the property was classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used. Properties that do not meet the held for sale criteria are accounted for as operating properties. Notes Receivable Notes receivable include certain loans that are held for investment and are collateralized by real estate-related investments and may be subordinate to other senior loans. Notes receivable are reported net of an allowance for current expected credit losses (“CECL”) and are recorded at stated principal amounts or at initial investment less accretive yield for loans purchased at a discount, which is accreted over the life of the note. The Company defers loan origination and commitment fees, net of origination costs, and amortizes them over the term of the related loan. Changes in cash flows from previous estimates are included in future interest income on a prospective basis and a new effective interest rate is computed based on the current cost basis of the instrument and remaining cash flows. Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment ( Note 12 ). Interest receivable is included in Other assets ( Note 5 ). The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company’s loan in relation to other debt secured by the collateral and the prospects of the borrower. Given the small number of notes outstanding, the Company believes the characteristics of its notes are not sufficiently similar to allow an evaluation as a group for CECL allowance. As such, all of the Company’s notes are evaluated individually for this purpose. The Company evaluates the collectability of both principal and interest based upon an assessment of the underlying collateral value to determine whether the note is impaired. Allowance for CECL represents management’s estimate of future losses based on national historical economic loss rates for similar obligations, management’s estimate of future economic impacts and factors specific to the borrower. Impairment charges may be required if and when such amounts are estimated to be nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold; however, non-recoverability may also be concluded if it is reasonably certain that all amounts due will not be collected. Pursuant to ASC 326, certain of the Company’s loans are considered “collateral dependent” in that settlement of the amount is likely to be achieved by obtaining access to the collateral (e.g., notes in default). The same valuation techniques are used to value the collateral for such collateral dependent instruments as those used to determine the fair value of real estate investments for impairment purposes. Interest income on performing notes is accrued as earned. The Company assesses the probability of a borrower’s ability to repay the loan similar to the factors noted above. We consider a loan to be past due when amounts contractually due have not been paid. Loans are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition is resumed on any loan that is on non-accrual status when such loan becomes contractually current and performance is demonstrated to be resumed. Allowance for Credit Losses The Company’s estimated allowance for CECL related to its Structured Financing segment (including unfunded commitments and guarantees) has been computed for its amortized cost basis in the portfolio, including accrued interest ( Note 5 ), factoring in the Company’s historical results and loss experience in the United States for similar loans, as adjusted for current conditions, as well as the Company’s expectations related to future economic conditions. If the Company has determined that a loan or a portion of a loan is uncollectible, it will write-off the loan through an adjustment to its CECL allowance based on the net present value of expected future cash flows or the fair value of the collateral less costs to sell, if repayment is expected from the sale of the collateral. The write-offs are recorded in the period in which the loan balance is deemed uncollectible based on management’s judgment. The Company records the CECL allowance related to its City Point Loan ( Note 10 ) as a reduction to redeemable noncontrolling interest. Investments in and Advances to Unconsolidated Joint Ventures Some of the Company’s unconsolidated joint ventures obtain non-recourse third-party financing on their property investments, contractually limiting the Company’s exposure to losses. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company and no intention or obligation to contribute additional capital. For investments in which there is recourse to the Company or an obligation or intention to contribute additional capital exists, distributions in excess of the investment are recorded as a liability. When characterizing distributions from unconsolidated investees within the Company's consolidated statements of cash flows, all distributions received are first applied as returns on investment to the extent there are cumulative earnings related to the respective investment and are classified as cash inflows from operating activities. If cumulative distributions are in excess of cumulative earnings, distributions are considered return of investment. In such cases, the distribution is classified as cash inflows from investing activities. To the extent that the Company’s carrying basis in an unconsolidated affiliate is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in earnings (losses) of unconsolidated affiliates. The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. A decline in the value of our other investments may require us to recognize an other-than-temporary impairment (“OTTI”) against such assets. When the fair value of an investment is determined to be less than its amortized cost at the balance sheet date, we assess whether the decline is temporary or other-than-temporary. If we intend to sell an impaired asset, or it is more likely than not that we will be required to sell the impaired asset before any anticipated recovery, then we must recognize an OTTI through charges to earnings equal to the entire difference between the asset’s amortized cost and its fair value at the balance sheet date. When an OTTI is recognized through earning s, a new cost basis is established for the asset, and the new cost basis may not be adjusted through earnings for subsequent recoveries in fair value. Fair Value Measurements The Company follows the guidance in the FASB ASC Topic 820, Fair Value Measurements and Disclosures ("Topic 820"), to determine the fair value of financial and non-financial instruments. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value: Level 1 - quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and interest rate swaps; Level 3 - Financial instruments or other assets/liabilities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring the Company to develop its own assumptions. For significant Level 3 items, the Company has also provided the unobservable inputs. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the limits insured by the Federal Deposit Insurance Corporation. Restricted Cash Restricted cash consists principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy, and property operating income requirements at specific properties as required by certain loan agreements. Marketable Equity Securities The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. In accordance with ASC Topic 825 Financial Instruments: the Company recognizes changes in the fair value of equity investments with readily determinable fair values in Realized and unrealized holding gains on investments and other on the Company's Consolidated Statements of Operations. Deferred Costs External fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. External fees and costs incurred in connection with obtaining financing are deferred and amortized as a component of interest expense over the term of the related debt obligation on a straight-line basis, which approximates the effective interest method. Derivative Instruments and Hedging Activities The Company measures derivative instruments at fair value and records them as assets or liabilities, depending on its rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Accumulated other comprehensive income on the Consolidated Balance Sheets until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The Company accounts for its share of cash flow hedges from non-consolidated entities as part of Investment in and advances to unconsolidated affiliates and Accumulated other comprehensive income on the Consolidated Balance Sheets. Although the Company's derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the Consolidated Balance Sheets. The Company does not use derivatives for trading or speculative purposes. The Company will discontinue hedge accounting on a prospective basis with changes in the estimated fair value reflected in earnings when (i) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions), (ii) it is no longer probable that the forecasted transaction will occur, or (iii) it is determined that designating the derivative as an interest rate swap is no longer appropriate. For the periods presented, all of the Company's derivatives qualified and were designated as cash flow hedges, and none of its derivatives were deemed ineffective. Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also include amounts related to Common and Preferred OP Units issued to unrelated third parties in connection with certain property acquisitions. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. Redeemable noncontrolling interests that are redeemable at the option of the holder are classified outside of shareholders' equity in accordance with Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity on the Company’s Consolidated Balance Sheets as temporary equity under the caption, Redeemable noncontrolling interests, and are measured at their redemption values at the end of each period. If the redemption value is greater than the carrying value, an adjustment is recorded in Additional paid-in capital to record the noncontrolling at its redemption value. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Operations. Variable Interest Entities The Company consolidates a VIE in which it is considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The Company assesses the accounting treatment and determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion on an ongoing basis when certain events occur. In determining whether the Company is the primary beneficiary, it evaluates its control rights as well as economic interests in the entity held either directly or indirectly by the Company. Each entity is assessed on an individual basis to determine the rights provided to each party and whether those rights are protective or participating. For all VIEs, the Company reviews such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. For those entities evaluated under the voting interest model, the Company consolidates the entity if it has a controlling financial interest. The Company has a controlling financial interest in a voting interest entity (“VOE”) if it owns a majority voting interest in the entity. Investments in entities for which the Company has the ability to exercise significant influence over the entity, but does not have financial or operating control through its voting interest and entities which are VIEs but where the Company is not the primary beneficiary, are accounted for using the equity method of accounting. Revenue Recognition Rental Revenue - The Company recognizes rental revenue from fixed and variable lease payments, as designated within tenant operating leases in accordance with ASC Topic 842, Leases (“ASC 842”) , as further described below, as Rental revenue on the Consolidated Statement of Operations. We evaluate the collectability of amounts due from tenants and disputed enforceable charges on a lease-by-lease basis, which result from the inability of tenants to make required payments under their operating lease agreements. We recognize changes in the collectability assessment of these operating leases as adjustments to rental revenue in accordance with ASC 842. Other Revenue - The Company recognizes other categories of revenue such as parking and storage, as well as management, leasing, legal, development and construction fees charged to our unconsolidated affiliates. Leases Pursuant to ASC 842, the Company does not separate the non-lease components, such as common area maintenance, from its leases. In addition, the Company accounts for those taxes that it pays on behalf of the tenant as reimbursable costs and does not account |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2023 | |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | |
Real Estate | 2. Rea l Estate The Company’s real estate is comprised of the following for the periods presented (in thousands): December 31, December 31, 2023 2022 Land $ 872,228 $ 817,802 Buildings and improvements 3,128,650 2,987,594 Tenant improvements 257,955 216,899 Construction in progress 23,250 21,027 Right-of-use assets - finance leases (Note 11) 58,637 25,086 Total 4,340,720 4,068,408 Less: Accumulated depreciation and amortization ( 823,439 ) ( 725,143 ) Operating real estate, net 3,517,281 3,343,265 Real estate under development 94,799 184,602 Net investments in real estate $ 3,612,080 $ 3,527,867 Acquisitions and Foreclosure During the years ended December 31, 2023 and 2022, the Company acquired (through purchase, investment, or foreclosure) the following retail properties and other real estate investments (dollars in thousands): Property and Location Percent Date of Purchase Fund V 2023 Acquisitions Cypress Creek - Tampa, FL 100 % July 3, 2023 $ 49,374 Maple Tree Place - Williston, VT 100 % November 27, 2023 77,816 Total Fund V 2023 Acquisitions $ 127,190 2022 Acquisitions and Foreclosure Core 121 Spring Street - New York, NY 100 % Jan 12, 2022 $ 39,637 Williamsburg Collection - Brooklyn, NY (a) (a) Feb 18, 2022 97,750 8833 Beverly Boulevard - West Hollywood, CA 100 % Mar 2, 2022 24,117 Henderson Avenue Portfolio - Dallas, TX (b) 100 % Apr 18, 2022 85,192 Subtotal Core 246,696 Fund III 640 Broadway - New York, NY (Foreclosure) (c) 100 % Jan 26, 2022 59,207 Subtotal Fund III 59,207 Total 2022 Acquisitions and Foreclosure $ 305,903 a) The Company invested $ 2.8 million in its 49.99 % equity interest and, through a separate lending subsidiary, provided a $ 64.1 million first mortgage loan and a $ 30.9 million mezzanine loan to subsidiaries of the venture (such equity and loans have been eliminated in consolidation). Pursuant to the entity’s operating agreement, the venture partner has a one-time right to put its 50.01 % interest in the entity (the "Williamsburg NCI", which is further described in Note 10 ) to the Company for fair value at a future date. Given the preferred rate of return embedded in its equity interests and the accruing debt senior to the equity, the Company did not attribute any initial redemption value to the Williamsburg NCI and recognized a bargain purchase gain of $ 1.2 million, which is included in Realized and unrealized holding (losses) gains on investments and other on the Consolidated Statements of Operations. b) The Henderson Avenue Portfolio comprises 14 operating retail assets, one residential building and two development and re development sites. One of the development sites was sold in October 2022. c) The entity was previously accounted for as an equity method investment until an affiliate of Fund III acquired the venture partner's interest in a foreclosure action. Fund III now indirectly owns 100% of the entity and consolidates it. For the years ended December 31, 2023 and 2022, the Company capitalized $ 1.0 million and $ 1.2 million of acquisition costs in connection with the Fund V 2023 Acquisitions and the 2022 Acquisitions and Foreclosure, respectively. In addition, during the year ended December 31, 2022, the Company expensed $ 2.0 million o f acquisition costs (including a $ 1.5 million acquisition fee paid to an affiliate of a joint venture partner). Acquisition costs that were expensed are included in General and administrative expenses on the Consolidated Statements of Operations. Purchase Price Allocations The purchase prices for the 2023 Acquisitions and 2022 Acquisitions and Foreclosure were allocated to the acquired assets and assumed liabilities based on their estimated relative fair values at the dates of acquisition. The following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2023 and 2022 (in thousands): Land Buildings and improvements Intangible assets Right-of-use asset Lease liability Intangible liabilities Other assets, net Net assets acquired Property Name 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 ) $ — $ 127,190 121 Spring Street $ 5,380 $ 31,707 $ 2,550 $ — $ — $ — $ — $ 39,637 Williamsburg Collection 31,500 60,700 16,401 — — ( 9,688 ) — 98,913 8833 Beverly Boulevard 14,423 8,299 1,395 — — — — 24,117 Henderson Avenue Portfolio 40,764 40,865 7,611 — — ( 4,048 ) — 85,192 640 Broadway (a) 27,831 27,291 1,059 — ( 661 ) ( 390 ) 4,077 59,207 2022 Total $ 119,898 $ 168,862 $ 29,016 $ — $ ( 661 ) $ ( 14,126 ) $ 4,077 $ 307,066 a) The Company assumed a $ 36.0 million mortgage with the consolidation of 640 Broadway during the year ended December 31, 2022 ( Note 7 ). The Company determines the fair value of the individual components of real estate asset acquisitions primarily through calculating the "as-if vacant" value of a building, using an income approach, which relies significantly upon internally determined assumptions. The Company has determined that these estimates primarily rely on Level 3 inputs, which are unobservable inputs based on our own assumptions. The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during 2023 and 2022, respectively, are as follows: 2023 2022 Low High Low High Exit Capitalization Rate 7.00 % 8.50 % 4.25 % 7.25 % Annual net rental rate per square foot on acquired buildings $ 4.00 $ 47.00 $ 20.00 $ 825.00 Annual net rental rate per square foot on acquired ground lease $ 1.04 $ 1.91 $ — $ — The estimate of the portion of the "as-if vacant" value that is allocated to the land underlying the acquired real estate relies on Level 3 inputs and is primarily determined by reference to recent comparable transactions. Dispositions During the years ended December 31, 2023 and 2022, the Company disposed of the following properties and other real estate investments (in thousands): Property and Location Owner Sale Date Sale Price Gain (Loss) 2023 Dispositions (a) None 2022 Dispositions NE Grocer Portfolio (Selected Assets) - Pennsylvania Fund IV Jan 26, 2022 Mar 4, 2022 $ 45,350 $ 13,784 New Towne (Parcel) - Canton, MI Fund V Feb 1, 2022 2,231 1,776 Cortlandt Crossing - Westchester County, NY Fund III Feb 9, 2022 65,533 13,255 Lincoln Place - Fairview Heights, IL Fund IV May 25, 2022 40,670 12,216 Wake Forest Crossing - Wake Forest, NC Fund IV Aug 24, 2022 38,919 8,885 Henderson Avenue (Parcel) - Dallas, TX Core Oct 7, 2022 3,050 ( 194 ) 330-340 River Street - Cambridge, MA Core Dec 13, 2022 26,400 7,439 Total 2022 Dispositions $ 222,153 $ 57,161 a) Does not include the 146 Geary Street property, which had a carrying value of $ 19.4 million, and was transferred to the Company’s lender through deed-in-lieu of foreclosure, extinguishing the obligations under the $ 20.1 million mortgage loan and accrued interest in default ( Note 7 ). Properties Held for Sale At December 31, 2023 and 2022, the Company had one Core property under contract for sale with assets totaling $ 11.1 million, which was probable of disposition within one-year. This property was classified as "held for sale" on the Company's Consolidated Balance Sheets. Assets of property held for sale consisted of the following: December 31, December 31, 2023 2022 Assets Buildings and improvements $ 12,562 $ 12,562 Land 3,380 3,380 Tenant improvements 1,010 1,010 Less: Accumulated depreciation and amortization ( 5,895 ) ( 5,895 ) $ 11,057 $ 11,057 Real Estate Under Development Real estate under development represents the Company’s properties that have not yet been placed into service while undergoing substantial development or construction. Development activity for the Company’s properties comprised the following during the periods presented (dollars in thousands): January 1, 2023 Year Ended December 31, 2023 December 31, 2023 Number of Carrying Transfers In Capitalized Transfers Out Number of Carrying 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 January 1, 2022 Year Ended December 31, 2022 December 31, 2022 Number of Carrying Transfers In Capitalized Transfers Out Number of Carrying Core — $ 42,517 $ 9,610 $ 2,690 $ — 2 $ 54,817 Fund II (a) — 35,125 — 503 1,556 — 34,072 Fund III 1 24,296 — 1,502 — 1 25,798 Fund IV (b) 1 101,835 — 215 32,135 1 69,915 Total 2 $ 203,773 $ 9,610 $ 4,910 $ 33,691 4 $ 184,602 (a) Transfers out include $ 1.6 million related to a portion of one Fund II property that was transferred out of development. (b) Transfers out include $ 13.4 million related to a portion of one Fund IV property that was transferred out of development and an impairment charge totaling $ 18.7 million on one Fund IV development property ( Note 8 ) . The number of properties in the tables above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. At December 31, 2023, development projects included: portions of the Henderson 1 & 2 Portfolio, in Core, and Broad Hollow Commons in Fund III. During the year ended December 31, 2023, the Company: • placed the remainder of the building and improvements of one Fund II property, City Point, into service in the third quarter; and • placed the remainder of the building and improvements of one Fund IV property, 717 N. Michigan Avenue, into service in the first quarter. At December 31, 2022, development projects included: portions of the Henderson 1 & 2 Portfolio in Core, Broad Hollow Commons in Fund III and a portion of 717 N. Michigan Avenue at Fund IV. During the year ended December 31, 2022, the Company: • placed the building and improvements of two Core properties in the Henderson Portfolio into development in the second quarter; • placed a portion of the building and improvements of one Fund II property, City Point, into service in the fourth quarter; and • placed a portion of the building and improvements of one Fund IV property, 717 N. Michigan Avenue, into service in the first quarter. |
Notes Receivable, Net
Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2023 | |
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract] | |
Notes Receivable, Net | 3. Notes Re ceivable, Net The Company’s notes receivable, net are generally collateralized either by the underlying properties or the borrowers’ ownership interests in the entities that own the properties, and were as follows (dollars in thousands): December 31, December 31, December 31, 2023 Description 2023 2022 Number Maturity Date Interest Rate Core Portfolio (a) $ 126,228 $ 124,801 6 Apr 2020 - Dec 2027 4.65 % - 10.00 % Allowance for credit losses ( 1,279 ) ( 898 ) Notes receivable, net $ 124,949 $ 123,903 6 (a) Includes one note receivable from an OP Unit holder, with a balance of $ 6.0 million at December 31, 2023 and 2022 . Changes in the Company’s CECL allowance were as follows (dollars in thousands): Year Ended December 31, 2023 2022 2021 CECL Allowance beginning of period $ 898 $ 5,752 $ 1,218 Provision of loan losses 381 ( 272 ) 4,534 Write-offs — ( 4,582 ) — Total - CECL Allowance $ 1,279 $ 898 $ 5,752 Due to the lack of comparability across the Structured Financing portfolio, each note was evaluated separately. As a result, the Company did not elect the collateral-dependent practical expedient for four of its notes with a total amortized cost of $ 121.1 million, inclusive of accrued interest of $ 18.6 million, for which an allowance for CECL has been recorded aggregating $ 1.3 million at December 31, 2023. For two notes in this portfolio, agg regating $ 27.9 million, inclusive of accrued interest of $ 4.1 million at December 31, 2023 , the Company has elected to apply the practical expedient in accordance with ASC 326 and did no t establish an allowance for CECL because (i) these notes are collateral-dependent notes, which due to their settlement term s are not expected to be settled in cash but rather by the Company’s possession of the real estate collateral; and (ii) at December 31, 2023, the Company determined that the estimated fair value of the collateral at the expected realization date for these notes was sufficient to cover the carrying value of its investments in these notes receivable. Default One Core Portfolio note aggregating $ 21.6 m illion including accrued interest (exclusive of default interest and other amounts due on the note that have not been recognized) was in default at December 31, 2023 and December 31, 2022 . On April 1, 2020, the note matured and was not repaid. The Company expects to take appropriate actions to recover the amounts due under the note and has issued a reservation of rights letter to the borrowers and guarantor, reserving all of its rights and remedies under the applicable note documents and otherwise. The Company has determined that the collateral for this note was sufficient to cover the loan’s carrying value at December 31, 2023 and December 31, 2022. During the year ended December 31, 2023, the Company: • originated a Core Portfolio note for $ 1.4 million with a stated interest rate of 6.5 % and a maturity date of September 30, 2024, collateralized by the venture partner’s interest in 840 N. Michigan Avenue ( Note 4 ). During the year ended December 31, 2022, the Company: • through Fund III obtained the remaining venture partner's interest in an entity that held a property, which was collateral for a note with a balance of $ 5.3 million, accrued interest of $ 4.7 million, less a CECL reserve of $ 4.6 million (exclusive of default interest and other amounts due on the loan that have not been recognized), via a foreclosure auction in January 2022. The entity was previously accounted for as an equity method investment until Fund III acquired the venture partner's interest. Fund III now owns 100 % of the entity and consolidates it ; • received full payment on a $ 16.0 million Core Portfolio note during the second quarter, and full payment on a $ 13.5 million Core Portfolio note and partial payment of $ 5.7 million of accrued interest on a Core Portfolio note during the third quarter; • extended the maturity date of one Core Portfolio note of $ 54.0 million from January 13, 2023 t o January 9, 2024 ; and • decreased its allowance for CECL by $ 4.9 million, of which approximately $ 4.6 million was attributable to the aforementioned Fund III foreclosure. |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | 4. Investments in and Advance s to Unconsolidated Affiliates The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands): Ownership Interest December 31, December 31, Portfolio Property December 31, 2023 2023 2022 Core: Renaissance Portfolio 20 % $ 30,745 $ 28,755 Gotham Plaza 49 % 30,772 30,112 Georgetown Portfolio (a) 50 % 4,230 4,048 1238 Wisconsin Avenue (a, b) 80 % 19,719 14,502 840 N. Michigan Avenue (d) 91.85 % 15,761 — 101,227 77,417 Mervyns II: KLA/ABS (c) 36.7 % — 85,403 Fund IV: Fund IV Other Portfolio 90 % 5,221 7,914 650 Bald Hill Road 90 % 9,486 10,203 Paramus Plaza 50 % 70 936 14,777 19,053 Fund V: Family Center at Riverdale (d) 89.42 % 2,552 4,995 Tri-City Plaza 90 % 6,452 8,422 Frederick County Acquisitions 90 % 11,345 12,240 Wood Ridge Plaza 90 % 10,313 12,751 La Frontera Village 90 % 17,483 20,803 Shoppes at South Hills (e) 90 % 11,707 44,677 Mohawk Commons 90 % 16,434 775 76,286 104,663 Various: Due from (to) Related Parties 396 305 Other (f) 4,554 4,315 Investments in and advances to $ 197,240 $ 291,156 Core: Crossroads (g) 49 % $ 7,982 $ 8,832 840 N. Michigan Avenue (d, g) 91.85 % — 1,673 Distributions in excess of income from, $ 7,982 $ 10,505 a) Represents a VIE for which the Company is not the primary beneficiary ( Note 16 ). b) Includes the amounts advanced against a $ 12.8 million construction commitment from the Company to the venture that holds an investment in 1238 Wisconsin. As of December 31, 2023 and 2022 the note receivable from a related party had a balance of $ 12.8 million and $ 7.5 million, respectively, net of an allowance for CECL of $ 0.1 million, and $ 0.1 million, respectively. The loan is collateralized by the venture members' equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor, and matures on December 28, 2024. The Company recognized Interest income of $ 0.2 million for the year ended December 31, 2023, related to this note receivable. The note originated in 2022 and the Company recognized less than $ 0.1 million of Interest income for the year ended December 31, 2022. c) At December 31, 2022, Mervyns II had an effective indirect ownership of approximately 4.1 million shares (approximately 1 % interest) through its Investment in Albertsons Companies Inc. ("Albertsons"), which is accounted for at fair value ( Note 8 ). Mervyns II distributed its shares to its investors upon expiration of the lock-up agreement in January 2023, as further described below. d) Represents a tenancy-in-common interest. e) Includes a $ 31.7 million bridge loan at December 31, 2022, from the Company to the venture that holds the property in its investment in Shoppes at South Hills. During the first quarter of 2023 the bridge loan was repaid, as further described below. f) Includes cost-method investment in Fifth Wall and other investments. g) Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity. During the year ended December 31, 2023, the Company: • funded $ 5.3 million of a $ 12.8 million construction loan commitment to the 1238 Wisconsin venture. The total outstanding balance of the loan was $ 12.8 million; • modified a property mortgage with an outstanding balance of $ 160.0 million with a new loan of $ 152.0 million and extended the maturity date at Georgetown Renaissance. The Company contributed an additional $ 1.4 million in equity to cover the venture partner’s share of the required paydown; • through Fund IV, modified a property mortgage with an outstanding balance of $ 21.9 million with a new loan of $ 24.1 million at Eden Square; • through Fund V, modified a property mortgage with an outstanding balance of $ 33.5 million to extend the maturity date at Wood Ridge Plaza; • through Fund V, acquired a 90 % interest in a venture for $ 20.2 million, which purchased Mohawk Commons, a shopping center located in Schenectady, New York for $ 62.1 million, inclusive of transaction costs. In addition, the Mohawk Commons venture entered into a $ 39.7 million mortgage loan; • through Fund V, received payment on a bridge loan from the Shoppes at South Hills venture for $ 31.7 million which matured in February 2023. Upon maturity of the bridge loan, the venture entered into a $ 36.0 million mortgage loan, of which $ 31.8 million was funded at closing; and • through Mervyns II, received cash dividends from its investment in Albertsons totaling $ 28.5 million on January 20, 2023, of which the Company's share was $ 11.4 million. Additionally, the lock-up period, which restricted the transfer or sale of shares, expired on January 24, 2023, and 4.1 million shares of Albertsons were distributed to the individual investors as a non-cash distribution, of which the Company received 1.6 million shares. The shares are classified as Marketable securities on the Company's Consolidated Balance Sheets ( Note 8 ). In December 2023, an unconsolidated venture that holds an interest in a property on North Michigan Avenue modified its $ 73.5 million nonrecourse mortgage loan. As part of the modification, the principal balance was reduced by $ 18.5 million and required a principal paydown of $ 17.5 million, the interest rate increased from 4.4 % to 6.5 %, and the maturity date was extended from February 2025 to December 2026. In addition, the venture, upon a sale or secured refinancing prior to maturity (or early prepayment) at an amount that exceeds $ 55.0 million (as adjusted pursuant to the modification agreement), may be subject to additional contingent payments of up to $ 17.5 million (“Contingent Payment”), which amortizes on a straight-line basis over the remaining term of the loan. The modification was accounted for as a troubled debt restructuring pursuant to ASC 470, resulting in an initial gain of approximately $ 0.4 million, which was recognized within Equity in (losses) earnings of unconsolidated affiliates on the Company’s Consolidated Statements of Operations, and represented the excess of the original principal balance of the mortgage (prior to modification), over the maximum total future cash payments under the new terms. Thus, all future cash payments under the terms of the payable, including the Contingent Payment, shall be accounted for as a reduction of the carrying amount of the mortgage, and no interest expense shall be recognized for any period between the modification and the revised maturity of the mortgage. As the Contingent Payment amortizes (and no transaction arises that requires a payment as described above) the additional gain will be recognized within equity in earnings in the Company’s consolidated financial statements. No amortization of the Contingent Payment occurred in 2023. As part of the modification, the Operating Partnership provided a recourse guarantee equivalent to 50 % of the unpaid outstanding principal balance of the mortgage. In December 2023, the Company acquired an additional 3.42 % interest in the North Michigan Avenue venture, increasing its ownership from 88.43 % to 91.85 % and provided a loan of $ 1.4 million to the remaining venture partners for their share of the required paydown ( Note 3 ). During the year ended December 31, 2022, the Company: • funded $ 7.5 million of a $ 12.8 million construction loan commitment to the 1238 Wisconsin venture. The total outstanding balance of the loan was $ 7.5 million; • recorded our proportionate share of an impairment charge of $ 50.8 million in the 840 N. Michigan Avenue venture during the third quarter, which is included in Equity in (losses) earnings of unconsolidated affiliates in the Consolidated Statements of Operations; • through Fund III, sold its investment in Self Storage Management for $ 6.0 million and recognized its proportionate gain of $ 1.5 million during the first quarter, which is included in Realized and unrealized holding (losses) gains on investments and other in the Consolidated Statements of Operations; • through Fund IV, recognized its proportionate gain from the venture’s sale of Promenade at Manassas for $ 46.0 million and repayment of $ 27.3 million of mortgage debt. Fund IV recognized a gain of $ 12.8 million, of which the Company's share was $ 3.0 million; • through Fund V, acquired a 90% interest in a venture fo r $ 15.9 m illion, which acquired Shoppes at South Hills, a shopping center located in Poughkeepsie, New York for $ 47.6 m illion. In addition, Fund V made a bridge loan to the venture for $ 31.7 million during the third quarter; • through Fund V, acquired a 90% interest in a venture for $ 26.5 million, which acquired La Frontera Village, a shopping center located in Round Rock, Texas for $ 81.4 million. In addition, Fund V made a bridge loan to the venture for $ 52.0 million during the first quarter, which was repaid during the second quarter. During the second quarter , the venture entered into a $ 57.0 million mortgage loan, of which $ 55.5 million was funded at closing ; • through Fund V, acquired a 90% interest in a venture for $ 15.3 million, which acquired Wood Ridge Plaza, a shopping center located in Houston, Texas for $ 49.3 million during the first quarter. In addition, on March 21, 2022 the Wood Ridge Plaza venture entered into a $ 36.6 million mortgage loan, of which $ 32.3 million was funded at closing; • funde d $ 0.2 million of its capital commitment to its Fifth Wall investment during the second and third quarter; and • received cash dividends totaling $ 1.9 million at Mervyns II related to distributions from its Investment in Albertsons and recorded a net unrealized holding loss of $ 38.9 million reflecting the change in fair value of its Investment in Albertsons ( Note 8 ). Fees from Unconsolidated Affiliates The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $ 0.4 million and $ 0.4 million and $ 0.6 million fo r the years ended December 31, 2023, 2022 and 2021, respectively, which is included in other revenues in the Consolidated Statements of Operations. In addition, the Company’s joint ventures paid certain unaffiliated partners of its joint ventures, $ 4.5 million and $ 2.7 million and $ 2.2 million for the years ended December 31, 2023, 2022 and 2021, respectively, for leasing commissions, development, management, construction, and overhead fees. Summarized Financial Information of Unconsolidated Affiliates The following combined and condensed Balance Sheets and Statements of Operations, in each period, summarized the financial information of the Company’s investments in unconsolidated affiliates that were held as of December 31, 2023, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands): December 31, December 31, 2023 2022 Combined and Condensed Balance Sheets Assets: Rental property, net $ 723,411 $ 650,997 Real estate under development — 17,359 Other assets 125,699 127,070 Total assets $ 849,110 $ 795,426 Liabilities and partners’ equity: Mortgage notes payable $ 662,552 $ 609,923 Other liabilities 100,270 96,532 Partners’ equity 86,288 88,971 Total liabilities and partners’ equity $ 849,110 $ 795,426 Company's share of accumulated equity $ 128,690 $ 131,878 Basis differential 51,824 52,813 Deferred fees, net of portion related to the Company's interest 3,794 5,937 Amounts receivable to/payable by the Company 396 305 Investments in and advances to unconsolidated affiliates, net of Company's 184,704 190,933 Investments carried at fair value or cost 4,554 89,718 Company's share of distributions in excess of income from and 7,982 10,505 Investments in and advances to unconsolidated affiliates $ 197,240 $ 291,156 Year Ended December 31, 2023 2022 2021 Combined and Condensed Statements of Operations Total revenues $ 108,425 $ 96,080 $ 80,823 Operating and other expenses ( 35,488 ) ( 29,858 ) ( 28,572 ) Interest expense ( 40,864 ) ( 26,807 ) ( 21,228 ) Depreciation and amortization ( 42,212 ) ( 34,596 ) ( 30,518 ) Gain (loss) on extinguishment of debt (a) 368 ( 7 ) ( 35 ) Impairment of Investment (b) — ( 57,423 ) — Gain on disposition of properties (c) — 12,983 3,206 Net (losses) earnings attributable to unconsolidated affiliates $ ( 9,771 ) $ ( 39,628 ) $ 3,676 Company’s share of equity in net losses of unconsolidated affiliates $ ( 6,688 ) $ ( 31,907 ) $ 6,023 Basis differential amortization ( 989 ) ( 1,000 ) ( 693 ) Company’s equity in (losses) earnings of unconsolidated affiliates $ ( 7,677 ) $ ( 32,907 ) $ 5,330 a) Includes the gain on debt extinguishment related to the restructuring at 840 N. Michigan Avenue for the year ended December 31, 2023. b) Includes the impairment charge related to 840 N. Michigan Avenue for the year ended December 31, 2022. c) Includes the gain on the sale of Promenade at Manassas on October 13, 2022, and two land parcels by the Family Center at Riverdale on January 4, 2021. |
Other Assets, Net and Accounts
Other Assets, Net and Accounts Payable and Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets, Net and Accounts Payable and Other Liabilities | 5. Other Assets, Net and Accou nts Payable and Other Liabilities Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented: December 31, December 31, (in thousands) 2023 2022 Other Assets, Net: Lease intangibles, net (Note 6) $ 100,594 $ 102,374 Derivative financial instruments (Note 8) 28,989 54,902 Deferred charges, net (a) 31,074 28,478 Accrued interest receivable (Note 3) 25,553 18,082 Prepaid expenses 15,204 15,872 Due from seller 2,631 3,036 Income taxes receivable 1,141 1,876 Deposits 575 1,624 Corporate assets, net 924 1,287 Other receivables 1,775 2,060 $ 208,460 $ 229,591 (a) Deferred Charges, Net: Deferred leasing and other costs (a) $ 73,908 $ 63,920 Deferred financing costs related to line of credit 9,829 9,494 83,737 73,414 Accumulated amortization ( 52,663 ) ( 44,936 ) Deferred charges, net $ 31,074 $ 28,478 Accounts Payable and Other Liabilities: Lease intangibles, net (Note 6) $ 73,994 $ 78,416 Accounts payable and accrued expenses 61,425 59,922 Deferred income 34,386 34,503 Tenant security deposits, escrow and other 17,939 16,582 Lease liability - finance leases (Note 11) 32,739 7,022 Derivative financial instruments (Note 8) 8,892 46 $ 229,375 $ 196,491 (a) Effective January 1, 2023, the Company implemented compensation plans for its internal leasing representatives to adopt a commission structure paid in connection with new, renewal, and modified leases. At December 31, 2023, deferred leasing and other costs include direct and incremental capitalized internal leasing commissions incurred in connection with executed lease agreements of $ 2.2 million, which are amortized on a straight-line basis over the terms of the related leases. |
Lease Intangibles
Lease Intangibles | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Lease Intangibles | 6. Lease Intangibles Intangible assets and liabilities are included in Other assets and Accounts payable and other liabilities ( Note 5 ) on the Consolidated Balance Sheets and summarized as follows (in thousands): December 31, 2023 December 31, 2022 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amortizable Intangible Assets In-place lease intangible assets $ 327,484 $ ( 234,808 ) $ 92,676 $ 301,556 $ ( 205,951 ) $ 95,605 Above-market rent 27,294 ( 19,376 ) 7,918 24,064 ( 17,295 ) 6,769 $ 354,778 $ ( 254,184 ) $ 100,594 $ 325,620 $ ( 223,246 ) $ 102,374 Amortizable Intangible Liabilities Below-market rent $ ( 188,098 ) $ 114,393 $ ( 73,705 ) $ ( 176,253 ) $ 98,182 $ ( 78,071 ) Above-market ground lease ( 671 ) 382 ( 289 ) ( 671 ) 326 ( 345 ) $ ( 188,769 ) $ 114,775 $ ( 73,994 ) $ ( 176,924 ) $ 98,508 $ ( 78,416 ) During the year ended December 31, 2023, the Company: • acquired in-place lease intangibles of $ 25.9 million, above-market rent of $ 3.2 million, and below-market rent of $ 11.8 million with weighted-average useful lives of 5.7 , 7.1 , and 21.1 years, respectively ( Note 2 ); • recorded accelerated amortization related to in-place lease intangible assets of $ 3.2 million and below-market rent of $ 8.8 million, of which the Company's share was $ 2.8 million and $ 8.4 million, respectively, related to notification of tenant non-renewals and early tenant lease terminations. During the year ended December 31, 2022, the Company: • acquired in-place lease intangible assets of $ 28.2 million, above-market rent of $ 0.8 million, and below-market rent of $ 14.1 million with weighted-average useful lives of 6.4 , 6.9 , and 11.4 years, respectively ( Note 2 ); • derecognized in-place lease intangible assets of $ 1.5 million and below-market rent of $ 2.1 million, of which the Company's share was $ 0.5 million and $ 0.5 million, respectively, related to disposed properties ( Note 2 ); and • recorded accelerated amortization related to in-place lease intangible assets of $ 0.2 million and below-market rent of $ 5.5 million, of which the Company's share was $ 0.1 million and $ 5.4 million, respectively, related to notification of tenant non-renewals and early tenant lease terminations. Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense and amortization of above-market rent and below-market rent is recorded as a reduction to and increase to rental income, respectively, on the Consolidated Statements of Operations. Amortization of above-market ground leases are recorded as a reduction to rent expense on the Consolidated Statements of Operations. The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2023 is as follows (in thousands): Years Ending December 31, Net Increase in Increase to Reduction of 2024 $ 5,157 $ ( 23,596 ) $ 58 2025 4,752 ( 17,912 ) 58 2026 4,522 ( 14,435 ) 58 2027 4,452 ( 11,159 ) 58 2028 4,536 ( 7,299 ) 57 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands): Interest Rate at Carrying Value at December 31, December 31, Maturity Date at December 31, December 31, 2023 2022 December 31, 2023 2023 2022 Mortgages Payable Core 3.99 % - 5.89 % 3.88 % - 5.89 % Feb 2024 - Apr 2035 $ 191,830 $ 193,838 Fund II (a) SOFR+ 2.61 % SOFR+ 2.61 % Aug 2025 137,485 133,655 Fund III SOFR+ 3.75 % SOFR+ 3.35 % Oct 2025 33,000 35,970 Fund IV (b) SOFR+ 2.25 % - SOFR+ 3.33 % LIBOR+ 2.25 % - LIBOR+ 3.65 % Mar 2025 - Jun 2028 115,925 146,230 Fund V SOFR + 1.61 % - SOFR + 2.80 % LIBOR + 1.85 % - SOFR + 2.76 % Feb 2024 - Jun 2028 458,960 426,224 Net unamortized debt issuance costs ( 7,313 ) ( 7,621 ) Unamortized premium 240 343 Total Mortgages Payable $ 930,127 $ 928,639 Unsecured Notes Payable Core Term Loans (c) SOFR+ 1.60 % - SOFR+ 2.05 % 3.74 %- 5.11 % Jun 2026 - Jul 2029 $ 650,000 $ 650,000 Fund V Subscription Facility SOFR+ 3.05 % SOFR+ 1.86 % Jan 2024 80,600 51,210 Net unamortized debt issuance costs ( 3,873 ) ( 5,076 ) Total Unsecured Notes Payable $ 726,727 $ 696,134 Unsecured Line of Credit Revolving credit facility (c) SOFR+ 1.45 % SOFR+ 1.50 % Jun 2025 $ 213,287 $ 168,287 Total Debt (d)(e) $ 1,881,087 $ 1,805,414 Net unamortized debt issuance costs ( 11,186 ) ( 12,697 ) Unamortized premium 240 343 Total Indebtedness $ 1,870,141 $ 1,793,060 a) The Company has a total commitment of $ 198.0 million on the Fund II mortgage. b) Includes the outstanding balance on the Fund IV secured bridge facility of $ 36.2 million at December 31, 2023 and $ 39.2 million at December 31, 2022 . The Operating Partnership has guaranteed up to $ 22.5 million of the Fund IV secured bridge facility ( Note 9 ). c) The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans at December 31, 2023 and 2022 ( Note 8 ). d) Includes $ 1,249.8 million and $ 1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.14 % to 4.54 %. e) Includes $ 151.4 million and $ 103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 3.0 % to 5.50 %. Unsecured Debt Credit Facility The Operating Partnership has a $ 700.0 million senior unsecured credit facility, as amended (the “Credit Facility”), with Bank of America, N.A. as administrative agent, comprised of a $ 300.0 million senior unsecured revolving credit facility (the “Revolver”) which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating, and a $ 400.0 million senior unsecured term loan (the “Term Loan”) which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating. The Credit Facility provides for an accordion feature, which allows for one or more increases in the revolving credit facility or term loan facility, for a maximum aggregate principal amount not to exceed $ 900.0 million. The Credit Facility is guaranteed by the Trust and certain subsidiaries of the Trust ( Note 9 ). Revolving Credit Facility At December 31, 2023, The Revolver bears interest at SOFR + 1.45 % and matures on June 29, 2025 , subject to two six-month extension options. The outstanding balance and total available credit of the Revolver was $ 213.3 million and $ 86.7 million, respectively, at December 31, 2023, reflecting no letters of credit outstanding. The outstanding balance and total available credit of the Revolver was $ 168.3 million and $ 131.7 million, respectively, at December 31, 2022, reflecting no letters of credit outstanding. Core Term Loans At December 31, 2023, the Term Loan bears interest at SOFR + 1.60 % and matures on June 29, 2026 . The outstanding balance of the Term Loan was $ 400.0 million at each of December 31, 2023 and December 31, 2022. On April 6, 2022, the Operating Partnership entered into a $ 175.0 million term loan facility (the “$175.0 Million Term Loan”), with Bank of America, N.A. as administrative agent, which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating, matures on April 6, 2027 , and is guaranteed by the Trust and certain subsidiaries of the Trust ( Note 9 ). The proceeds of the $ 175.0 Million Term Loan were used to pay down the Revolver. At December 31, 2023, the $ 175.0 Million Term Loan bears interest at SOFR + 1.60 %. The outstanding balance of the $ 175.0 Million Term Loan was $ 175.0 million at each of December 31, 2023 and 2022. On July 29, 2022, the Operating Partnership entered into the $ 75.0 million term loan (the “$75.0 Million Term Loan”), with TD Bank, N.A. as administrative agent, which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating, matures on July 29, 2029 , and is guaranteed by the Trust and certain subsidiaries of the Trust. At December 31, 2023, the $ 75.0 Million Term Loan bears interest at SOFR + 2.05 %. The proceeds of the $ 75.0 Million Term Loan were used to pay down the Revolver. The outstanding balance of the $ 75.0 Million Term Loan was $ 75.0 million at each of December 31, 2023 and 2022. Fund V Subscription Facility Fund V has a $ 100.0 million subscription line collateralized by Fund V’s unfunded capital commitments, and, to the extent of the Company’s capital commitments, is guaranteed by the Operating Partnership. In January 2024, Fund V modified its subscription line and extended the maturity date to February 28, 2024 . The outstanding balance and total available credit of the Fund V subscription line was $ 80.6 million and $ 19.4 million, respectively at December 31, 2023, reflecting outstanding letters of credit of $ 2.0 million. The outstanding balance and total available credit were $ 51.2 million and $ 41.8 million at December 31, 2022 respectively, reflecting outstanding letters of credit of $ 7.0 million. Mortgages and Other Notes Payable During the year ended December 31, 2023, the Company (amounts represent balances at the time of transactions): • entered into a new Fund mortgage for $ 32.2 million; • modified and extended five Fund mortgages totaling $ 150.8 million (excluding principal reductions of $ 2.7 million) ; • refinanced four Fund mortgages totaling $ 111.4 million; • repaid a Fund mortgage totaling $ 5.8 million at maturity; • modified the Fund IV bridge loan with an outstanding balance of $ 36.2 million (excluding principal reductions of $ 3.0 million) and extended the maturity date to March 31, 2025 ; and • made scheduled principal payments totaling $ 7.7 million. During the year ended December 31, 2022, the Company (amounts represent balances at the time of transactions): • entered into a new Fund mortgage for $ 42.4 million; • refinanced a Core loan in the third quarter with an outstanding balance of $ 25.4 million with a new loan of $ 26.0 million at an interest rate of 4.0 % maturing July 10, 2027 ; • modified and extended ten Fund mortgages totaling $ 280.6 million (excluding principal reductions and an interest reserve of $ 4.6 million and $ 4.2 million, respectively) ; • refinanced Fund II mortgage debt and unsecured note of City Point Phase II in the third quarter with an aggregate outstandin g balance of $ 257.9 million and $ 40.0 million, respectively, with a single $ 198.0 million mortgage loan, with initial proceeds of approximately $ 132.3 million and a loan from the Company to other Fund II Investors ( Note 10 ). The mortgage has a three-year initial term and be ars interest at SOFR + 2.61 %. The mortgage is collateralized by the real estate assets of City Point, of which $ 50.0 million is guaranteed by the Operating Partnership; • modified the Fund IV bridge loan with an outstanding balance of $ 42.2 million (excluding principal reductions of $ 8.6 million) and changed the rate to SOFR plus 2.56 % and extended the maturity date to December 29, 2023 ; • repaid one Core mortgage of $ 12.3 million; • repaid six Fund mortgages in the aggregate amount of $ 97.6 million in connection with the sale of properties ( Note 2 ); repaid one Fund mortgage in the amount of $ 22.7 million; and • made principal payments of $ 7.5 million and repaid $ 17.0 million on the Fund IV secured bridge facility . A portion of the Company’s variable-rate mortgage debt has been effectively fixed through certain cash flow hedge transactions ( Note 8 ). At December 31, 2023 and 2022, the Company’s mortgages were collateralized by 33 and 31 properties each period, respectively, as well as the related tenant leases. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants, and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. At December 31, 2023, a Fund V mortgage of $ 29.2 million, or $ 5.9 million at the Company’s share, had not met its debt service coverage ratio requirements. As this is not an event of default, the debt maturity was not accelerated. The Company made a principal payment of $ 3.9 million in January 2024, to cure this event. Also at December 31, 2023, three Fund V mortgages totaling $ 127.1 million, or $ 25.5 million at the Company’s share, did not meet their liquidity requirement. In February 2024, Fund V obtained a new mortgage loan and paid down the Fund V subscription line to cure this event. On July 15, 2023, the 146 Geary Street, Fund IV non-recourse mortgage loan with an outstanding balance of $ 19.3 million, or $ 4.5 million at the Company’s share, matured with no further extension options and was in default. The property securing the mortgage was a vacant building located in San Francisco, California. The loan accrued default interest at a rate of 4.00 % per annum in excess of the interest rate of SOFR + 3.65 %. On October 27, 2023, the Company completed the transfer of the property to its lender through a deed-in-lieu of foreclosure, extinguishing the obligation under the mortgage loan. The Company reduced interest expense by $ 0.7 million upon derecognition of the loan for the additional interest expense previously recorded. The Company had previously impaired the asset, and recorded an impairment charge of $ 3.7 million, or $ 0.9 million at the Company’s share, related to the change in estimated value and holding period of the asset for the year ended December 31, 2023 ( Note 8 ). Scheduled Debt Principal Payments The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of December 31, 2023 are as follows (in thousands): Maturities 2024 $ 333,174 2025 680,834 2026 437,087 2027 202,826 2028 130,959 Thereafter 96,207 1,881,087 Unamortized premium 240 Net unamortized debt issuance costs ( 11,186 ) Total indebtedness $ 1,870,141 The table above does not reflect available extension options (subject to customary conditions) on debt balances as of December 31, 2023. The Company has debt balances of $ 535.4 million contractually due in 2025 and $ 25.1 million contractually due in 2027, all for which the Company has available options to extend by up to 12 months, and for some an additional 12 months thereafter. However, there can be no assurance that the Company will be able to successfully execute any or all of its available extension options. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 8. Financial Instruments and Fair Value Measurements Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. Marketable Equity Securities — The Company has an investment in marketable equity securities of Albertsons, which has a readily determinable market value (traded on an exchange) and is being accounted for as a Level 1 investment. This investment was included in Marketable securities and Investments in and advances to unconsolidated affiliates on the Consolidated Balance Sheets at December 31, 2023 and 2022, respectively. Derivative Financial Instruments — The Company has derivative assets, which are included in Other assets, net on the Consolidated Balance Sheets, and are comprised of interest rate swaps and caps. The Company has derivative liabilities, which are included in Accounts payable and other liabilities on the Consolidated Balance Sheets and are comprised of interest rate swaps. The derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below. The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands): December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Marketable equity securities $ 33,284 $ — $ — $ 85,403 $ — $ — Derivative financial instruments — 28,989 — — 54,902 — Liabilities Derivative financial instruments — ( 8,892 ) — — ( 46 ) — In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the year ended December 31, 2023 or 2022. Marketable Equity Securities During the year ended December 31, 2023, the Company sold 200,000 shares of Albertsons, generating net proceeds of $ 4.6 mi llion. As of December 31, 2023, the Company still held 1.4 million shares of Albertsons which had a fair value of $ 33.3 million . In January 2024, the Company sold an additional 175,000 shares of Albertsons, generating net proceeds of $ 4.0 million ( Note 17 ). At December 31, 2022, the shares of Albertsons were held by Mervyns II ( Note 4 ). During the year ended December 31, 2023 and 2022, the Company recognized dividend income from marketable securities of $ 29.1 million and $ 1.8 million, of which the Company's share was $ 12.0 million and $ 0.6 million, respectively, and is included in Realized and unrealized holding gains on investments and other on the Company's Consolidated Statements of Operations. The following table represents the realized and unrealized gain (loss) on marketable securities included in Realized and unrealized holding gains on investments and other on the Company's Consolidated Statements of Operations (in thousands): Year Ended December 31, 2023 2022 2021 Realized gain on marketable securities $ 4,636 $ — $ — Less: previously recognized unrealized gains on marketable securities sold during the period ( 4,636 ) — — Unrealized gains (losses) on marketable securities still held at the end of the period and through the disposition date on marketable securities sold during the period 1,634 ( 38,913 ) 51,925 Gain on marketable securities, net $ 1,634 $ ( 38,913 ) $ 51,925 Items Measured at Fair Value on a Nonrecurring Basis Impairment Charges Impairment charges for the periods presented are as follows (in thousands): Impairment Charge (a) Property and Location Owner Triggering Event Effective Date Total Acadia's Share 2023 Impairment Charges 146 Geary Street, Fund IV Reduced holding period (Note 7) Sept 30, 2023 $ 3,686 $ 852 2022 Impairment Charges 146 Geary Street, Fund IV Reduced projected operating income Sept 30, 2022 $ 12,435 $ 2,875 717 N. Michigan Avenue, Fund IV Reduced holding period and intended use Sept 30, 2022 20,876 4,827 Total 2022 Impairment Charges $ 33,311 $ 7,702 (a) The fair value of 717 N. Michigan Avenue was based on an observable contract to sell the asset, less estimated costs to sell. The Company estimated the fair value of 146 Geary Street based on a discounted cash flow analysis using a range of discount rates from 5.00 % to 7.75 % and a range of capitalization rates from 4.25 % to 5.75 %. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy . Redeemable Noncontrolling Interests The Company has redeemable noncontrolling interests related to certain properties. The Company is required to periodically review these redeemable noncontrolling interests to in order to compare the redemption value to the carrying value. See Note 10 for further discussion regarding these interests. Derivative Financial Instruments The Company had the following interest rate swaps and caps for the periods presented (dollars in thousands): Strike Rate Fair Value Derivative Aggregate Notional Amount Effective Date Maturity Date Low High Balance Sheet December 31, December 31, Core Interest Rate Swaps $ 225,000 Dec 2022 - Oct 2023 Jul 2027 - Dec 2029 3.61 % 4.69 % Accounts payable and other liabilities $ ( 8,807 ) $ ( 46 ) Interest Rate Swaps 631,000 May 2022 - May 2023 Mar 2025 - Jul 2030 1.98 % — 3.36 % Other assets, net 22,675 40,884 $ 856,000 $ 13,868 $ 40,838 Fund II Interest Rate Swap $ 50,000 Jan 2023 Dec 2029 3.23 % — 3.23 % Other assets, net $ 634 $ 1,108 Fund III Interest Rate Cap $ 33,000 Sep 2023 Oct 2025 5.50 % — 5.50 % Other assets, net $ 26 $ 232 Fund IV Interest Rate Cap $ 54,500 Dec 2023 Dec 2025 6.00 % — 6.00 % Other assets, net $ 29 $ 1,093 Fund V Interest Rate Swaps $ 315,409 Apr 2022 - Jul 2023 Mar 2024 - May 2026 1.14 % — 4.34 % Other assets, net $ 5,523 $ 11,585 Interest Rate Caps 72,447 Jan 2023 - Aug 2023 Jan 2024 - Sep 2025 3.64 % — 5.00 % Other assets, net 102 — Interest Rate Swaps 28,480 Jun 2023 Jun 2025 4.54 % — 4.54 % Accounts payable and other liabilities ( 85 ) — $ 416,336 $ 5,540 $ 11,585 Total asset derivatives $ 28,989 $ 54,902 Total liability derivatives $ ( 8,892 ) $ ( 46 ) All of the Company’s derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable-rate debt ( Note 7 ). It is estimated that approximately $ 23.2 million included in Accumulated other comprehensive income related to derivatives will be reclassified as a reduction to interest expense within the next twelve months. During the year ended December 31, 2023, the Company terminated six interest rate swaps with forward effective dates with an aggregate notional value of $ 175.0 million for cash proceeds of $ 16.0 million. The net derivative gain associated with the discontinued cash flow hedge continues to be reporting in Accumulated other comprehensive income as the forecasted transaction is expected to occur within the originally specified time period. Such amounts will be reclassified from Accumulated other comprehensive income into earnings as an increase in interest income over the period during which the hedged forecasted transaction affects earnings. Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and, from time to time, through the use of derivative financial instruments. The Company enters into derivative financial instruments to manage exposures that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. The Company is exposed to credit risk in the event of non-performance by the counterparties to the swaps if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions. Credit Risk-Related Contingent Features The Company has agreements with each of its swap counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its swaps, resulting in an acceleration of payment under the swaps. Other Financial Instruments The Company’s other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable): December 31, 2023 December 31, 2022 Level Carrying Estimated Carrying Estimated Notes Receivable (a) 3 $ 124,949 $ 124,789 $ 123,903 $ 122,716 City Point Loan (a) 3 66,741 66,017 65,945 65,856 Mortgages Payable (a) 3 937,200 921,563 935,917 906,348 Investment in non-traded equity securities (b) 3 4,398 4,702 4,160 5,593 Unsecured notes payable and Unsecured line of credit (c) 2 943,887 937,153 869,497 868,399 a) The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and changes in interest rates. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. Amounts exclude discounts and loan costs. The estimated market rates are between 4.90 % to 14.25 % for the Company's notes receivable and City Point Loan, and 5.83 % to 9.27 % fo r the Company's mortgage and other notes payable, depending on the attributes of the specific loans. b) Represents the Operating Partnership’s cost-method investment in Fifth Wall ( Note 4 ). c) The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants . The Company’s cash and cash equivalents, restricted cash, rents receivable, accounts payable and certain financial instruments (classified as Level 1) included in other assets and other liabilities had fair values that approximated their carrying values due to their short maturity profiles at December 31, 2023 and 2022. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies The Company is involved in various matters of litigation arising out of, or incidental to, its business. While the Company is unable to predict with certainty the outcome of any particular matter, management does not expect, when such litigation is resolved, that the Company’s resulting exposure to loss contingencies, if any, will have a material adverse effect on its consolidated financial position or results of operations. Commitments and Guaranties From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to guarantee portions of the principal, interest and other amounts in connection with their borrowings, provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and provide guarantees to lenders, tenants and other third parties for the completion of development projects. With respect to borrowings of our consolidated entities, the Company has guaranteed $ 72.5 million of principal payment guarantees on various property mortgage loans and the Fund IV secured bridge facility ( Note 7 , Note 15 ). At December 31, 2023 and 2022, the Company had Core and Fund letters of credit outstanding of $ 2.0 million and $ 7.0 million, respectively ( Note 7 ). The Company has not recorded any obligation associated with these letters of credit. The majority of the letters of credit are collateral for existing indebtedness and other obligations of the Company. Additionally, in connection with the refinancing of the La Frontera Village mortgage loan of $ 57.0 million, which is collateralized by the investment property, Fund V guaranteed the joint venture’s obligation under the loan. Fund V earned a fee from the joint venture for providing the guarantee. As of December 31, 2023, $ 0.2 million related to the guarantee was recorded as a liability in the Company’s condensed consolidated financial statements ( Note 4 ). In conjunction with the development and expansion of various properties, the Company has entered into agreements with general contractors for the construction or development of properties aggregating approximately $ 15.8 million and $ 39.1 million, of which the Company’s share is $ 12.5 million and $ 37.5 million as of December 31, 2023 and December 31, 2022, respectively. The Company has committed client-related obligations for tenant improvements based on executed leases aggregating approximately $ 25.7 million and $ 30.4 million, of which the Company’s share is $ 14.6 million and $ 15.8 million, as of December 31, 2023 and 2022, respectively. The timing and amounts of payments for tenant-related obligations are uncertain and may only be due upon satisfactory performance of certain conditions. Gain Contingency The Company entered into a purchase and sale agreement (together with subsequent amendments thereto) to sell its West Shore Expressway property in the Core Portfolio. At the request of the former potential buyer, the Company extended the closing date numerous times in exchange for additional non-refundable deposits and contributions towards the carrying costs of the property. The agreement terminated and expired by its terms on August 2, 2023, and the $ 3.3 million deposit was forfeited to an affiliate of the Company, when, among other things, the former potential buyer failed to close on the property pursuant to the terms of the agreement. During the third quarter of 2023, the former potential buyer filed for Chapter 11 bankruptcy, which bankruptcy was dismissed during the fourth quarter, though this dismissal remained subject to appeal through January 2024. The Company has not recorded any amount in its consolidated financial statements related to this gain contingency as of December 31, 2023. Insurance Coverage We carry insurance coverage on our properties of different types and in amounts with deductibles that we believe are in line with coverage customarily obtained by owners of similar properties. |
Shareholders' Equity, Noncontro
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss | 10. Shareholders’ Equity, Noncontrolling Interests and Other Comprehensive Loss Common Shares and Units In addition to the ATM Program and share repurchase activity discussed below, the Company completed the following transactions during the year ended December 31, 2023: • The Company withheld 3,251 shares of its restricted Common Shares ("Restricted Shares") to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. • The Company recognized Common Share and Common OP Unit-based compensation expense totaling $ 9.2 million in connection with Restricted Shares and restricted Common OP Units (“Restricted Units”) ( Note 13 ). In addition to the ATM Program and share repurchase activity discussed below, the Company completed the following transactions during the year ended December 31, 2022: • The Company withheld 3,235 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. • The Company recognized Common Share and Common OP Unit-based compensation expense totaling $ 7.4 million in connection with Restricted Shares and Units ( Note 13 ). In January 2024, the Company completed an underwritten offering of 6,900,000 Common Shares (inclusive of the underwriters’ option to purchase 900,000 additional shares) for net proceeds of $ 113.0 million ( Note 17 ). ATM Program The Company has an at-the-market equity issuance program (“ATM Program”) that provides the Company an efficient vehicle for raising public equity capital to fund its needs. The Company entered into its current $ 250.0 million ATM Program, which includes an optional “forward sale” component, in the first quarter of 2022. The Company had approximately $ 222.3 million of availability under the ATM program at December 31, 2023 .The Company has no t issued any shares on a forward basis during the years ended December 31, 2023 and 2022. During the year ended December 31, 2023 the Company did no t sell any Common Shares under its ATM program. During the year ended December 31, 2022 , the Company sold 5,525,419 Common Shares under its ATM Program for gross proceeds of $ 123.9 million, or $ 119.5 million net of issuance costs, at a weighted-average gross price per share of $ 22.43 , of which 4,281,576 shares were sold under the previous ATM Program for gross proceeds of $ 96.3 million, or $ 92.5 million net of issuance costs. During the year ended December 31, 2021, the Company sold 2,889,371 Common Shares under its previous ATM Program for gross proceeds of $ 64.9 million, or $ 63.9 million net of issuance costs, at a weighted-average gross price per share of $ 22.46 . Share Repurchase Program During 2018, the Company’s board of trustees (the “Board”) approved a new share repurchase program, which authorizes management, at its discretion, to repurchase up to $ 200.0 million of its outstanding Common Shares. The program does not obligate the Company to repurchase any specific number of Common Shares and may be discontinued or extended at any time. The Company did no t repurchase any shares during the years ended December 31, 2023, 2022 and 2021 . Under the share repurchase program $ 122.5 million remains available at December 31, 2023. Dividends and Distributions The following table sets forth the distributions declared and/or paid during the periods presented: Date Declared Amount Per Share Record Date Payment Date February 15, 2022 $ 0.18 March 31, 2022 April 14, 2022 May 4, 2022 $ 0.18 June 30, 2022 July 15, 2022 August 10, 2022 $ 0.18 September 30, 2022 October 14, 2022 November 9, 2022 $ 0.18 December 30, 2022 January 13, 2023 January 17, 2023 $ 0.18 March 31, 2023 April 14, 2023 May 3, 2023 $ 0.18 June 30, 2023 July 14, 2023 August 9, 2023 $ 0.18 September 29, 2023 October 13, 2023 November 2, 2023 $ 0.18 December 29, 2023 January 12, 2024 Noncontrolling Interests The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands): Noncontrolling (a) Noncontrolling (b) Total Redeemable Noncontrolling Interests (c) Balance at January 1, 2023 $ 99,554 $ 389,810 $ 489,364 $ 67,664 Conversion of 151,257 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 2,521 ) — ( 2,521 ) — Distributions declared of $ 0.72 per Common OP Unit and distributions on Preferred OP Units ( 5,352 ) — ( 5,352 ) — City Point Loan — — — ( 796 ) City Point Loan accrued interest — — — ( 9,350 ) Employee and trustee stock compensation, net 11,064 — 11,064 — Noncontrolling interest distributions — ( 80,186 ) ( 80,186 ) ( 50 ) Noncontrolling interest contributions — 59,612 59,612 1,110 Net income (loss) for the year ended December 31, 2023 1,785 ( 15,168 ) ( 13,383 ) ( 8,239 ) Other comprehensive (loss) income - unrealized gain on valuation of swap agreements ( 613 ) 6,015 5,402 — Reclassification of realized interest expense on swap agreements ( 210 ) ( 13,501 ) ( 13,711 ) — Reallocation of noncontrolling interests (d) ( 3,989 ) — ( 3,989 ) — Balance at December 31, 2023 $ 99,718 $ 346,582 $ 446,300 $ 50,339 Balance at January 1, 2022 $ 94,120 $ 534,202 $ 628,322 $ — Conversion of 234,473 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 3,945 ) — ( 3,945 ) — Distributions declared of $ 0.72 per Common OP Unit and distributions on Preferred OP Units ( 5,094 ) — ( 5,094 ) — Acquisition of noncontrolling interest (e) — ( 91,811 ) ( 91,811 ) — City Point Loan — — — ( 65,391 ) City Point Loan accrued interest — — — ( 3,923 ) Employee and trustee stock compensation, net 10,000 — 10,000 — Noncontrolling interest distributions — ( 79,838 ) ( 79,838 ) — Noncontrolling interest contributions — 109,428 109,428 65,945 Net loss for the year ended December 31, 2022 ( 1,308 ) ( 22,962 ) ( 24,270 ) ( 5,536 ) Other comprehensive income - unrealized gain on valuation of swap agreements 4,641 15,567 20,208 — Reclassification of realized interest expense on swap agreements 58 1,793 1,851 — Reclassification of redeemable noncontrolling interests (f) — ( 76,569 ) ( 76,569 ) 76,569 Reallocation of noncontrolling interests (d) 1,082 — 1,082 — Balance at December 31, 2022 $ 99,554 $ 389,810 $ 489,364 $ 67,664 Noncontrolling (a) Noncontrolling (b) Total Redeemable Noncontrolling Interests (c) Balance at January 1, 2021 $ 89,431 $ 519,734 $ 609,165 $ — Conversion of 89,765 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 1,431 ) — ( 1,431 ) — Cancellation of OP units (g) ( 568 ) — ( 568 ) — Distributions declared of $ 0.60 per Common OP Unit ( 4,185 ) — ( 4,185 ) — Employee and trustee stock compensation, net 11,284 — 11,284 — Noncontrolling interest distributions — ( 27,051 ) ( 27,051 ) — Noncontrolling interest contributions — 30,164 30,164 — Net income for the year ended December 31, 2021 2,075 407 2,482 — Other comprehensive loss - unrealized loss on valuation of swap agreements 2,072 3,918 5,990 — Reclassification of realized interest expense on swap agreements 210 7,030 7,240 — Reallocation of noncontrolling interests (d) ( 4,768 ) — ( 4,768 ) — Balance at December 31, 2021 $ 94,120 $ 534,202 $ 628,322 $ — (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,855,574 , 3,062,108 , and 3,076,849 Common OP Units at December 31, 2023, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2023, 2022 and 2021; (iii) 126,384 Series C Preferred OP Units at December 31, 2023 and 2022, and 126,593 at December 31, 2021; and (iv) 4,247,054 , 3,512,414 , and 3,371,296 LTIP units at December 31, 2023, 2022 and 2021, respectively, as discussed in the Amended and Restated 2020 Plan ( Note 13 ). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above. (b) Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and seven other subsidiaries. (c) Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below. (d) Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership. (e) Represents the acquisition of the 11.67 % noncontrolling interest in Fund II and Mervyns II acquired on June 27, 2022 for $ 18.5 million and of a 21.67 % interest in Fund II on August 1, 2022 for $ 5.8 million ( Note 1 ). (f) Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022 . (g) The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $ 0.5 million on July 12, 2021. Redeemable Noncontrolling Interests Williamsburg Portfolio In connection with the Williamsburg Portfolio acquisition in February 2022 ( Note 2 ), the Company evaluated the Williamsburg Noncontrolling Interest ("Williamsburg NCI"), which represents the venture partner's one-time right to put its 50.01 % interest in the property to the Company for redemption at fair value at a future date. As it was unlikely as of the acquisition date that the venture partner would receive any consideration on redemption due to the Company’s preferential returns, the initial fair value of the Williamsburg NCI was determined to be zero. The Company is required to periodically evaluate the NCI and adjust it to redemption value. At December 31, 2023 and 2022, the Company determined that the fair value of the Williamsburg NCI was zero . The Company determined that its valuation was classified within Level 3 of the fair value hierarchy. The estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.25 % and discount rate of 7.25 % were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. City Point Loan In August 2022, the Company provided a loan, through a separate lending subsidiary, to other Fund II investors in City Point, through a separate borrower subsidiary, to fund the investors' pro-rata contribution necessary to complete the refinancing of the City Point debt, of which $ 65.9 million was funded at closing ("City Point Loan"). The City Point Loan has a five-year term which matures on August 1, 2027 and is collateralized by the investors' equity in City Point ("City Point NCI"). Because the City Point Loan was granted in return for a capital contribution from the investors, and is collateralized by the City Point NCI, the City Point Loan and accrued interest, net of a $ 0.7 million and $ 0.5 million allowance for CECL as of December 31, 2023 and 2022, respectively, are presented as a reduction of the City Point NCI balance. The borrower subsidiary of the City Point Loan was determined to be a VIE for which the Company is not the primary beneficiary. The maximum loss in the VIE is limited to the amount of the City Point Loan and any accrued interest. In connection with the City Point Loan, each partner has a one-time right to put its City Point NCI to the Company for redemption in exchange for the settlement of its proportion of the City Point Loan amount plus either (i) a fixed cash amount or (ii) a cash amount equal to the value of fixed number of Common Shares of the Company on the trading day prior to the election, which began in August 2023 ("Redemption Value"). As a result of granting these redemption rights, the City Point NCI, net of the City Point Loan, has been reclassified and presented as Redeemable noncontrolling interests on the Company's Consolidated Balance Sheets. Given the carrying value of the City Point NCI at the time of the transaction exceeded the maximum Redemption Value, the Company did not recognize any initial adjustment to accrete the City Point NCI to the Redemption Value. The Company is required to periodically evaluate the maximum redemption amount of the City Point NCI interest and recognize an increase in the carrying value if the redemption value exceeds the then current carrying value. At December 31, 2023 , the Company determined that the carrying value exceeded the maximum Redemption Value and no adjustment was required. The Company determined that its valuation was classified within Level 3 of the fair value hierarchy. The estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.25 % and discount rate of 6.25 % were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. 8833 Beverly Boulevard In July 2023, the Company entered into a limited partnership agreement to own and operate the 8833 Beverly Boulevard property. Following the formation of the partnership, the Company retained a 97.0 % controlling interest. At a future point in time, subject to certain criteria, either party may elect a buy-out right, where either the Company may purchase its partner’s interest or its partner may sell its 3.0 % interest in the partnership (the "8833 Beverly NCI") to the Company for fair value. As a result of these redemption rights, the 8833 Beverly NCI was initially recorded at fair value and presented as Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets. On a quarterly basis, the Company will recognize changes in the redemption value as an adjustment to the carrying amount of the redeemable 8833 Beverly NCI. At December 31, 2023 , the Company determined that the carrying value exceeded the maximum redemption value and no adjustment was required. The Company determined that its valuation was classified within Level 3 of the fair value hierarchy. The estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 6.0 % and discount rate of 9.0 % were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. Preferred OP Units In 2016, the Operating Partnership issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to a third party to acquire Gotham Plaza ( Note 4 ). The Series C Preferred OP Units have a value of $ 100.00 per unit and are entitled to a preferred quarterly distribution of $ 0.9375 per unit and are convertible into Common OP Units at a rate based on the share price at the time of conversion. Through December 31, 2023 , 15,209 Series C Preferred OP Units were converted into 52,613 Common OP Units and then into Common Shares. If the share price is below $28.80 on the conversion date, each Series C Preferred OP Unit will be convertible into 3.4722 Common OP Units. If the share price is between $ 28.80 and $ 35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into a number of Common OP Units equal to $100.00 divided by the closing share price. If the share price is above $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into 2.8409 Common OP Units. The Series C Preferred OP Units have a mandatory conversion date of December 31, 2025, at which time all units that have not been converted will automatically be converted into Common OP Units based on the same calculations. In 1999, the Operating Partnership issued 1,580 Series A Preferred OP Units in connection with the acquisition of a property, which have a stated value of $ 1,000 per unit, and a re entitled to a preferred quarterly distribution of the greater of (i) $ 22.50 ( 9.00 % annually) per Series A Preferred OP Unit or (ii) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit. Through December 31, 2023 , 1,392 Series A Preferred OP Units were converted into 185,600 Common OP Units and then into Common Shares. The 188 remaining Series A Preferred OP Units are currently convertible into Common OP Units based on the stated value divided by $ 7.50 . Either the Company or the holders can currently call for the conversion of the Series A Preferred OP Units at the lesser of $7.50 or the market price of the Common Shares as of the conversion date. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 11. Leases As Lessor The Company has approximately 1,000 leases in the leasing of shopping centers and other retail properties that are either owned or, with respect to certain shopping centers, leased under long-term ground leases (see below) that expire at various dates through December 31, 2121, with renewal options. Certain leases may allow for the tenants to terminate the leases before the expiration of the lease term. Space in the properties is leased to tenants pursuant to agreements that generally provide for terms ranging from one month to sixty years and for additional rents based on certain operating expenses as well as tenants’ sales volumes. The components of rental revenue are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Fixed lease revenue $ 269,648 $ 258,472 $ 227,608 Variable lease revenue 63,396 59,342 58,290 Total rental revenue $ 333,044 $ 317,814 $ 285,898 The scheduled future minimum rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) as of December 31, 2023, are summarized as follows (in thousands): Minimum Rental (a) 2024 $ 249,135 2025 233,786 2026 208,935 2027 184,039 2028 153,941 Thereafter 668,128 1,697,964 Interest — Total $ 1,697,964 (a) Amount represents contractual lease maturities at December 31, 2023 , including any extension options that management determined were reasonably certain of exercise, and excluding any amounts related to reimbursements of operating expenses. During the years ended December 31, 2023, 2022 and 2021 , no single tenant or property collectively comprised more than 10 % of the Company’s Total revenues. During the year ended December 31, 2023 , Fund II received $ 2.0 million, or $ 1.1 million at the Company’s share, of proceeds from the Century 21 Department Stores LLC bankruptcy claim. The proceeds are recorded in Rental revenue on the Consolidated Statements of Operations. As Lessee The Company has properties in its portfolio that are currently owned by third parties. We also lease real estate for equipment and office space. We lease these properties pursuant to ground leases that provide us the right to operate each such property, and generally provide form terms ranging from eight months to 98 years . The scheduled future minimum rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land, and equipment, as of December 31, 2023, are summarized as follows (in thousands): Minimum Rental Payments Operating Leases (a) Finance (a) 2024 $ 5,414 $ 3,925 2025 5,329 1,780 2026 5,173 1,264 2027 4,373 1,264 2028 4,157 1,310 Thereafter 15,911 154,018 40,357 163,561 Interest ( 8,777 ) ( 130,822 ) Total $ 31,580 $ 32,739 (a) Minimum rental payments include $ 8.8 million of interest related to operating leases an d $ 130.8 m illion related to finance leases and exclude options or renewals not reasonably certain of exercise. Additional disclosures regarding the Company’s leases as lessee are as follows (dollars in thousands): Year Ended December 31, 2023 2022 2021 Lease Cost Finance lease cost: Amortization of right-of-use assets $ 1,244 $ 903 $ 903 Interest on lease liabilities 1,239 410 388 Subtotal 2,483 1,313 1,291 Operating lease cost 5,291 5,338 7,184 Variable lease cost 228 80 84 Total lease cost $ 8,002 $ 6,731 $ 8,559 Cash Paid Payments of operating lease obligations - operating activities $ 5,386 $ 5,364 $ 7,223 Payments of interest on finance lease obligations - operating activities 1,239 410 388 Payments of finance lease obligations - financing activities 100 — 63 As of December 31, 2023 2022 Other Information Weighted-average remaining lease term - finance leases (years) 58.3 31.9 Weighted-average remaining lease term - operating leases (years) 9.7 13.5 Weighted-average discount rate - finance leases 6.5 % 6.3 % Weighted-average discount rate - operating leases 5.1 % 5.1 % During the year ended December 31, 2023, the Company: • modified its master lease at 565 Broadway within the Core Portfolio and extended the lease term for 43 years until December 31, 2121, for an additional payment of $ 4.0 million to be paid over the lease term. As a result, the transaction was accounted for as a lease modification which resulted in a change in lease classification per ASC 842 from Right-of-use-asset – operating lease to a right-of-use-asset – finance lease. The Company recorded an additional right-of-use asset – finance lease and corresponding lease liability-finance lease of $ 3.8 million. • acquired four ground leases as part of the Fund V acquisition of Cypress Creek in July 2023 ( Note 2 ), and recorded a right-of-use-asset – finance lease of $ 25.3 million and a lease liability – finance lease of $ 22.1 million as the present value of the sum of the lease payments exceeded substantially all of the fair value of the underlying assets. During the year ended December 31, 2022 , there were no new leases entered or modified where the Company acted as lessee. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. Segmen t Reporting The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The Company’s Core Portfolio segment consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely populated metropolitan areas with a long-term investment horizon. The Company’s Funds segment hold primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Company’s Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable ( Note 3 ) which are held within the Core Portfolio or the Funds. Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements and are not presented in the Company’s segments. The following tables set forth certain segment information for the Company (in thousands): As of or for the Year Ended December 31, 2023 Core Funds Structured Unallocated Total Total revenues $ 203,545 $ 135,147 $ — $ — $ 338,692 Depreciation and amortization expenses ( 76,642 ) ( 59,342 ) — — ( 135,984 ) General and administrative expenses — — — ( 41,470 ) ( 41,470 ) Property operating expenses, other operating and real estate taxes ( 64,382 ) ( 44,094 ) — — ( 108,476 ) Impairment charges — ( 3,686 ) — — ( 3,686 ) Operating income 62,521 28,025 — ( 41,470 ) 49,076 Equity in earnings (losses) of unconsolidated affiliates 2,734 ( 10,411 ) — — ( 7,677 ) Interest income — — 19,993 — 19,993 Realized and unrealized holding gains (losses) on investments and other 5,756 24,995 ( 338 ) — 30,413 Interest expense ( 44,521 ) ( 48,732 ) — — ( 93,253 ) Income tax provision — — — ( 301 ) ( 301 ) Net income (loss) 26,490 ( 6,123 ) 19,655 ( 41,771 ) ( 1,749 ) Net loss attributable to redeemable noncontrolling interests — 8,239 — — 8,239 Net (income) loss attributable to noncontrolling interests ( 1,937 ) 15,320 — — 13,383 Net income (loss) attributable to Acadia shareholders $ 24,553 $ 17,436 $ 19,655 $ ( 41,771 ) $ 19,873 Real estate at cost (a) $ 2,646,831 $ 1,788,688 $ — $ — $ 4,435,519 Total assets (a) $ 2,566,450 $ 1,599,755 $ 124,949 $ — $ 4,291,154 Cash paid for acquisition of real estate $ — $ 126,545 $ — $ — $ 126,545 Cash paid for development, construction and property improvement costs $ 44,428 $ 25,112 $ — $ — $ 69,540 As of or for the Year Ended December 31, 2022 Core Funds Structured Unallocated Total Total revenues $ 202,547 $ 123,743 $ — $ — $ 326,290 Depreciation and amortization expenses ( 75,614 ) ( 60,303 ) — — ( 135,917 ) General and administrative expenses — — — ( 44,066 ) ( 44,066 ) Property operating expenses, other operating and real estate taxes ( 60,306 ) ( 41,621 ) — — ( 101,927 ) Impairment charges — ( 33,311 ) — — ( 33,311 ) Gain on disposition of properties 7,245 49,916 — — 57,161 Operating income (loss) 73,872 38,424 — ( 44,066 ) 68,230 Equity in (losses) earnings of unconsolidated affiliates ( 45,919 ) 13,012 — — ( 32,907 ) Interest income — — 14,641 — 14,641 Realized and unrealized holding gains (losses) on investments and other 1,163 ( 35,559 ) ( 598 ) — ( 34,994 ) Interest expense ( 37,892 ) ( 42,317 ) — — ( 80,209 ) Income tax provision — — — ( 12 ) ( 12 ) Net (loss) income ( 8,776 ) ( 26,440 ) 14,043 ( 44,078 ) ( 65,251 ) Net loss attributable to redeemable noncontrolling interests — 5,536 — — 5,536 Net loss attributable to noncontrolling interests 1,000 23,270 — — 24,270 Net (loss) income attributable to Acadia $ ( 7,776 ) $ 2,366 $ 14,043 $ ( 44,078 ) $ ( 35,445 ) Real estate at cost (a) $ 2,597,394 $ 1,655,616 $ — $ — $ 4,253,010 Total assets (a) $ 2,599,268 $ 1,579,411 $ 123,903 $ — $ 4,302,582 Cash paid for acquisition of real estate $ 242,633 $ — $ — $ — $ 242,633 Cash paid for development, construction and property improvement costs $ 32,406 $ 18,640 $ — $ — $ 51,046 As of or for the Year Ended December 31, 2021 Core Funds Structured Unallocated Total Total revenues $ 181,332 $ 111,165 $ — $ — $ 292,497 Depreciation and amortization expenses ( 69,103 ) ( 54,336 ) — — ( 123,439 ) General and administrative expenses — — — ( 40,125 ) ( 40,125 ) Property operating expenses, other operating and real estate taxes ( 56,957 ) ( 41,916 ) — — ( 98,873 ) Impairment charges — ( 9,925 ) — — ( 9,925 ) Gain on disposition of properties 4,612 5,909 — — 10,521 Operating income (loss) 59,884 10,897 — ( 40,125 ) 30,656 Equity in earnings of unconsolidated affiliates 353 4,977 — — 5,330 Interest income — — 9,065 — 9,065 Realized and unrealized holding gains (losses) on investments and other — 53,654 ( 4,534 ) — 49,120 Interest expense ( 29,454 ) ( 38,594 ) — — ( 68,048 ) Income tax provision — — — ( 93 ) ( 93 ) Net income (loss) 30,783 30,934 4,531 ( 40,218 ) 26,030 Net income attributable to noncontrolling interests ( 2,276 ) ( 206 ) — — ( 2,482 ) Net income (loss) attributable to Acadia $ 28,507 $ 30,728 $ 4,531 $ ( 40,218 ) $ 23,548 Real estate at cost (a) $ 2,356,645 $ 1,714,962 $ — $ — $ 4,071,607 Total assets (a) $ 2,212,877 $ 1,894,983 $ 153,886 $ — $ 4,261,746 Cash paid for acquisition of real estate and leasehold interest $ 26,176 $ 135,670 $ — $ — $ 161,846 Cash paid for development, construction and property improvement costs $ 13,625 $ 27,046 $ — $ — $ 40,671 a) Total assets for the Funds segment includ e $ 555.8 million, $ 569.1 million, and $ 583.4 million related to Fund II’s City Point property at December 31, 2023, 2022 ,and 2021, respectively. |
Share Incentive and Other Compe
Share Incentive and Other Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share Incentive and Other Compensation | 13. Share Incentive a nd Other Compensation Share Incentive Plan In March and May of 2020, respectively, the Board and the Company’s shareholders, approved the 2020 Share Incentive Plan (the “2020 Plan”), which increased the number of Common Shares authorized for issuance by 2,650,000 shares to an aggregate of 2,829,953 shares. On March 22, 2023 and May 4, 2023, respectively, the Board and the Company’s shareholders approved the Amended and Restated 2020 Share Incentive Plan (the "Amended and Restated 2020 Plan") which further increased the number of Common Shares authorized for issuance by 3,100,000 to an aggregate of 3,883,564 shares. In this report, references to issuances, compensation arrangements and expenses under the Amended and Restated 2020 Plan include issuances, compensation arrangements and expenses under the originally adopted 2020 Plan, as applicable. The 2020 Plan and the Amended and Restated 2020 Plan authorize the Company to issue options, Restricted Shares, LTIP Units and other securities (collectively “Awards”) to, among others, the Company’s officers, trustees, and employees. At December 31, 2023 a total of 3,804,345 shares remained available to be issued under the Amended and Restated 2020 Plan. A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below: Unvested Restricted Shares and LTIP Units Common Weighted LTIP Units Weighted Unvested at January 1, 2023 92,735 $ 17.31 1,465,398 $ 18.59 Granted 70,629 14.11 780,193 15.00 Vested ( 41,268 ) 19.09 ( 354,343 ) 20.35 Forfeited ( 8,187 ) 21.07 ( 92,589 ) 30.78 Unvested at December 31, 2023 113,909 $ 14.41 1,798,659 $ 16.03 Unvested at January 1, 2022 89,746 $ 16.87 1,415,195 $ 20.85 Granted 45,813 20.98 637,818 21.04 Vested ( 40,894 ) 19.75 ( 309,283 ) 22.86 Forfeited ( 1,930 ) 31.82 ( 278,332 ) 31.16 Unvested at December 31, 2022 92,735 $ 17.31 1,465,398 $ 18.59 Unvested at January 1, 2021 89,911 $ 15.42 1,122,889 $ 24.38 Granted 43,078 19.94 666,967 19.48 Vested ( 43,084 ) 16.85 ( 283,024 ) 26.66 Forfeited ( 159 ) 36.22 ( 91,637 ) 36.22 Unvested at December 31, 2021 89,746 $ 16.87 1,415,195 $ 20.85 The weighted-average grant date fair value for Restricted Shares and LTIP Units granted for the years ended December 31, 2023, 2022 and 2021 were $ 14.93 , $ 21.04 and $ 19.51 , respectively. As of December 31, 2023, there was $ 16.7 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Amended and Restated 2020 Plan. That cost is expected to be recognized over a weighted-average period o f 1.5 years . The total fair value of Restricted Shares that vested for each of the years ended December 31, 2023, 2022 and 2021, was $ 0.8 million. The total fair value of LTIP Units that vested (LTIP units vest primarily during the first quarter) during the years ended December 31, 2023, 2022 and 2021, was $ 7.2 million, $ 7.1 million and $ 7.5 million, respectively. Restricted Shares and LTIP Units - Employees During the year ended December 31, 2023, the Company issued 22,314 Restricted Share Units and 739,734 LTIP Units to employees of the Company pursuant to the Amended and Restated 2020 Plan. Certain of these equity awards were granted in performance-based Restricted Share Units or LTIP Units with market conditions as described below (“Performance Shares”). These awards were measured at their fair value on the grant date, incorporating the following factors: • A portion of these annual equity awards is granted in performance-based Restricted Share Units or LTIP Units that may be earned based on the Company’s attainment of specified relative total shareholder returns (“Relative TSR”) hurdles or specified same-property net operating income growth (“Absolute SSNOI Growth”). • In the event the Relative TSR percentile falls between the 25th percentile and the 50th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 50 % and 100 %, and in the event that the Relative TSR percentile falls between the 50th percentile and 75th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 100 % and 200 %. • Fifty percent ( 50 %) of the performance-based LTIP Units will vest based on the Company’s total shareholder return (“TSR”) for the three-year forward-looking performance period relative to the constituents of the National Association of Real Estate Investment Trusts ("NAREIT") Shopping Center Property Subsector and twenty five percent ( 25 %) on the Company’s TSR for the three-year forward-looking performance period as compared to the constituents of the NAREIT Retail Property Sector (both on a non-weighted basis). • Twenty-five percent ( 25 %) of the performance-based LTIP Units will vest based on the Company's same-property net operating income ("SSNOI") growth for the three-year forward-looking performance period. If the Company achieves annualized SSNOI growth between 2 % and 3 %, the Absolute SSNOI Growth vesting percentage is determined using a straight-line linear interpolation between 50 % and 100 %, and in the event that the Company achieves annualized SSNOI growth between 3 % and 4 %, the Absolute SSNOI Growth vesting percentage is determined using a straight-line linear interpolation between 100 % and 200 %. • If the Company’s performance fails to achieve the aforementioned hurdles at the culmination of the three-year performance period, all performance-based shares will be forfeited. Any earned performance-based shares vest 60 % at the end of the performance period, with the remaining 40 % of shares vesting ratably over the next two years . For valuation of the 2023, 2022 and 2021 Performance Shares, a Monte Carlo simulation was used to estimate the fair values of the relative TSR portion based on probability of satisfying the market conditions and the projected share prices at the time of payments, discounted to the valuation dates over the three-year performance periods. The assumptions include volatility ( 48.0 %, 49.0 % and 48.0 %) and risk-free interest rates of ( 4.3 %, 1.7 % and 0.2 %) for 2023, 2022 and 2021, respectively. The total value of the 2023, 2022 and 2021 Performance Shares will be expensed over the vesting period. The total fair value of the above Restricted Share Units and LTIP Units as of the grant date was $ 11.5 million, $ 13.1 million and $ 12.6 million for the years ended December 31, 2023 , 2022 and 2021, respectively. Total long-term incentive compensation expense, including the expense related to the Amended and Restated 2020 Plan, was $ 9.2 million, $ 7.4 million, and $ 9.4 million for the years ended December 31, 2023, 2022, and 2021, respectively and is recorded in General and administrative on the Consolidated Statements of Operations. Restricted Shares and LTIP Units - Board of Trustees In addition, members of the Board have been issued shares and units under the Amended and Restated 2020 Plan. During 2023, the Company issued 45,882 Restricted Shares and 40,459 LTIP Units to Trustees of the Company in connection with Trustee fees. Vesting with respect to 15,850 of the Restricted Shares and 10,427 of the LTIP Units will be on the first anniversary of the date of issuance, and 30,032 of the Restricted Shares and 30,032 of the LTIP Units vest over three years with 33 % vesting on each of the next three anniversaries of the issuance date. Additionally, during the year ended December 31, 2023, the Company issued 2,433 Restricted Shares as compensation to a new Trustee of the Company. These Restricted Shares vest over three years with 33 % vesting May 9, 2023, and the remaining amount vesting ratably on May 9, 2024 and May 9, 2025. The Restricted Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, assigned, or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares but are paid cumulatively from the issuance date through the applicable vesting date of such Restricted Shares. Total trustee fee expense, including the expense related to the Amended and Restated 2020 Plan, was $ 1.9 million, $ 1.7 million and $ 1.6 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is recorded in General and administrative on the Consolidated Statements of Operations. Long-Term Investment Alignment Program In 2009, the Company adopted the Long-Term Investment Alignment Program (the “Program”) pursuant to which the Company may grant awards to employees, entitling them to receive up to 25 % of any potential future payments of Promote to the Operating Partnership from Funds III, IV and V. The Company has granted such awards to employees representing 25 % of the potential Promote payments from Fund III to the Operating Partnership, 23.1 % of the potential Promote payments from Fund IV to the Operating Partnership and 18.0 % of the potential Promote payments from Fund V to the Operating Partnership. Payments to senior executives under the Program require further Board approval at the time any potential payments are due pursuant to these grants. Compensation relating to these awards will be recognized in each reporting period in which Board approval is granted. As payments to other employees are not subject to further Board approval, compensation relating to these awards will be recorded based on the estimated fair value at each reporting period in accordance with ASC Topic 718, Compensation – Stock Compensation. The awards in connection with Fund IV were determined to have no intrinsic value at December 31, 2023 or 2022. The Company recognized $ 0.2 million and $ 0.4 million compensation expense related to the Program for the years ended December 31, 2023 and 2022, related to Funds III and V. No compensation expense was recognized for the year ended 2021 related to the Program. Other Plans On a combined basis, the Company incurred a total of $ 0.5 million , $ 0.4 million, and $ 0.4 million of compe nsation expense related to the following employee benefit plans for the years ended December 31, 2023, 2022 and 2021, respectively: Employee Share Purchase Plan The Acadia Realty Trust Employee Share Purchase Plan (the “Purchase Plan”) allows eligible employees of the Company to purchase Common Shares through payroll deductions for a maximum aggregate issuance of 200,000 Common Shares. The Purchase Plan provides for employees to purchase Common Shares on a quarterly basis at a 15 % discount to the closing price of the Company’s Common Shares on either the first day or the last day of the quarter, whichever is lower. A participant may not purchase more than $ 25,000 in Common Shares per year. Compensation expense will be recognized by the Company to the extent of the above discount to the closing price of the Common Shares with respect to the applicable quarter. A total of 13,177 a nd 9,747 Common Shares were purchased by employees under the Purchase Plan for the years ended December 31, 2023 and 2022, respectively. Deferred Share Plan The Company maintains a Trustee Deferral and Distribution Election program, under which the participating Trustees earn deferred compensation. Employee 401(k) Plan The Company maintains a 401(k) plan for employees under which the Company currently matches 50 % of a plan participant’s contribution up to 6 % of the employee’s annual salary. A plan participant may contribute up to a maximum of 15 % of their compen sation, up to $ 22,500 , for the year ended December 31, 2023 . |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Federal Income Taxes | 14. Federal Inc om e Taxes The Company has elected to qualify as a REIT in accordance with Sections 856 through 860 of the Code and intends at all times to qualify as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 % of its annual REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to corporate federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. As the Company distributed sufficient taxable income for the years ended December 31, 2023, 2022 and 2021 , no U.S. federal income or excise taxes were incurred. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at the regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property and federal income and excise taxes on any undistributed taxable income. In addition, taxable income from non-REIT activities managed through the Company’s TRS’s is subject to federal, state and local income taxes. No more than 20 % of the value of our total assets may consist of the securities of one or more TRS. In the normal course of business, the Company or one or more of its subsidiaries is subject to examination by federal, state and local jurisdictions, in which it operates, where applicable. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense. For the three years ended December 31, 2023, the Company recognized no material adjustments regarding its tax accounting treatment for uncertain tax provisions. As of December 31, 2023, the tax years that remain subject to examination by the major tax jurisdictions under applicable statutes of limitations are generally the year 2020 and forward. Reconciliation of Net Income to Taxable Income Reconciliation of GAAP net income attributable to Acadia to taxable income (loss) is as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Net income (loss) attributable to Acadia $ 19,873 $ ( 35,445 ) $ 23,548 Deferred rental and other (loss) income (a) 351 ( 1,854 ) 3,209 Book/tax difference - depreciation and amortization (a) 22,353 28,337 24,756 Straight-line rent and above- and below-market rent adjustments (a) ( 12,484 ) ( 11,917 ) ( 8,588 ) Book/tax differences - equity-based compensation 7,519 5,952 7,663 Joint venture equity in earnings, net and other investments (a) 33,522 22,493 3,962 Impairment charges and reserves 524 54,822 2,657 Acquisition costs (a) 9 2,048 22 Gain (loss) on disposition of properties and investments 1,800 ( 14,960 ) ( 2,170 ) Book adjustment marketable securities ( 4,813 ) — — Book/tax differences - miscellaneous 2,355 5,638 ( 1,203 ) Taxable income $ 71,009 $ 55,114 $ 53,856 Dividends/Distributions declared (b) $ 68,612 $ 68,312 $ 52,872 a) Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.” b) The entire fourth quarter 2023 dividend of $ 17.2 million (paid in January 2024 ) was attributed to 2024. Any additional distributions required for REIT qualification may be made through October 15, 2024. The entire fourth quarter 2022 dividend of $ 17.1 million (paid in January 2023 ) was attributed to 2023. The entire fourth quarter 2021 dividend of $ 14.4 million (paid in January 2022 ) was attributed to 2021 ( Note 10 ). Characterization of Distributions The Company has determined that the cash distributed to the shareholders for the periods presented is characterized as follows for federal income tax purposes: Year Ended December 31, 2023 2022 2021 Per Share % Per Share % Per Share % Ordinary income - Section 199A $ 0.583 81 % $ 0.650 90 % $ 0.550 92 % Qualified dividend 0.115 16 % 0.010 1 % 0.010 1 % Capital gain 0.022 3 % 0.060 9 % 0.040 7 % Total (a) $ 0.720 100 % $ 0.720 100 % $ 0.600 100 % a) The fourth quarter 2023 regular dividend was $ 0.18 per Common Share, all of which is allocable to 2024. The fourth quarter 2022 regular dividend was $ 0.18 per Common Share, all of which is allocable to 2023. The fourth quarter 2021 regular dividend was $ 0.15 per Common Share, all of which is allocable to 2021. Taxable REIT Subsidiaries Income taxes have been provided for using the liability method as required by ASC Topic 740, “Income Taxes.” The Company’s TRS income (loss) and provision for income taxes associated with the TRS for the periods presented are summarized as follows (in thousands): Year Ended December 31, 2023 2022 2021 TRS loss before income taxes $ ( 3,768 ) $ ( 3,178 ) $ ( 4,240 ) Provision for income taxes: Federal — — — State and local — — — TRS net loss before noncontrolling interests ( 3,768 ) ( 3,178 ) ( 4,240 ) Noncontrolling interests — — 9 TRS net loss $ ( 3,768 ) $ ( 3,178 ) $ ( 4,231 ) The income tax provision for the Company differs from the amount computed by applying the statutory Federal income tax rate to income (loss) before income taxes as follows. Amounts are not adjusted for temporary book/tax differences (in thousands): Year Ended December 31, 2023 2022 2021 Federal tax benefit at statutory tax rate $ ( 791 ) $ ( 667 ) $ ( 890 ) TRS state and local taxes, net of Federal benefit ( 238 ) ( 201 ) ( 268 ) Tax effect of: Permanent differences, net 246 194 252 Adjustment to deferred tax reserve ( 8 ) 691 1,061 Other 791 ( 16 ) ( 156 ) REIT state and local income and franchise taxes 301 11 94 Total provision for income taxes $ 301 $ 12 $ 93 As of December 31, 2023, and 2022, the Company’s deferred tax assets we re $ 0.0 million net of applicable reserves of $ 4.3 million and were comprised of capital loss carryovers of $ 0.0 million and $ 0.1 million and net operating loss carryovers of $ 3.1 million and $ 4.2 million, respectively. Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. For the years ended December 31, 2023, 2022, and 2021, the Company determined that the realization of its deferred tax assets was not likely and as such, the Company recorded a valuation allowance against its deferred tax assets o f $ 0.0 million, $ 0.7 million, and $ 1.1 million, respectively. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | 15. Earnings (Loss) P er Common Share Basic earnings (loss) per Common Share is computed by dividing net income (loss) attributable to Common Shareholders by the weighted average Common Shares outstanding ( Note 10 ). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings (loss) per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of Restricted Share Units issued under the Company’s Amended and Restated 2020 Plan ( Note 13 ). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below. The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one -for-one basis . The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. Year Ended December 31, (dollars in thousands) 2023 2022 2021 Numerator: Net income (loss) attributable to Acadia shareholders $ 19,873 $ ( 35,445 ) $ 23,548 Less: earnings attributable to unvested participating securities ( 978 ) ( 805 ) ( 624 ) Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share 18,895 ( 36,250 ) 22,924 Impact of City Point Loan share conversion option (a) — ( 1,804 ) — Income from continuing operations net of income attributable to participating securities for diluted earnings per share $ 18,895 $ ( 38,054 ) $ 22,924 Denominator: Weighted average shares for basic earnings (loss) per share 95,283,752 94,575,251 87,653,818 Effect of dilutive securities: Series A Preferred OP Units — — — Employee unvested restricted shares — — — City Point Loan common stock conversion option (Note 10) (a) — 68,215 — Weighted average shares for diluted earnings per share 95,283,752 94,643,466 87,653,818 Basic earnings (loss) per Common Share from continuing operations attributable to Acadia $ 0.20 $ ( 0.38 ) $ 0.26 Diluted earnings (loss) per Common Share from continuing operations attributable to Acadia $ 0.20 $ ( 0.40 ) $ 0.26 Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units 188 188 188 Series A Preferred OP Units - Common share equivalent 25,067 25,067 25,067 Series C Preferred OP Units 126,384 126,384 126,593 Series C Preferred OP Units - Common share equivalent 438,831 438,831 439,556 Restricted shares 90,006 68,832 70,827 a) The impact of the assumed conversion of dilutive convertible securities is related to the assumed conversion of potential common shares of the Company that could be subsequently issued in connection with the City Point Loan ( Note 10 ) for the stub-period until the put rights were modified for a cash-only settlement option in the third quarter of 2022 . |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract] | |
Variable Interest Entities | 16. Variable Interest Entities Pursuant to GAAP consolidation guidance, the Company consolidates certain VIEs for which the Company is the primary beneficiary. As of December 31, 2023 and 2022, the Company had seven and eight consolidated VIEs, respectively, including the Operating Partnership and the Funds. Excluding the Operating Partnership and the Funds at December 31, 2023, the VIEs consisted of three in-service Core properties: the Williamsburg Portfolio, 239 Greenwich Avenue, and 8833 Beverly Boulevard. The Operating Partnership is considered a VIE in which the Company is the primary beneficiary because the limited partners do not have substantive kick-out or participating rights. The Company consolidated these VIEs because it is the primary beneficiary as it has (i) the power to direct the activities of the entity that most significantly impact the entity's economic performance, and (ii) the obligation to absorb the entity's losses or receive benefits from the entity that could potentially be significant to the entity. The third parties’ interests in these consolidated entities are reflected as noncontrolling interests in the accompanying consolidated financial statements and in Note 10 . The majority of the operations of these VIEs are funded with fees earned from investment opportunities or cash flows generated from the properties. The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital commitments and capital expenditures, which are deemed necessary to continue to operate the entity and any operating cash shortfalls the entity may experience. Since the Company conducts its business through and substantially all of its interests are held by the Operating Partnership, substantially all of the assets and liabilities on the Consolidated Balance Sheets represent the assets and liabilities of the Operating Partnership. As of December 31, 2023 and December 31, 2022, the Consolidated Balance Sheets included the following assets and liabilities of the consolidated VIEs of the Operating Partnership: (dollars in thousands) December 31, 2023 December 31, 2022 VIE ASSETS Operating real estate, net $ 1,679,779 $ 1,466,381 Real estate under development 28,851 129,888 Investments in and advances to unconsolidated affiliates 92,802 210,922 Other assets, net 101,679 98,675 Right-of-use assets - operating leases, net 2,112 2,535 Cash and cash equivalents 10,787 13,330 Restricted cash 7,048 14,995 Rents receivable, net 21,427 17,915 Total VIE assets (a) $ 1,944,485 $ 1,954,641 VIE LIABILITIES Mortgage and other notes payable, net $ 764,614 $ 761,166 Unsecured notes payable, net 80,473 51,202 Accounts payable and other liabilities 127,162 95,385 Lease liability - operating leases 2,213 2,657 Total VIE liabilities (a) $ 974,462 $ 910,410 (a) At December 31, 2023 and December 31, 2022 , totals included VIE assets of $ 721.2 million and 678.1 million, respectively, and VIE liabilities of $ 234.7 million and $ 200.4 million, respectively, related to third-party mortgages that are collateralized by the real estate assets of City Point, a Fund II property, and 27 East 61st Street, 801 Madison Avenue, and 1035 Third Avenue, all Fund IV properties, of which $ 72.5 million is guaranteed by the Operating Partnership ( Note 9 ). The remaining VIE assets are generally encumbered by third-party non-recourse mortgage debt and are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. Th e remaining VIE assets may only be used to settle obligations of these consolidated VIEs and the remaining VIE liabilities are only the obligations of these consolidated VIEs and they do not have recourse to the Operating Partnership or the Company. Unconsolidated VIEs The Company holds variable interests in certain VIEs which are not consolidated. While the Company may be responsible for managing the day-to-day operations of these investees, it is not the primary beneficiary of these VIEs, as the Company does not hold unilateral power over activities that, when taken together, most significantly impact the respective VIE's economic performance. The Company accounts for investments in these entities under the equity method ( Note 4 ). As of December 31, 2023 and 2022, the Company has determined that the following entities are VIEs: 1238 Wisconsin Avenue and the Georgetown Portfolio. The Company's involvement with these entities is in the form of direct and indirect equity interests and fee arrangements. The maximum exposure to loss in these entities is limited to: (i) the amount of the Company's equity investment and (ii) debt guarantees ( Note 9 ). The Company's aggregate investment in the unconsolidated VIEs assets was $ 45.8 million and $ 41.5 million at December 31, 2023 and 2022, respectively. The Company's aggregate investment in unconsolidated VIEs liabilities was $ 40.1 million and $ 49.2 million at December 31, 2023 and 2022, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events On January 8, 2024, the Company sold 175,000 shares of Albertsons, generating net proceeds of $ 4.0 million. On January 8, 2024, the Company completed an underwritten offering of 6,900,000 Common Shares (inclusive of the underwriters’ option to purchase 900,000 additional shares) for net proceeds of $ 113.0 million. The Company had the following financing activity: • repaid a Core mortgage totaling $ 7.3 million at maturity; and • entered into a new Fund V mortgage for $ 43.4 million and repaid the outstanding balance of the Fund V subscription line with the proceeds. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Initial Cost Gross Amount at Which Description and Encumbrances Land Buildings & Increase Land Buildings & (1) Total (2) Accumulated (1) Date of Life on which (1) Core Portfolio: Crescent Plaza — 1,147 7,425 4,855 1,147 12,280 13,427 9,760 1993 (a) 40 years New Loudon Center — 505 4,161 16,414 505 20,575 21,080 17,764 1993 (a) 40 years Mark Plaza — — 3,396 1 — 3,397 3,397 3,186 1993 (c) 40 years Plaza 422 — 190 3,004 2,809 190 5,813 6,003 5,406 1993 (c) 40 years Route 6 Mall — 1,664 — 17,141 1,664 17,141 18,805 12,058 1994 (c) 40 years Abington Towne Center — 799 3,197 4,811 799 8,008 8,807 5,162 1998 (a) 40 years Bloomfield Town Square — 3,207 13,774 29,347 3,207 43,121 46,328 29,743 1998 (a) 40 years Elmwood Park Shopping Center Elmwood Park, NJ — 3,248 12,992 22,103 3,798 34,545 38,343 23,339 1998 (a) 40 years Merrillville Plaza — 4,288 17,152 12,245 4,288 29,397 33,685 17,321 1998 (a) 40 years Marketplace of Absecon — 2,573 10,294 5,817 2,577 16,107 18,684 10,986 1998 (a) 40 years 239 Greenwich Avenue 26,000 1,817 15,846 2,908 1,817 18,754 20,571 10,749 1998 (a) 40 years Hobson West Plaza — 1,793 7,172 5,659 1,793 12,831 14,624 7,996 1998 (a) 40 years Village Commons Shopping Center Smithtown, NY — 3,229 12,917 5,779 3,229 18,696 21,925 12,698 1998 (a) 40 years Town Line Plaza — 878 3,510 8,389 907 11,870 12,777 10,021 1998 (a) 40 years Branch Shopping Center — 3,156 12,545 17,465 3,401 29,765 33,166 20,748 1998 (a) 40 years Methuen Shopping Center — 956 3,826 2,006 961 5,827 6,788 3,659 1998 (a) 40 years The Gateway Shopping Center — 1,273 5,091 12,932 1,273 18,023 19,296 12,937 1999 (a) 40 years Mad River Station — 2,350 9,404 2,689 2,350 12,093 14,443 7,791 1999 (a) 40 years Brandywine Holdings — 5,063 15,252 2,983 5,201 18,097 23,298 9,491 2003 (a) 40 years Bartow Avenue — 1,691 5,803 1,635 1,691 7,438 9,129 4,178 2005 (c) 40 years Amboy Road — — 11,909 3,537 — 15,446 15,446 11,403 2005 (a) 40 years Chestnut Hill — 8,289 5,691 4,802 8,289 10,493 18,782 6,519 2006 (a) 40 years 2914 Third Avenue — 11,108 8,038 5,627 11,855 12,918 24,773 4,910 2006 (a) 40 years West 54th Street — 16,699 18,704 1,515 16,699 20,219 36,918 9,028 2007 (a) 40 years 5-7 East 17th Street — 3,048 7,281 7,468 3,048 14,749 17,797 9,065 2008 (a) 40 years 651-671 W Diversey — 8,576 17,256 402 8,576 17,658 26,234 5,450 2011 (a) 40 years 15 Mercer Street — 1,887 2,483 97 1,887 2,580 4,467 778 2011 (a) 40 years 4401 White Plains — 1,581 5,054 — 1,581 5,054 6,635 1,558 2011 (a) 40 years 56 E. Walton — 994 6,126 3,078 994 9,204 10,198 1,450 2011 (a) 40 years 841 W. Armitage — 728 1,989 422 728 2,411 3,139 1,037 2011 (a) 40 years 2731 N. Clark — 557 1,839 43 557 1,882 2,439 600 2011 (a) 40 years 2140 N. Clybourn — 306 788 54 306 842 1,148 261 2011 (a) 40 years 853 W. Armitage — 557 1,946 508 557 2,454 3,011 1,088 2011 (a) 40 years 2299 N. Clybourn Avenue — 177 484 — 177 484 661 150 2011 (a) 40 years 843-45 W. Armitage — 731 2,730 299 731 3,029 3,760 968 2012 (a) 40 years 1525 W. Belmont Avenue — 1,480 3,338 887 1,480 4,225 5,705 1,540 2012 (a) 40 years 2206-08 N. Halsted — 1,183 3,540 360 1,183 3,900 5,083 1,391 2012 (a) 40 years 2633 N. Halsted — 960 4,096 359 998 4,417 5,415 1,333 2012 (a) 40 years 50-54 E. Walton — 2,848 12,694 642 2,848 13,336 16,184 4,095 2012 (a) 40 years 662 W. Diversey — 1,713 1,603 10 1,713 1,613 3,326 446 2012 (a) 40 years 837 W. Armitage — 780 1,758 151 780 1,909 2,689 633 2012 (a) 40 years 823 W. Armitage — 717 1,149 95 717 1,244 1,961 364 2012 (a) 40 years Initial Cost Gross Amount at Which Description and Encumbrances Land Buildings & Increase Land Buildings & (1) Total (2) Accumulated (1) Date of Life on which (1) 851 W. Armitage — 545 209 139 545 348 893 185 2012 (a) 40 years 1240 W. Belmont Avenue — 2,137 1,589 1,357 2,137 2,946 5,083 1,013 2012 (a) 40 years 21 E. Chestnut — 1,318 8,468 752 1,318 9,220 10,538 2,467 2012 (a) 40 years 819 W. Armitage — 790 1,266 689 790 1,955 2,745 542 2012 (a) 40 years 1520 Milwaukee Avenue — 2,110 1,306 348 2,110 1,654 3,764 618 2012 (a) 40 years Rhode Island Place Shopping Center Washington, D.C. — 7,458 15,968 2,659 7,458 18,627 26,085 6,591 2012 (a) 40 years 930 Rush Street — 4,933 14,587 — 4,933 14,587 19,520 4,285 2012 (a) 40 years 28 Jericho Turnpike — 6,220 24,416 46 6,220 24,462 30,682 7,424 2012 (a) 40 years 181 Main Street — 1,908 12,158 719 1,908 12,877 14,785 3,771 2012 (a) 40 years 83 Spring Street — 1,754 9,200 309 1,754 9,509 11,263 2,649 2012 (a) 40 years 179-53 & 1801-03 Connecticut Avenue Washington, D.C. — 11,690 10,135 1,999 11,690 12,134 23,824 3,619 2012 (a) 40 years 639 West Diversey — 4,429 6,102 1,089 4,429 7,191 11,620 2,428 2012 (a) 40 years 664 North Michigan — 15,240 65,331 322 15,240 65,653 80,893 17,776 2013 (a) 40 years 8-12 E. Walton — 5,398 15,601 977 5,398 16,578 21,976 4,970 2013 (a) 40 years 3200-3204 M Street — 6,899 4,249 1,213 6,899 5,462 12,361 1,465 2013 (a) 40 years 868 Broadway — 3,519 9,247 5 3,519 9,252 12,771 2,331 2013 (a) 40 years 313-315 Bowery — — 5,516 — — 5,516 5,516 2,232 2013 (a) 40 years 120 West Broadway — — 32,819 2,101 — 34,920 34,920 5,987 2013 (a) 40 years 11 E. Walton — 16,744 28,346 1,444 16,744 29,790 46,534 7,757 2014 (a) 40 years 61 Main Street — 4,578 2,645 1,862 4,578 4,507 9,085 1,238 2014 (a) 40 years 865 W. North Avenue — 1,893 11,594 246 1,893 11,840 13,733 2,874 2014 (a) 40 years 152-154 Spring St. — 8,544 27,001 347 8,544 27,348 35,892 6,706 2014 (a) 40 years 2520 Flatbush Ave — 6,613 10,419 313 6,613 10,732 17,345 2,693 2014 (a) 40 years 252-256 Greenwich Avenue — 10,175 12,641 1,122 10,175 13,763 23,938 3,735 2014 (a) 40 years Bedford Green — 12,425 32,730 4,729 13,765 36,119 49,884 9,524 2014 (a) 40 years 131-135 Prince Street — — 57,536 1,251 — 58,787 58,787 26,387 2014 (a) 40 years Shops at Grand Ave — 20,264 33,131 3,380 20,264 36,511 56,775 8,497 2014 (a) 40 years 201 Needham Street — 4,550 4,459 110 4,550 4,569 9,119 1,117 2014 (a) 40 years City Center — 36,063 109,098 7,129 26,386 125,904 152,290 28,162 2015 (a) 40 years 163 Highland Avenue 7,363 12,679 11,213 ( 105 ) 12,529 11,258 23,787 2,644 2015 (a) 40 years Roosevelt Galleria — 4,838 14,574 1,208 4,838 15,782 20,620 3,188 2015 (a) 40 years Route 202 Shopping Center — — 6,346 708 — 7,054 7,054 1,996 2015 (a) 40 years 991 Madison Avenue — — 76,965 ( 75,357 ) — 1,608 1,608 767 2016 (a) 40 years 165 Newbury Street — 1,918 3,980 — 1,918 3,980 5,898 763 2016 (a) 40 years Concord & Milwaukee 2,301 2,739 2,746 486 2,739 3,232 5,971 752 2016 (a) 40 years State & Washington 21,386 3,907 70,943 6,236 3,907 77,179 81,086 15,388 2016 (a) 40 years 151 N. State Street 12,207 1,941 25,529 172 1,941 25,701 27,642 4,739 2016 (a) 40 years North & Kingsbury 10,432 18,731 16,292 3,252 18,731 19,544 38,275 3,857 2016 (a) 40 years Sullivan Center 50,000 13,443 137,327 1,615 13,443 138,942 152,385 25,724 2016 (a) 40 years California & Armitage 2,142 6,770 2,292 98 6,770 2,390 9,160 475 2016 (a) 40 years 555 9th Street 60,000 75,591 73,268 5,775 75,591 79,043 154,634 13,366 2016 (a) 40 years Market Square — 8,100 31,221 683 8,100 31,904 40,004 5,342 2017 (a) 40 years 613-623 W. Diversey — 10,061 2,773 11,896 10,061 14,669 24,730 4,660 2018 (c) 40 years 51 Greene Street — 4,488 8,992 100 4,488 9,092 13,580 1,102 2019 (a) 40 years Initial Cost Gross Amount at Which Description and Encumbrances Land Buildings & Increase Land Buildings & (1) Total (2) Accumulated (1) Date of Life on which (1) 53 Greene Street — 3,605 12,177 2 3,605 12,179 15,784 1,446 2019 (a) 40 years 41 Greene Street — 6,276 9,582 — 6,276 9,582 15,858 1,098 2019 (a) 40 years 47 Greene Street — 6,265 16,758 6 6,265 16,764 23,029 1,851 2019 (a) 40 years 849 W Armitage — 837 2,731 — 837 2,731 3,568 311 2019 (a) 40 years 912 W Armitage — 982 2,868 183 982 3,051 4,033 360 2019 (a) 40 years Melrose Place Collection — 20,490 26,788 — 20,490 26,788 47,278 2,800 2019 (a) 40 years 45 Greene Street — 2,903 8,487 297 2,903 8,784 11,687 975 2019 (a) 40 years 565 Broadway — - 22,491 9,492 — 31,983 31,983 2,421 2019 (a) 40 years 907 W Armitage — 700 2,081 — 700 2,081 2,781 232 2019 (a) 40 years 37 Greene Street — 6,721 9,119 573 6,721 9,692 16,413 912 2020 (a) 40 years 917 W Armitage — 901 2,368 — 901 2,368 3,269 251 2020 (a) 40 years Brandywine Town Center — 15,632 101,861 9,076 15,632 110,937 126,569 11,879 2020 (a) 40 years 1324 14th Street — 728 3,044 — 728 3,044 3,772 152 2021 (a) 40 years 1526 14th Street — 1,377 6,964 — 1,377 6,964 8,341 348 2021 (a) 40 years 1529 14th Street — 1,485 10,411 — 1,485 10,411 11,896 521 2021 (a) 40 years 121 Spring St — 5,380 31,707 — 5,380 31,707 37,087 1,585 2022 (a) 40 years 8833 Beverly Blvd — 14,423 8,314 — 14,423 8,314 22,737 382 2022 (a) 40 years Williamsburg Portfolio — 31,500 60,720 2,334 31,500 63,054 94,554 2,861 2022 (a) 40 years Henderson Portfolio — 27,086 41,823 4,537 27,086 46,360 73,446 2,321 2022 (a) 40 years Fund II: City Point 137,485 — 100,316 571,784 — 672,100 672,100 135,588 2007 (c) 40 years Fund III: 640 Broadway 33,000 27,831 27,291 939 27,831 28,230 56,061 1,365 2012 (a) 40 years Fund IV: 210 Bowery — 1,875 5,625 ( 6,514 ) 518 468 986 242 2012 (c) 40 years 27 E. 61st Street 7,473 4,813 14,438 3,358 3,523 19,086 22,609 3,130 2014 (c) 40 years 17 E. 71st Street — 7,391 20,176 388 7,391 20,564 27,955 4,901 2014 (a) 40 years 1035 Third Avenue 13,725 12,759 37,431 5,852 14,099 41,943 56,042 10,791 2015 (a) 40 years 801 Madison Avenue 15,002 4,178 28,470 ( 4,667 ) 2,922 25,059 27,981 4,522 2015 (c) 40 years 2208-2216 Fillmore Street 5,308 3,027 6,376 217 3,027 6,593 9,620 1,368 2015 (a) 40 years 2207 Fillmore Street 1,120 1,498 1,735 125 1,498 1,860 3,358 408 2015 (a) 40 years 1964 Union Street 1,356 563 1,688 2,071 563 3,759 4,322 602 2016 (c) 40 years Restaurants at Fort Point — 1,041 10,905 81 1,041 10,986 12,027 2,204 2016 (a) 40 years 717 N. Michigan 46,000 72,591 35,440 ( 25,344 ) 48,920 33,767 82,687 411 2016 (a) 40 years 18 E. Broughton St. 1,545 609 1,513 62 609 1,575 2,184 213 2018 (a) 40 years 20 E. Broughton St. 1,008 588 937 12 588 949 1,537 127 2018 (a) 40 years 25 E. Broughton St. 3,178 1,324 2,459 383 1,324 2,842 4,166 491 2018 (a) 40 years 109 W. Broughton St. 6,466 2,343 6,560 904 2,343 7,464 9,807 1,063 2018 (a) 40 years 204-206 W. Broughton St. 910 547 439 32 547 471 1,018 74 2018 (a) 40 years 216-218 W. Broughton St. 2,663 1,160 2,736 1,944 1,160 4,680 5,840 820 2018 (a) 40 years 220 W. Broughton St. 1,863 619 1,799 985 619 2,784 3,403 496 2018 (a) 40 years 223 W. Broughton St. 910 465 688 33 465 721 1,186 97 2018 (a) 40 years 226-228 W. Broughton St. — 660 1,900 34 660 1,934 2,594 260 2018 (a) 40 years 309/311 W. Broughton St. 2,345 1,160 2,695 193 1,160 2,888 4,048 365 2018 (a) 40 years 230-240 W. Broughton St. 5,052 2,185 9,597 6 2,185 9,603 11,788 861 2020 (a) 40 years 102 E. Broughton St. — — 514 — — 514 514 46 2020 (a) 40 years Initial Cost Gross Amount at Which Description and Encumbrances Land Buildings & Increase Land Buildings & (1) Total (2) Accumulated (1) Date of Life on which (1) Fund V: Plaza Santa Fe 22,893 — 28,214 2,005 — 30,219 30,219 5,587 2017 (a) 40 years Hickory Ridge 27,546 7,852 29,998 5,041 7,852 35,039 42,891 7,177 2017 (a) 40 years New Towne Plaza 16,334 5,040 17,391 587 4,719 18,299 23,018 3,497 2017 (a) 40 years Fairlane Green 32,260 18,121 37,143 3,991 18,121 41,134 59,255 6,809 2017 (a) 40 years Trussville Promenade 28,472 7,587 34,285 77 7,587 34,362 41,949 5,451 2018 (a) 40 years Elk Grove Commons 40,247 6,204 48,008 1,884 6,204 49,892 56,096 7,200 2018 (a) 40 years Hiram Pavilion 27,667 13,029 25,446 625 13,029 26,071 39,100 4,412 2018 (a) 40 years Palm Coast Landing 25,862 7,066 27,299 789 7,066 28,088 35,154 4,033 2019 (a) 40 years Lincoln Commons 38,134 14,429 34,417 6,169 14,429 40,586 55,015 5,438 2019 (a) 40 years Landstown Commons 59,795 10,222 69,005 7,200 10,222 76,205 86,427 8,949 2019 (a) 40 years Canton Marketplace 36,000 11,883 34,902 1,204 11,883 36,106 47,989 2,476 2021 (a) 40 years Monroe Marketplace 29,150 8,755 35,452 482 8,755 35,934 44,689 2,623 2021 (a) 40 years Midstate Mall 42,400 13,062 43,290 3,241 13,062 46,531 59,593 2,808 2021 (a) 40 years Cypress Creek 32,200 25,313 39,637 54 — 65,004 65,004 841 2023 (a) 40 years Maple Tree Place — 17,597 49,404 — 17,597 49,404 67,001 121 2023 (a) 40 years Total operating real estate 937,200 930,827 2,595,398 814,495 872,228 3,468,492 4,340,720 823,439 Real estate under development — 31,673 — 63,126 31,673 63,126 94,799 — Unamortized loan costs ( 7,313 ) — — — — — — — Unamortized premium 240 — — — — — — — Total $ 930,127 $ 962,500 $ 2,595,398 $ 877,621 $ 903,901 $ 3,531,618 $ 4,435,519 $ 823,439 Notes: (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 $ 4.6 billion as of December 31, 2023 . The following table reconciles the activity for real estate properties from January 1, 2021 to December 31, 2023 (in thousands): Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 4,253,010 $ 4,071,607 $ 4,011,326 Improvements and other 75,668 50,696 32,070 Property acquisitions 131,952 234,557 172,558 Property dispositions or held for sale assets ( 21,425 ) ( 125,933 ) ( 134,422 ) Consolidation of previously unconsolidated investments — 55,394 — Impairment charges ( 3,686 ) ( 33,311 ) ( 9,925 ) Balance at end of year $ 4,435,519 $ 4,253,010 $ 4,071,607 The following table reconciles accumulated depreciation from January 1, 2021 to December 31, 2023 (in thousands): Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 725,143 $ 648,461 $ 573,364 Depreciation related to real estate 100,300 98,414 90,456 Property dispositions or held for sale assets ( 2,004 ) ( 21,732 ) ( 15,359 ) Balance at end of year $ 823,439 $ 725,143 $ 648,461 |
SCHEDULE IV - MORTGAGE LOANS ON
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV-MORTGAGE LOANS ON REAL ESTATE | December 31, 2023 (in thousands) Description Effective Final Maturity Periodic Payment Terms Prior Liens Face Amount Net Carrying Amount of (1) Principal Amount of Loans First Mortgage Loan 6.00 % 4/1/2020 Interest only — $ 17,810 $ 17,801 $ 17,801 Mezzanine Loan 9.25 % 1/9/2024 Interest only — 54,000 54,000 — First Mortgage Loan 6.56 % 9/17/2024 Interest only — 43,000 42,000 — Other 6.50 % 9/27/2024 Interest only — 1,427 1,427 — Other 4.65 % 4/12/2026 Interest only — 6,000 6,000 — Mezzanine Loan 8.00 % 12/11/2027 Interest only — 5,000 5,000 — Total $ 127,237 126,228 $ 17,801 Allowance for credit loss ( 1,279 ) Net carrying amount of notes receivable $ 124,949 Notes: (1) The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2023 . The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral, the personal guarantees of the borrower and the prospects of the borrower. The following table reconciles the activity for loans on real estate from January 1, 2021 to December 31, 2023 (in thousands): Reconciliation of Loans on Real Estate Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 124,801 $ 159,638 $ 102,100 Additions 1,427 — 58,000 Repayments — ( 29,531 ) — Conversion of OP Units — — ( 462 ) Conversion to real estate through receipt of deed or through foreclosure — ( 5,306 ) — Total $ 126,228 $ 124,801 $ 159,638 Allowance for credit loss ( 1,279 ) ( 898 ) ( 5,752 ) Balance at end of year $ 124,949 $ 123,903 $ 153,886 |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control, including where the Company has been determined to be a primary beneficiary of a variable interest entity ("VIE"), in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control and does not consolidate, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in Equity in (losses) earnings of unconsolidated affiliates in the Consolidated Statement of Operations. |
Use of Estimates | Use of Estimates Generally accepted accounting principles (“GAAP”) require s the Company’s management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. |
Segments | Segments We review operating and financial data for each property on an individual basis; therefore, each of our individual properties is a separate operating segment. We define our reportable segments to be aligned with our method of internal reporting and the way our chief operating decision maker makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, we aggregate our operating segments into three reportable operating segments: Core Portfolio, Funds and Structured Financing, based on the economic characteristics and nature of our assets and services. |
Reclassifications | Reclassifications Certain prior year amounts with regard to general reserves for leases and rental revenue have been reclassified to conform to the current year presentation. These reclassifications had no effect on the reported results of operations. Financial Statement Schedule II was also removed to conform to the current year presentation in the footnotes to the consolidated financial statements. |
Real Estate | Real Estate Land, buildings, and personal property are carried at cost less accumulated depreciation. Improvements and significant renovations that extend the useful life of the properties are capitalized, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Real estate under development includes costs for significant property expansion and development. Construction in progress pertains to construction activity at the Company’s operating properties that are in service and continue to operate during the construction period. Depreciation is computed on the straight-line basis over estimated useful lives of the assets as follows: Buildings and improvements Useful lives of 40 years for buildings and 15 years for improvements Furniture and fixtures Useful lives, ranging from five years to 10 years Tenant improvements Shorter of economic life or lease terms If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed, and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. Purchase Accounting – Upon acquisitions of real estate, the Company assesses the fair value of acquired assets and assumed liabilities (including land, buildings and improvements, and identified intangibles such as above- and below-market leases and acquired in-place leases) in accordance with ASC Topic 805, “Business Combinations” and ASC Topic 350 “Intangibles – Goodwill and Other,” and allocates the acquisition price based on their relative fair values. When acquisitions of properties do not meet the criteria for business combinations, they are accounted for as asset acquisitions; therefore, no goodwill is recorded, and acquisition costs are capitalized. The Company assesses the fair value of its tangible assets acquired and liabilities assumed based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information at the measurement period. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. In determining the value of above- and below-market leases, the Company estimates the present value difference between contractual rent obligations and estimated market rate of leases at the time of the transaction. To the extent there were fixed-rate options at below-market rental rates, the Company included these periods along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized to rental revenue over the remaining applicable lease term, inclusive of any option periods. In determining the value of acquired in-place leases, the Company considers market conditions at the time of the transaction and values the costs to execute similar leases during the expected lease-up period from vacancy to existing occupancy, including carrying costs. The value assigned to in-place leases and tenant relationships is amortized to depreciation and amortization expense over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs (e.g., lease intangibles) relating to that lease would be written off. The Company estimates the value of any assumption of mortgage debt based on market conditions at the time of acquisitions including prevailing interest rates, terms, and ability to obtain financing for a similar asset. Mortgage debt discounts or premiums are included in the carrying value of the debt and amortized into interest expense over the remaining term of the related debt instrument. Real Estate Under Development – The Company capitalizes certain costs related to the development of real estate. Interest and real estate taxes incurred during the period of the construction, expansion or development of real estate are capitalized and depreciated over the estimated useful life of the building. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants, but no later than one year from the completion of major construction activity, at which time the project is placed in service and depreciation commences. If the Company suspends substantially all activities related to the development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed. Real Estate Impairment – The Company reviews its real estate, real estate under development and right-of-use assets for impairment periodically or when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. In cases where the Company does not expect to recover its carrying amounts on properties held for use, the Company reduces its carrying amounts to fair value. The determination of anticipated undiscounted cash flows considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. Such cash flow projections consider factors such as expected future operating income, trends, and prospects, as well as the effects of demand, competition, and other factors. If an impairment is indicated, an impairment loss is recognized based on the excess of the carrying amount of the asset over its estimated fair value based on third-party appraisals, broker selling estimates, sale agreements under negotiation, and/or final selling prices, when available. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates to be made by management such as market rental rates and capitalization rates, and considers the most likely expected course of action at the balance sheet date based on current plans and available market information. See Note 8 for information about impairment charges recorded during the periods presented. |
Dispositions of Real Estate | Dispositions of Real Estate – The Company recognizes property sales in accordance with ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets . Sales of real estate include the sale of investments in real estate properties and real estate joint ventures. Gains on the sale of investment in real estate are recognized, and the related real estate derecognized, when the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date. |
Real Estate Held for Sale | Real Estate Held for Sale – The Company generally considers assets to be held for sale when certain criteria have been met, and management believes it is probable that the disposition will occur within one year. Properties are held for sale for a period longer than one year if events or circumstances out of the Company's control occur that delay the sale and while management continues to be committed to the plan of sale and is performing actions necessary to respond to the conditions causing the delay the properties held for sale remain salable in their current condition. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell, and depreciation and amortization are no longer recognized. Held for sale properties are evaluated quarterly to ensure that properties continue to meet the held for sale criteria. If properties are required to be reclassified from held for sale to held for use due to changes to a plan of sale, they are recorded at the lower of fair value or the carrying amount before the property was classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used. Properties that do not meet the held for sale criteria are accounted for as operating properties. |
Notes Receivable | Notes Receivable Notes receivable include certain loans that are held for investment and are collateralized by real estate-related investments and may be subordinate to other senior loans. Notes receivable are reported net of an allowance for current expected credit losses (“CECL”) and are recorded at stated principal amounts or at initial investment less accretive yield for loans purchased at a discount, which is accreted over the life of the note. The Company defers loan origination and commitment fees, net of origination costs, and amortizes them over the term of the related loan. Changes in cash flows from previous estimates are included in future interest income on a prospective basis and a new effective interest rate is computed based on the current cost basis of the instrument and remaining cash flows. Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment ( Note 12 ). Interest receivable is included in Other assets ( Note 5 ). The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company’s loan in relation to other debt secured by the collateral and the prospects of the borrower. Given the small number of notes outstanding, the Company believes the characteristics of its notes are not sufficiently similar to allow an evaluation as a group for CECL allowance. As such, all of the Company’s notes are evaluated individually for this purpose. The Company evaluates the collectability of both principal and interest based upon an assessment of the underlying collateral value to determine whether the note is impaired. Allowance for CECL represents management’s estimate of future losses based on national historical economic loss rates for similar obligations, management’s estimate of future economic impacts and factors specific to the borrower. Impairment charges may be required if and when such amounts are estimated to be nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold; however, non-recoverability may also be concluded if it is reasonably certain that all amounts due will not be collected. Pursuant to ASC 326, certain of the Company’s loans are considered “collateral dependent” in that settlement of the amount is likely to be achieved by obtaining access to the collateral (e.g., notes in default). The same valuation techniques are used to value the collateral for such collateral dependent instruments as those used to determine the fair value of real estate investments for impairment purposes. Interest income on performing notes is accrued as earned. The Company assesses the probability of a borrower’s ability to repay the loan similar to the factors noted above. We consider a loan to be past due when amounts contractually due have not been paid. Loans are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition is resumed on any loan that is on non-accrual status when such loan becomes contractually current and performance is demonstrated to be resumed. |
Allowance for Credit Losses | Allowance for Credit Losses The Company’s estimated allowance for CECL related to its Structured Financing segment (including unfunded commitments and guarantees) has been computed for its amortized cost basis in the portfolio, including accrued interest ( Note 5 ), factoring in the Company’s historical results and loss experience in the United States for similar loans, as adjusted for current conditions, as well as the Company’s expectations related to future economic conditions. If the Company has determined that a loan or a portion of a loan is uncollectible, it will write-off the loan through an adjustment to its CECL allowance based on the net present value of expected future cash flows or the fair value of the collateral less costs to sell, if repayment is expected from the sale of the collateral. The write-offs are recorded in the period in which the loan balance is deemed uncollectible based on management’s judgment. The Company records the CECL allowance related to its City Point Loan ( Note 10 ) as a reduction to redeemable noncontrolling interest. |
Investments in and Advances to Unconsolidated Joint Ventures | Investments in and Advances to Unconsolidated Joint Ventures Some of the Company’s unconsolidated joint ventures obtain non-recourse third-party financing on their property investments, contractually limiting the Company’s exposure to losses. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company and no intention or obligation to contribute additional capital. For investments in which there is recourse to the Company or an obligation or intention to contribute additional capital exists, distributions in excess of the investment are recorded as a liability. When characterizing distributions from unconsolidated investees within the Company's consolidated statements of cash flows, all distributions received are first applied as returns on investment to the extent there are cumulative earnings related to the respective investment and are classified as cash inflows from operating activities. If cumulative distributions are in excess of cumulative earnings, distributions are considered return of investment. In such cases, the distribution is classified as cash inflows from investing activities. To the extent that the Company’s carrying basis in an unconsolidated affiliate is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in earnings (losses) of unconsolidated affiliates. The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. A decline in the value of our other investments may require us to recognize an other-than-temporary impairment (“OTTI”) against such assets. When the fair value of an investment is determined to be less than its amortized cost at the balance sheet date, we assess whether the decline is temporary or other-than-temporary. If we intend to sell an impaired asset, or it is more likely than not that we will be required to sell the impaired asset before any anticipated recovery, then we must recognize an OTTI through charges to earnings equal to the entire difference between the asset’s amortized cost and its fair value at the balance sheet date. When an OTTI is recognized through earning s, a new cost basis is established for the asset, and the new cost basis may not be adjusted through earnings for subsequent recoveries in fair value. |
Fair Value Measurements | Fair Value Measurements The Company follows the guidance in the FASB ASC Topic 820, Fair Value Measurements and Disclosures ("Topic 820"), to determine the fair value of financial and non-financial instruments. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value: Level 1 - quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and interest rate swaps; Level 3 - Financial instruments or other assets/liabilities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring the Company to develop its own assumptions. For significant Level 3 items, the Company has also provided the unobservable inputs. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the limits insured by the Federal Deposit Insurance Corporation. |
Restricted Cash | Restricted Cash Restricted cash consists principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy, and property operating income requirements at specific properties as required by certain loan agreements. |
Marketable Equity Securities | Marketable Equity Securities The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. In accordance with ASC Topic 825 Financial Instruments: the Company recognizes changes in the fair value of equity investments with readily determinable fair values in Realized and unrealized holding gains on investments and other on the Company's Consolidated Statements of Operations. |
Deferred Costs | Deferred Costs External fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. External fees and costs incurred in connection with obtaining financing are deferred and amortized as a component of interest expense over the term of the related debt obligation on a straight-line basis, which approximates the effective interest method. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company measures derivative instruments at fair value and records them as assets or liabilities, depending on its rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Accumulated other comprehensive income on the Consolidated Balance Sheets until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The Company accounts for its share of cash flow hedges from non-consolidated entities as part of Investment in and advances to unconsolidated affiliates and Accumulated other comprehensive income on the Consolidated Balance Sheets. Although the Company's derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the Consolidated Balance Sheets. The Company does not use derivatives for trading or speculative purposes. The Company will discontinue hedge accounting on a prospective basis with changes in the estimated fair value reflected in earnings when (i) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions), (ii) it is no longer probable that the forecasted transaction will occur, or (iii) it is determined that designating the derivative as an interest rate swap is no longer appropriate. For the periods presented, all of the Company's derivatives qualified and were designated as cash flow hedges, and none of its derivatives were deemed ineffective. |
NonControlling Interests | Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also include amounts related to Common and Preferred OP Units issued to unrelated third parties in connection with certain property acquisitions. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. Redeemable noncontrolling interests that are redeemable at the option of the holder are classified outside of shareholders' equity in accordance with Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity on the Company’s Consolidated Balance Sheets as temporary equity under the caption, Redeemable noncontrolling interests, and are measured at their redemption values at the end of each period. If the redemption value is greater than the carrying value, an adjustment is recorded in Additional paid-in capital to record the noncontrolling at its redemption value. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Operations. |
Variable Interest Entitites | Variable Interest Entities The Company consolidates a VIE in which it is considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The Company assesses the accounting treatment and determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion on an ongoing basis when certain events occur. In determining whether the Company is the primary beneficiary, it evaluates its control rights as well as economic interests in the entity held either directly or indirectly by the Company. Each entity is assessed on an individual basis to determine the rights provided to each party and whether those rights are protective or participating. For all VIEs, the Company reviews such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. For those entities evaluated under the voting interest model, the Company consolidates the entity if it has a controlling financial interest. The Company has a controlling financial interest in a voting interest entity (“VOE”) if it owns a majority voting interest in the entity. Investments in entities for which the Company has the ability to exercise significant influence over the entity, but does not have financial or operating control through its voting interest and entities which are VIEs but where the Company is not the primary beneficiary, are accounted for using the equity method of accounting. |
Revenue Recognition | Revenue Recognition Rental Revenue - The Company recognizes rental revenue from fixed and variable lease payments, as designated within tenant operating leases in accordance with ASC Topic 842, Leases (“ASC 842”) , as further described below, as Rental revenue on the Consolidated Statement of Operations. We evaluate the collectability of amounts due from tenants and disputed enforceable charges on a lease-by-lease basis, which result from the inability of tenants to make required payments under their operating lease agreements. We recognize changes in the collectability assessment of these operating leases as adjustments to rental revenue in accordance with ASC 842. Other Revenue - The Company recognizes other categories of revenue such as parking and storage, as well as management, leasing, legal, development and construction fees charged to our unconsolidated affiliates. |
Leases | Leases Pursuant to ASC 842, the Company does not separate the non-lease components, such as common area maintenance, from its leases. In addition, the Company accounts for those taxes that it pays on behalf of the tenant as reimbursable costs and does not account for those taxes paid directly by the tenant. Minimum rents from tenants are recognized using the straight-line method over the non-cancelable lease term of the respective leases, unless another systematic and rational basis is more representative of the pattern in which benefit is expected to be derived from the use of the underlying asset. At December 31, 2023 and 2022 , unbilled rents receivable relating to the straight-lining of rents of $ 49.3 million and $ 48.1 million, respectively, are included in Rents receivable, net on the accompanying Consolidated Balance Sheets. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities. The Company does not have residual value guarantees on specific properties. Contractual rent increases of renewal options are often fixed at the initial lease agreement. In addition to fixed base rents, variable rental revenue is derived from certain leases that are dependent on percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, variable rental revenue is derived from leases through reimbursement to the Company by our tenants for real estate taxes, insurance, and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred. Right-of-use ("ROU") assets are recorded for properties the Company leases from third parties, and represent our right to use an underlying asset for the lease term, and the corresponding lease liabilities represent our obligation to make lease payments arising from these leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The initial measurement of a ROU asset may differ from the initial measurement of the lease liability due to initial direct costs, prepaid lease payments and lease incentives. Our leases often offer renewal options, which we assess against relevant economic factors to determine whether the Company is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods, for which the Company has determined are reasonably certain of being exercised, are included in the measurement of the corresponding lease liability and the ROU asset. For finance leases and operating leases, the discount rate applied to measure each ROU asset and lease liability is based on the incremental borrowing rate of the lease due to the rate implicit in the lease not being readily determinable. The Company initially considers the general economic environment and factors in various financing and asset specific secured borrowings so that the overall incremental borrowing rate is appropriate to the intended use of the lease. Certain expenses derived from these leases are variable and are not included in the measurement of the corresponding lease liability and ROU asset, but are recognized in the period in which the obligation for those payments is incurred. These variable lease payments consist of payments for real estate taxes and common area maintenance, which is dependent on projects and activities at each individual property under ground or building lease. Right-of-use assets – finance leases are included in Operating real estate ( Note 2 ) on the Consolidated Balance Sheets. Lease liabilities – finance leases are included in Accounts payable and other liabilities on the Consolidated Balance Sheets ( Note 5 ). Operating lease cost comprises amortization of ROU assets for operating properties (related to ground rents) or amortization of ROU assets for office and corporate assets and is included in Property operating expense or General and administrative expense, respectively, on the Consolidated Statements of Operations. Finance lease cost comprises amortization of ROU assets for certain ground leases, which is included in Property operating expense, as well as interest on lease liabilities, which is included in Interest expense on the Consolidated Statements of Operations. |
Accounts Receivable | Accounts Receivable In addition to the lease-specific collectability assessment, the Company also recognizes a general allowance based on the Company’s historical collection experience, for its portfolio of operating lease receivables which are not expected to be fully collectible. The Company estimates the collectability of its accrued rent and accounts receivable balances related to lease revenue. The Company estimates the collectability of the accounts receivable related to billed rents, straight-line rents, recoveries from tenants, and other revenue taking into consideration the Company's historical write-off experience, tenant creditworthiness, current economic trends, and remaining lease terms. Rents receivable at December 31, 2023 and 2022 are shown net of a general allowance of $ 4.1 million and $ 5.4 million, respectively. Rental income for the years ended December 31, 2023, 2022 and 2021 are reported net of adjustments of $( 1.3 ) million, $ 1.5 million, and $ 1.9 million, respectively, to allowance for uncollectible accounts. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. The Company recognizes these compensation costs for only those shares or units expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. The Company records forfeitures during the period in which they occur by reversing all previously recorded stock compensation expense associated with the forfeited shares. Dividends declared on awards issued are recorded as cumulative distributions in excess of retained earnings on the Consolidated Balance Sheets. Accumulated dividends related to forfeited awards are reversed through compensation expense in the period the forfeiture occurs. The Company includes stock-based compensation within general and administrative expense on the Consolidated Statements of Operations. |
Income Taxes | Income Taxes The Company has made an election to be taxed, and believes it qualifies, as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To maintain REIT status for federal income tax purposes, the Company is generally required to distribute at least 90 % of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to federal corporate income tax to the extent that it distributes 100 % of its REIT taxable income each year. The Company is permitted to participate in certain activities and still maintain its qualification as a REIT, so long as these activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. Although it may qualify for REIT status for federal income tax purposes, the Company is subject to state or local income or franchise taxes in certain jurisdictions in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s Taxable REIT Subsidiary (“TRS”) is fully subject to federal, state and local income taxes. The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, “ Income Taxes .” Under the liability method, deferred income taxes are recognized for the temporary differences between the GAAP basis and tax basis of the TRS income, assets, and liabilities. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized. In 2023 and 2022, the Company recorded valuation allowances to reduce deferred tax assets when it determined that an uncertainty existed regarding their realization, which increased the provision for income taxes. In making such determination, the Company considered all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent results of operations. Several of these considerations require assumptions and significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company is utilizing to manage its business. To the extent facts and circumstances change in the future, further adjustments to the valuation allowances may be required. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-01, “ Reference Rate Reform (Topic 848): Scope” , which modifies ASC 848, Reference Rate Reform (“ASC 848”) , which was intended to provide relief related to “contracts and transactions that reference LIBOR or a reference rate was discontinued effective June 30, 2023 as a result of reference rate reform.” ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give reporting entities the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. ASU 2020-04, “ Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ”, also adds implementation guidance to clarify which optional expedients in ASC 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that is expected to be discontinued, but that are being modified as a result of the discounting transition. The Company has elected the optional practical expedients under ASU 2020-04 and 2021-01, which allows entities to account for the modification as if the modification was not substantial, and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of hedge accounting expedients preserved the presentation of derivatives consistent with past presentation. As a result, the implementation of this guidance did not have an effect on the Company’s consolidated financial statements. In December 2022, the FASB issued ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The guidance in this update defers the sunset date of ASC 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments are effective for all entities in scope upon issuance of the ASU. The Company transitioned all variable rate loans to SOFR or another applicable benchmark index and will apply the relief based Topic 848 in line with the sunset date. In August 2023, the FASB issued ASU 2023-05, ” Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement” (“ASU 2023-05”). ASU 2023-05 addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. Prior to the amendment, the FASB did not provide specific authoritative guidance on the initial measurement of assets and liabilities assumed by a joint venture upon its formation. ASU 2023-05 requires a joint venture to recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). ASU 2023-05 is effective for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. The Company has elected not to early adopt ASU 2023-05 and does not expect the adoption will have a significant impact on our consolidated financial statements. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company, or they are not expected to have a material impact on the consolidated financial statements. |
Earnings (Loss) Per Common Share | Basic earnings (loss) per Common Share is computed by dividing net income (loss) attributable to Common Shareholders by the weighted average Common Shares outstanding ( Note 10 ). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings (loss) per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of Restricted Share Units issued under the Company’s Amended and Restated 2020 Plan ( Note 13 ). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below. The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one -for-one basis . The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Operating Partnership's Equity Interest | The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns II (dollars in millions): Entity Formation Operating Capital Called (a) Unfunded (a) Equity Interest (b) Preferred Total (a) Fund II and Mervyns II (c) 6/2004 61.67 % $ 559.4 $ 0.0 61.67 % 8 % $ 172.9 Fund III 5/2007 24.54 % 448.1 1.9 24.54 % 6 % 603.5 Fund IV 5/2012 23.12 % 503.4 26.6 23.12 % 6 % 221.4 Fund V 8/2016 20.10 % 407.4 112.6 20.10 % 6 % 105.8 a) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. b) Amount represents the current economic ownership at December 31, 2023 , which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund. c) In January 2023, following the expiration of the lock-up period, Mervyns II distributed the 2.5 million shares of its investment in Albertsons to its partners; the Company received 1.6 million shares ( Note 4 , Note 8 ). The Company’s ownership in Mervyns II is 40.0 %. |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | |
Schedule of Real Estate | The Company’s real estate is comprised of the following for the periods presented (in thousands): December 31, December 31, 2023 2022 Land $ 872,228 $ 817,802 Buildings and improvements 3,128,650 2,987,594 Tenant improvements 257,955 216,899 Construction in progress 23,250 21,027 Right-of-use assets - finance leases (Note 11) 58,637 25,086 Total 4,340,720 4,068,408 Less: Accumulated depreciation and amortization ( 823,439 ) ( 725,143 ) Operating real estate, net 3,517,281 3,343,265 Real estate under development 94,799 184,602 Net investments in real estate $ 3,612,080 $ 3,527,867 |
Schedule of Business Acquisitions, by Acquisition | During the years ended December 31, 2023 and 2022, the Company acquired (through purchase, investment, or foreclosure) the following retail properties and other real estate investments (dollars in thousands): Property and Location Percent Date of Purchase Fund V 2023 Acquisitions Cypress Creek - Tampa, FL 100 % July 3, 2023 $ 49,374 Maple Tree Place - Williston, VT 100 % November 27, 2023 77,816 Total Fund V 2023 Acquisitions $ 127,190 2022 Acquisitions and Foreclosure Core 121 Spring Street - New York, NY 100 % Jan 12, 2022 $ 39,637 Williamsburg Collection - Brooklyn, NY (a) (a) Feb 18, 2022 97,750 8833 Beverly Boulevard - West Hollywood, CA 100 % Mar 2, 2022 24,117 Henderson Avenue Portfolio - Dallas, TX (b) 100 % Apr 18, 2022 85,192 Subtotal Core 246,696 Fund III 640 Broadway - New York, NY (Foreclosure) (c) 100 % Jan 26, 2022 59,207 Subtotal Fund III 59,207 Total 2022 Acquisitions and Foreclosure $ 305,903 a) The Company invested $ 2.8 million in its 49.99 % equity interest and, through a separate lending subsidiary, provided a $ 64.1 million first mortgage loan and a $ 30.9 million mezzanine loan to subsidiaries of the venture (such equity and loans have been eliminated in consolidation). Pursuant to the entity’s operating agreement, the venture partner has a one-time right to put its 50.01 % interest in the entity (the "Williamsburg NCI", which is further described in Note 10 ) to the Company for fair value at a future date. Given the preferred rate of return embedded in its equity interests and the accruing debt senior to the equity, the Company did not attribute any initial redemption value to the Williamsburg NCI and recognized a bargain purchase gain of $ 1.2 million, which is included in Realized and unrealized holding (losses) gains on investments and other on the Consolidated Statements of Operations. b) The Henderson Avenue Portfolio comprises 14 operating retail assets, one residential building and two development and re development sites. One of the development sites was sold in October 2022. c) The entity was previously accounted for as an equity method investment until an affiliate of Fund III acquired the venture partner's interest in a foreclosure action. Fund III now indirectly owns 100% of the entity and consolidates it. |
Schedule of Purchase Price Allocations | The following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2023 and 2022 (in thousands): Land Buildings and improvements Intangible assets Right-of-use asset Lease liability Intangible liabilities Other assets, net Net assets acquired Property Name 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 ) $ — $ 127,190 121 Spring Street $ 5,380 $ 31,707 $ 2,550 $ — $ — $ — $ — $ 39,637 Williamsburg Collection 31,500 60,700 16,401 — — ( 9,688 ) — 98,913 8833 Beverly Boulevard 14,423 8,299 1,395 — — — — 24,117 Henderson Avenue Portfolio 40,764 40,865 7,611 — — ( 4,048 ) — 85,192 640 Broadway (a) 27,831 27,291 1,059 — ( 661 ) ( 390 ) 4,077 59,207 2022 Total $ 119,898 $ 168,862 $ 29,016 $ — $ ( 661 ) $ ( 14,126 ) $ 4,077 $ 307,066 a) The Company assumed a $ 36.0 million mortgage with the consolidation of 640 Broadway during the year ended December 31, 2022 ( Note 7 ). |
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 2023 and 2022, respectively, are as follows: 2023 2022 Low High Low High Exit Capitalization Rate 7.00 % 8.50 % 4.25 % 7.25 % Annual net rental rate per square foot on acquired buildings $ 4.00 $ 47.00 $ 20.00 $ 825.00 Annual net rental rate per square foot on acquired ground lease $ 1.04 $ 1.91 $ — $ — |
Schedule of Property Dispositions | During the years ended December 31, 2023 and 2022, the Company disposed of the following properties and other real estate investments (in thousands): Property and Location Owner Sale Date Sale Price Gain (Loss) 2023 Dispositions (a) None 2022 Dispositions NE Grocer Portfolio (Selected Assets) - Pennsylvania Fund IV Jan 26, 2022 Mar 4, 2022 $ 45,350 $ 13,784 New Towne (Parcel) - Canton, MI Fund V Feb 1, 2022 2,231 1,776 Cortlandt Crossing - Westchester County, NY Fund III Feb 9, 2022 65,533 13,255 Lincoln Place - Fairview Heights, IL Fund IV May 25, 2022 40,670 12,216 Wake Forest Crossing - Wake Forest, NC Fund IV Aug 24, 2022 38,919 8,885 Henderson Avenue (Parcel) - Dallas, TX Core Oct 7, 2022 3,050 ( 194 ) 330-340 River Street - Cambridge, MA Core Dec 13, 2022 26,400 7,439 Total 2022 Dispositions $ 222,153 $ 57,161 a) Does not include the 146 Geary Street property, which had a carrying value of $ 19.4 million, and was transferred to the Company’s lender through deed-in-lieu of foreclosure, extinguishing the obligations under the $ 20.1 million mortgage loan and accrued interest in default ( Note 7 ). |
Schedule of Asset Held For Sale Property | Assets of property held for sale consisted of the following: December 31, December 31, 2023 2022 Assets Buildings and improvements $ 12,562 $ 12,562 Land 3,380 3,380 Tenant improvements 1,010 1,010 Less: Accumulated depreciation and amortization ( 5,895 ) ( 5,895 ) $ 11,057 $ 11,057 |
Schedule of Development in Process Activities | Development activity for the Company’s properties comprised the following during the periods presented (dollars in thousands): January 1, 2023 Year Ended December 31, 2023 December 31, 2023 Number of Carrying Transfers In Capitalized Transfers Out Number of Carrying 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 January 1, 2022 Year Ended December 31, 2022 December 31, 2022 Number of Carrying Transfers In Capitalized Transfers Out Number of Carrying Core — $ 42,517 $ 9,610 $ 2,690 $ — 2 $ 54,817 Fund II (a) — 35,125 — 503 1,556 — 34,072 Fund III 1 24,296 — 1,502 — 1 25,798 Fund IV (b) 1 101,835 — 215 32,135 1 69,915 Total 2 $ 203,773 $ 9,610 $ 4,910 $ 33,691 4 $ 184,602 (a) Transfers out include $ 1.6 million related to a portion of one Fund II property that was transferred out of development. (b) Transfers out include $ 13.4 million related to a portion of one Fund IV property that was transferred out of development and an impairment charge totaling $ 18.7 million on one Fund IV development property ( Note 8 ) . |
Notes Receivable, Net (Tables)
Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule of Notes Receivable | The Company’s notes receivable, net are generally collateralized either by the underlying properties or the borrowers’ ownership interests in the entities that own the properties, and were as follows (dollars in thousands): December 31, December 31, December 31, 2023 Description 2023 2022 Number Maturity Date Interest Rate Core Portfolio (a) $ 126,228 $ 124,801 6 Apr 2020 - Dec 2027 4.65 % - 10.00 % Allowance for credit losses ( 1,279 ) ( 898 ) Notes receivable, net $ 124,949 $ 123,903 6 (a) Includes one note receivable from an OP Unit holder, with a balance of $ 6.0 million at December 31, 2023 and 2022 . |
Schedule of Changes in the Company's CECL Allowance | Changes in the Company’s CECL allowance were as follows (dollars in thousands): Year Ended December 31, 2023 2022 2021 CECL Allowance beginning of period $ 898 $ 5,752 $ 1,218 Provision of loan losses 381 ( 272 ) 4,534 Write-offs — ( 4,582 ) — Total - CECL Allowance $ 1,279 $ 898 $ 5,752 |
Investments in and Advances t_2
Investments in and Advances to Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands): Ownership Interest December 31, December 31, Portfolio Property December 31, 2023 2023 2022 Core: Renaissance Portfolio 20 % $ 30,745 $ 28,755 Gotham Plaza 49 % 30,772 30,112 Georgetown Portfolio (a) 50 % 4,230 4,048 1238 Wisconsin Avenue (a, b) 80 % 19,719 14,502 840 N. Michigan Avenue (d) 91.85 % 15,761 — 101,227 77,417 Mervyns II: KLA/ABS (c) 36.7 % — 85,403 Fund IV: Fund IV Other Portfolio 90 % 5,221 7,914 650 Bald Hill Road 90 % 9,486 10,203 Paramus Plaza 50 % 70 936 14,777 19,053 Fund V: Family Center at Riverdale (d) 89.42 % 2,552 4,995 Tri-City Plaza 90 % 6,452 8,422 Frederick County Acquisitions 90 % 11,345 12,240 Wood Ridge Plaza 90 % 10,313 12,751 La Frontera Village 90 % 17,483 20,803 Shoppes at South Hills (e) 90 % 11,707 44,677 Mohawk Commons 90 % 16,434 775 76,286 104,663 Various: Due from (to) Related Parties 396 305 Other (f) 4,554 4,315 Investments in and advances to $ 197,240 $ 291,156 Core: Crossroads (g) 49 % $ 7,982 $ 8,832 840 N. Michigan Avenue (d, g) 91.85 % — 1,673 Distributions in excess of income from, $ 7,982 $ 10,505 a) Represents a VIE for which the Company is not the primary beneficiary ( Note 16 ). b) Includes the amounts advanced against a $ 12.8 million construction commitment from the Company to the venture that holds an investment in 1238 Wisconsin. As of December 31, 2023 and 2022 the note receivable from a related party had a balance of $ 12.8 million and $ 7.5 million, respectively, net of an allowance for CECL of $ 0.1 million, and $ 0.1 million, respectively. The loan is collateralized by the venture members' equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor, and matures on December 28, 2024. The Company recognized Interest income of $ 0.2 million for the year ended December 31, 2023, related to this note receivable. The note originated in 2022 and the Company recognized less than $ 0.1 million of Interest income for the year ended December 31, 2022. c) At December 31, 2022, Mervyns II had an effective indirect ownership of approximately 4.1 million shares (approximately 1 % interest) through its Investment in Albertsons Companies Inc. ("Albertsons"), which is accounted for at fair value ( Note 8 ). Mervyns II distributed its shares to its investors upon expiration of the lock-up agreement in January 2023, as further described below. d) Represents a tenancy-in-common interest. e) Includes a $ 31.7 million bridge loan at December 31, 2022, from the Company to the venture that holds the property in its investment in Shoppes at South Hills. During the first quarter of 2023 the bridge loan was repaid, as further described below. f) Includes cost-method investment in Fifth Wall and other investments. g) Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity. |
Schedule of Combined and Condensed Balance Sheet | The following combined and condensed Balance Sheets and Statements of Operations, in each period, summarized the financial information of the Company’s investments in unconsolidated affiliates that were held as of December 31, 2023, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands): December 31, December 31, 2023 2022 Combined and Condensed Balance Sheets Assets: Rental property, net $ 723,411 $ 650,997 Real estate under development — 17,359 Other assets 125,699 127,070 Total assets $ 849,110 $ 795,426 Liabilities and partners’ equity: Mortgage notes payable $ 662,552 $ 609,923 Other liabilities 100,270 96,532 Partners’ equity 86,288 88,971 Total liabilities and partners’ equity $ 849,110 $ 795,426 Company's share of accumulated equity $ 128,690 $ 131,878 Basis differential 51,824 52,813 Deferred fees, net of portion related to the Company's interest 3,794 5,937 Amounts receivable to/payable by the Company 396 305 Investments in and advances to unconsolidated affiliates, net of Company's 184,704 190,933 Investments carried at fair value or cost 4,554 89,718 Company's share of distributions in excess of income from and 7,982 10,505 Investments in and advances to unconsolidated affiliates $ 197,240 $ 291,156 |
Schedule of Combined and Condensed Income Statement | Year Ended December 31, 2023 2022 2021 Combined and Condensed Statements of Operations Total revenues $ 108,425 $ 96,080 $ 80,823 Operating and other expenses ( 35,488 ) ( 29,858 ) ( 28,572 ) Interest expense ( 40,864 ) ( 26,807 ) ( 21,228 ) Depreciation and amortization ( 42,212 ) ( 34,596 ) ( 30,518 ) Gain (loss) on extinguishment of debt (a) 368 ( 7 ) ( 35 ) Impairment of Investment (b) — ( 57,423 ) — Gain on disposition of properties (c) — 12,983 3,206 Net (losses) earnings attributable to unconsolidated affiliates $ ( 9,771 ) $ ( 39,628 ) $ 3,676 Company’s share of equity in net losses of unconsolidated affiliates $ ( 6,688 ) $ ( 31,907 ) $ 6,023 Basis differential amortization ( 989 ) ( 1,000 ) ( 693 ) Company’s equity in (losses) earnings of unconsolidated affiliates $ ( 7,677 ) $ ( 32,907 ) $ 5,330 a) Includes the gain on debt extinguishment related to the restructuring at 840 N. Michigan Avenue for the year ended December 31, 2023. b) Includes the impairment charge related to 840 N. Michigan Avenue for the year ended December 31, 2022. c) Includes the gain on the sale of Promenade at Manassas on October 13, 2022, and two land parcels by the Family Center at Riverdale on January 4, 2021. |
Other Assets, Net and Account_2
Other Assets, Net and Accounts Payable and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets and Other Liabilities | Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented: December 31, December 31, (in thousands) 2023 2022 Other Assets, Net: Lease intangibles, net (Note 6) $ 100,594 $ 102,374 Derivative financial instruments (Note 8) 28,989 54,902 Deferred charges, net (a) 31,074 28,478 Accrued interest receivable (Note 3) 25,553 18,082 Prepaid expenses 15,204 15,872 Due from seller 2,631 3,036 Income taxes receivable 1,141 1,876 Deposits 575 1,624 Corporate assets, net 924 1,287 Other receivables 1,775 2,060 $ 208,460 $ 229,591 (a) Deferred Charges, Net: Deferred leasing and other costs (a) $ 73,908 $ 63,920 Deferred financing costs related to line of credit 9,829 9,494 83,737 73,414 Accumulated amortization ( 52,663 ) ( 44,936 ) Deferred charges, net $ 31,074 $ 28,478 Accounts Payable and Other Liabilities: Lease intangibles, net (Note 6) $ 73,994 $ 78,416 Accounts payable and accrued expenses 61,425 59,922 Deferred income 34,386 34,503 Tenant security deposits, escrow and other 17,939 16,582 Lease liability - finance leases (Note 11) 32,739 7,022 Derivative financial instruments (Note 8) 8,892 46 $ 229,375 $ 196,491 (a) Effective January 1, 2023, the Company implemented compensation plans for its internal leasing representatives to adopt a commission structure paid in connection with new, renewal, and modified leases. At December 31, 2023, deferred leasing and other costs include direct and incremental capitalized internal leasing commissions incurred in connection with executed lease agreements of $ 2.2 million, which are amortized on a straight-line basis over the terms of the related leases. |
Lease Intangibles (Tables)
Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Liabilities Included in Other Assets and Accounts Payable and Other Liabilities | Intangible assets and liabilities are included in Other assets and Accounts payable and other liabilities ( Note 5 ) on the Consolidated Balance Sheets and summarized as follows (in thousands): December 31, 2023 December 31, 2022 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amortizable Intangible Assets In-place lease intangible assets $ 327,484 $ ( 234,808 ) $ 92,676 $ 301,556 $ ( 205,951 ) $ 95,605 Above-market rent 27,294 ( 19,376 ) 7,918 24,064 ( 17,295 ) 6,769 $ 354,778 $ ( 254,184 ) $ 100,594 $ 325,620 $ ( 223,246 ) $ 102,374 Amortizable Intangible Liabilities Below-market rent $ ( 188,098 ) $ 114,393 $ ( 73,705 ) $ ( 176,253 ) $ 98,182 $ ( 78,071 ) Above-market ground lease ( 671 ) 382 ( 289 ) ( 671 ) 326 ( 345 ) $ ( 188,769 ) $ 114,775 $ ( 73,994 ) $ ( 176,924 ) $ 98,508 $ ( 78,416 ) |
Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities | The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2023 is as follows (in thousands): Years Ending December 31, Net Increase in Increase to Reduction of 2024 $ 5,157 $ ( 23,596 ) $ 58 2025 4,752 ( 17,912 ) 58 2026 4,522 ( 14,435 ) 58 2027 4,452 ( 11,159 ) 58 2028 4,536 ( 7,299 ) 57 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Consolidated Indebtedness | A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands): Interest Rate at Carrying Value at December 31, December 31, Maturity Date at December 31, December 31, 2023 2022 December 31, 2023 2023 2022 Mortgages Payable Core 3.99 % - 5.89 % 3.88 % - 5.89 % Feb 2024 - Apr 2035 $ 191,830 $ 193,838 Fund II (a) SOFR+ 2.61 % SOFR+ 2.61 % Aug 2025 137,485 133,655 Fund III SOFR+ 3.75 % SOFR+ 3.35 % Oct 2025 33,000 35,970 Fund IV (b) SOFR+ 2.25 % - SOFR+ 3.33 % LIBOR+ 2.25 % - LIBOR+ 3.65 % Mar 2025 - Jun 2028 115,925 146,230 Fund V SOFR + 1.61 % - SOFR + 2.80 % LIBOR + 1.85 % - SOFR + 2.76 % Feb 2024 - Jun 2028 458,960 426,224 Net unamortized debt issuance costs ( 7,313 ) ( 7,621 ) Unamortized premium 240 343 Total Mortgages Payable $ 930,127 $ 928,639 Unsecured Notes Payable Core Term Loans (c) SOFR+ 1.60 % - SOFR+ 2.05 % 3.74 %- 5.11 % Jun 2026 - Jul 2029 $ 650,000 $ 650,000 Fund V Subscription Facility SOFR+ 3.05 % SOFR+ 1.86 % Jan 2024 80,600 51,210 Net unamortized debt issuance costs ( 3,873 ) ( 5,076 ) Total Unsecured Notes Payable $ 726,727 $ 696,134 Unsecured Line of Credit Revolving credit facility (c) SOFR+ 1.45 % SOFR+ 1.50 % Jun 2025 $ 213,287 $ 168,287 Total Debt (d)(e) $ 1,881,087 $ 1,805,414 Net unamortized debt issuance costs ( 11,186 ) ( 12,697 ) Unamortized premium 240 343 Total Indebtedness $ 1,870,141 $ 1,793,060 a) The Company has a total commitment of $ 198.0 million on the Fund II mortgage. b) Includes the outstanding balance on the Fund IV secured bridge facility of $ 36.2 million at December 31, 2023 and $ 39.2 million at December 31, 2022 . The Operating Partnership has guaranteed up to $ 22.5 million of the Fund IV secured bridge facility ( Note 9 ). c) The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans at December 31, 2023 and 2022 ( Note 8 ). d) Includes $ 1,249.8 million and $ 1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.14 % to 4.54 %. e) Includes $ 151.4 million and $ 103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 3.0 % to 5.50 %. |
Scheduled Principal Repayments | The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of December 31, 2023 are as follows (in thousands): Maturities 2024 $ 333,174 2025 680,834 2026 437,087 2027 202,826 2028 130,959 Thereafter 96,207 1,881,087 Unamortized premium 240 Net unamortized debt issuance costs ( 11,186 ) Total indebtedness $ 1,870,141 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands): December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Marketable equity securities $ 33,284 $ — $ — $ 85,403 $ — $ — Derivative financial instruments — 28,989 — — 54,902 — Liabilities Derivative financial instruments — ( 8,892 ) — — ( 46 ) — |
Schedule realized and unrealized gain (loss) on marketable securities | The following table represents the realized and unrealized gain (loss) on marketable securities included in Realized and unrealized holding gains on investments and other on the Company's Consolidated Statements of Operations (in thousands): Year Ended December 31, 2023 2022 2021 Realized gain on marketable securities $ 4,636 $ — $ — Less: previously recognized unrealized gains on marketable securities sold during the period ( 4,636 ) — — Unrealized gains (losses) on marketable securities still held at the end of the period and through the disposition date on marketable securities sold during the period 1,634 ( 38,913 ) 51,925 Gain on marketable securities, net $ 1,634 $ ( 38,913 ) $ 51,925 |
Schedule of Items Measured at Fair Value on Nonrecurring Basis | Impairment charges for the periods presented are as follows (in thousands): Impairment Charge (a) Property and Location Owner Triggering Event Effective Date Total Acadia's Share 2023 Impairment Charges 146 Geary Street, Fund IV Reduced holding period (Note 7) Sept 30, 2023 $ 3,686 $ 852 2022 Impairment Charges 146 Geary Street, Fund IV Reduced projected operating income Sept 30, 2022 $ 12,435 $ 2,875 717 N. Michigan Avenue, Fund IV Reduced holding period and intended use Sept 30, 2022 20,876 4,827 Total 2022 Impairment Charges $ 33,311 $ 7,702 The fair value of 717 N. Michigan Avenue was based on an observable contract to sell the asset, less estimated costs to sell. The Company estimated the fair value of 146 Geary Street based on a discounted cash flow analysis using a range of discount rates from 5.00 % to 7.75 % and a range of capitalization rates from 4.25 % to 5.75 %. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy . |
Schedule of Derivative Financial Instruments | The Company had the following interest rate swaps and caps for the periods presented (dollars in thousands): Strike Rate Fair Value Derivative Aggregate Notional Amount Effective Date Maturity Date Low High Balance Sheet December 31, December 31, Core Interest Rate Swaps $ 225,000 Dec 2022 - Oct 2023 Jul 2027 - Dec 2029 3.61 % 4.69 % Accounts payable and other liabilities $ ( 8,807 ) $ ( 46 ) Interest Rate Swaps 631,000 May 2022 - May 2023 Mar 2025 - Jul 2030 1.98 % — 3.36 % Other assets, net 22,675 40,884 $ 856,000 $ 13,868 $ 40,838 Fund II Interest Rate Swap $ 50,000 Jan 2023 Dec 2029 3.23 % — 3.23 % Other assets, net $ 634 $ 1,108 Fund III Interest Rate Cap $ 33,000 Sep 2023 Oct 2025 5.50 % — 5.50 % Other assets, net $ 26 $ 232 Fund IV Interest Rate Cap $ 54,500 Dec 2023 Dec 2025 6.00 % — 6.00 % Other assets, net $ 29 $ 1,093 Fund V Interest Rate Swaps $ 315,409 Apr 2022 - Jul 2023 Mar 2024 - May 2026 1.14 % — 4.34 % Other assets, net $ 5,523 $ 11,585 Interest Rate Caps 72,447 Jan 2023 - Aug 2023 Jan 2024 - Sep 2025 3.64 % — 5.00 % Other assets, net 102 — Interest Rate Swaps 28,480 Jun 2023 Jun 2025 4.54 % — 4.54 % Accounts payable and other liabilities ( 85 ) — $ 416,336 $ 5,540 $ 11,585 Total asset derivatives $ 28,989 $ 54,902 Total liability derivatives $ ( 8,892 ) $ ( 46 ) |
Schedule of Other Financial Instruments Carrying Values and Fair values | The Company’s other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable): December 31, 2023 December 31, 2022 Level Carrying Estimated Carrying Estimated Notes Receivable (a) 3 $ 124,949 $ 124,789 $ 123,903 $ 122,716 City Point Loan (a) 3 66,741 66,017 65,945 65,856 Mortgages Payable (a) 3 937,200 921,563 935,917 906,348 Investment in non-traded equity securities (b) 3 4,398 4,702 4,160 5,593 Unsecured notes payable and Unsecured line of credit (c) 2 943,887 937,153 869,497 868,399 a) The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and changes in interest rates. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. Amounts exclude discounts and loan costs. The estimated market rates are between 4.90 % to 14.25 % for the Company's notes receivable and City Point Loan, and 5.83 % to 9.27 % fo r the Company's mortgage and other notes payable, depending on the attributes of the specific loans. b) Represents the Operating Partnership’s cost-method investment in Fifth Wall ( Note 4 ). c) The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants . |
Shareholders' Equity, Noncont_2
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |
Schedule of Dividends Declared and Paid | The following table sets forth the distributions declared and/or paid during the periods presented: Date Declared Amount Per Share Record Date Payment Date February 15, 2022 $ 0.18 March 31, 2022 April 14, 2022 May 4, 2022 $ 0.18 June 30, 2022 July 15, 2022 August 10, 2022 $ 0.18 September 30, 2022 October 14, 2022 November 9, 2022 $ 0.18 December 30, 2022 January 13, 2023 January 17, 2023 $ 0.18 March 31, 2023 April 14, 2023 May 3, 2023 $ 0.18 June 30, 2023 July 14, 2023 August 9, 2023 $ 0.18 September 29, 2023 October 13, 2023 November 2, 2023 $ 0.18 December 29, 2023 January 12, 2024 |
Summary of Change in Noncontrolling Interest | The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands): Noncontrolling (a) Noncontrolling (b) Total Redeemable Noncontrolling Interests (c) Balance at January 1, 2023 $ 99,554 $ 389,810 $ 489,364 $ 67,664 Conversion of 151,257 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 2,521 ) — ( 2,521 ) — Distributions declared of $ 0.72 per Common OP Unit and distributions on Preferred OP Units ( 5,352 ) — ( 5,352 ) — City Point Loan — — — ( 796 ) City Point Loan accrued interest — — — ( 9,350 ) Employee and trustee stock compensation, net 11,064 — 11,064 — Noncontrolling interest distributions — ( 80,186 ) ( 80,186 ) ( 50 ) Noncontrolling interest contributions — 59,612 59,612 1,110 Net income (loss) for the year ended December 31, 2023 1,785 ( 15,168 ) ( 13,383 ) ( 8,239 ) Other comprehensive (loss) income - unrealized gain on valuation of swap agreements ( 613 ) 6,015 5,402 — Reclassification of realized interest expense on swap agreements ( 210 ) ( 13,501 ) ( 13,711 ) — Reallocation of noncontrolling interests (d) ( 3,989 ) — ( 3,989 ) — Balance at December 31, 2023 $ 99,718 $ 346,582 $ 446,300 $ 50,339 Balance at January 1, 2022 $ 94,120 $ 534,202 $ 628,322 $ — Conversion of 234,473 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 3,945 ) — ( 3,945 ) — Distributions declared of $ 0.72 per Common OP Unit and distributions on Preferred OP Units ( 5,094 ) — ( 5,094 ) — Acquisition of noncontrolling interest (e) — ( 91,811 ) ( 91,811 ) — City Point Loan — — — ( 65,391 ) City Point Loan accrued interest — — — ( 3,923 ) Employee and trustee stock compensation, net 10,000 — 10,000 — Noncontrolling interest distributions — ( 79,838 ) ( 79,838 ) — Noncontrolling interest contributions — 109,428 109,428 65,945 Net loss for the year ended December 31, 2022 ( 1,308 ) ( 22,962 ) ( 24,270 ) ( 5,536 ) Other comprehensive income - unrealized gain on valuation of swap agreements 4,641 15,567 20,208 — Reclassification of realized interest expense on swap agreements 58 1,793 1,851 — Reclassification of redeemable noncontrolling interests (f) — ( 76,569 ) ( 76,569 ) 76,569 Reallocation of noncontrolling interests (d) 1,082 — 1,082 — Balance at December 31, 2022 $ 99,554 $ 389,810 $ 489,364 $ 67,664 Noncontrolling (a) Noncontrolling (b) Total Redeemable Noncontrolling Interests (c) Balance at January 1, 2021 $ 89,431 $ 519,734 $ 609,165 $ — Conversion of 89,765 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 1,431 ) — ( 1,431 ) — Cancellation of OP units (g) ( 568 ) — ( 568 ) — Distributions declared of $ 0.60 per Common OP Unit ( 4,185 ) — ( 4,185 ) — Employee and trustee stock compensation, net 11,284 — 11,284 — Noncontrolling interest distributions — ( 27,051 ) ( 27,051 ) — Noncontrolling interest contributions — 30,164 30,164 — Net income for the year ended December 31, 2021 2,075 407 2,482 — Other comprehensive loss - unrealized loss on valuation of swap agreements 2,072 3,918 5,990 — Reclassification of realized interest expense on swap agreements 210 7,030 7,240 — Reallocation of noncontrolling interests (d) ( 4,768 ) — ( 4,768 ) — Balance at December 31, 2021 $ 94,120 $ 534,202 $ 628,322 $ — (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,855,574 , 3,062,108 , and 3,076,849 Common OP Units at December 31, 2023, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2023, 2022 and 2021; (iii) 126,384 Series C Preferred OP Units at December 31, 2023 and 2022, and 126,593 at December 31, 2021; and (iv) 4,247,054 , 3,512,414 , and 3,371,296 LTIP units at December 31, 2023, 2022 and 2021, respectively, as discussed in the Amended and Restated 2020 Plan ( Note 13 ). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above. (b) Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and seven other subsidiaries. (c) Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below. (d) Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership. (e) Represents the acquisition of the 11.67 % noncontrolling interest in Fund II and Mervyns II acquired on June 27, 2022 for $ 18.5 million and of a 21.67 % interest in Fund II on August 1, 2022 for $ 5.8 million ( Note 1 ). (f) Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022 . (g) The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $ 0.5 million on July 12, 2021. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of rental revenue | The components of rental revenue are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Fixed lease revenue $ 269,648 $ 258,472 $ 227,608 Variable lease revenue 63,396 59,342 58,290 Total rental revenue $ 333,044 $ 317,814 $ 285,898 |
Schedule of future minimum rental revenues | The scheduled future minimum rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) as of December 31, 2023, are summarized as follows (in thousands): Minimum Rental (a) 2024 $ 249,135 2025 233,786 2026 208,935 2027 184,039 2028 153,941 Thereafter 668,128 1,697,964 Interest — Total $ 1,697,964 Amount represents contractual lease maturities at December 31, 2023 , including any extension options that management determined were reasonably certain of exercise, and excluding any amounts related to reimbursements of operating expenses. |
Schedule of future minimum rental payments for Operating and Capital Leases | The scheduled future minimum rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land, and equipment, as of December 31, 2023, are summarized as follows (in thousands): Minimum Rental Payments Operating Leases (a) Finance (a) 2024 $ 5,414 $ 3,925 2025 5,329 1,780 2026 5,173 1,264 2027 4,373 1,264 2028 4,157 1,310 Thereafter 15,911 154,018 40,357 163,561 Interest ( 8,777 ) ( 130,822 ) Total $ 31,580 $ 32,739 (a) Minimum rental payments include $ 8.8 million of interest related to operating leases an d $ 130.8 m illion related to finance leases and exclude options or renewals not reasonably certain of exercise. |
Schedule of Lease Cost | Additional disclosures regarding the Company’s leases as lessee are as follows (dollars in thousands): Year Ended December 31, 2023 2022 2021 Lease Cost Finance lease cost: Amortization of right-of-use assets $ 1,244 $ 903 $ 903 Interest on lease liabilities 1,239 410 388 Subtotal 2,483 1,313 1,291 Operating lease cost 5,291 5,338 7,184 Variable lease cost 228 80 84 Total lease cost $ 8,002 $ 6,731 $ 8,559 Cash Paid Payments of operating lease obligations - operating activities $ 5,386 $ 5,364 $ 7,223 Payments of interest on finance lease obligations - operating activities 1,239 410 388 Payments of finance lease obligations - financing activities 100 — 63 As of December 31, 2023 2022 Other Information Weighted-average remaining lease term - finance leases (years) 58.3 31.9 Weighted-average remaining lease term - operating leases (years) 9.7 13.5 Weighted-average discount rate - finance leases 6.5 % 6.3 % Weighted-average discount rate - operating leases 5.1 % 5.1 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following tables set forth certain segment information for the Company (in thousands): As of or for the Year Ended December 31, 2023 Core Funds Structured Unallocated Total Total revenues $ 203,545 $ 135,147 $ — $ — $ 338,692 Depreciation and amortization expenses ( 76,642 ) ( 59,342 ) — — ( 135,984 ) General and administrative expenses — — — ( 41,470 ) ( 41,470 ) Property operating expenses, other operating and real estate taxes ( 64,382 ) ( 44,094 ) — — ( 108,476 ) Impairment charges — ( 3,686 ) — — ( 3,686 ) Operating income 62,521 28,025 — ( 41,470 ) 49,076 Equity in earnings (losses) of unconsolidated affiliates 2,734 ( 10,411 ) — — ( 7,677 ) Interest income — — 19,993 — 19,993 Realized and unrealized holding gains (losses) on investments and other 5,756 24,995 ( 338 ) — 30,413 Interest expense ( 44,521 ) ( 48,732 ) — — ( 93,253 ) Income tax provision — — — ( 301 ) ( 301 ) Net income (loss) 26,490 ( 6,123 ) 19,655 ( 41,771 ) ( 1,749 ) Net loss attributable to redeemable noncontrolling interests — 8,239 — — 8,239 Net (income) loss attributable to noncontrolling interests ( 1,937 ) 15,320 — — 13,383 Net income (loss) attributable to Acadia shareholders $ 24,553 $ 17,436 $ 19,655 $ ( 41,771 ) $ 19,873 Real estate at cost (a) $ 2,646,831 $ 1,788,688 $ — $ — $ 4,435,519 Total assets (a) $ 2,566,450 $ 1,599,755 $ 124,949 $ — $ 4,291,154 Cash paid for acquisition of real estate $ — $ 126,545 $ — $ — $ 126,545 Cash paid for development, construction and property improvement costs $ 44,428 $ 25,112 $ — $ — $ 69,540 As of or for the Year Ended December 31, 2022 Core Funds Structured Unallocated Total Total revenues $ 202,547 $ 123,743 $ — $ — $ 326,290 Depreciation and amortization expenses ( 75,614 ) ( 60,303 ) — — ( 135,917 ) General and administrative expenses — — — ( 44,066 ) ( 44,066 ) Property operating expenses, other operating and real estate taxes ( 60,306 ) ( 41,621 ) — — ( 101,927 ) Impairment charges — ( 33,311 ) — — ( 33,311 ) Gain on disposition of properties 7,245 49,916 — — 57,161 Operating income (loss) 73,872 38,424 — ( 44,066 ) 68,230 Equity in (losses) earnings of unconsolidated affiliates ( 45,919 ) 13,012 — — ( 32,907 ) Interest income — — 14,641 — 14,641 Realized and unrealized holding gains (losses) on investments and other 1,163 ( 35,559 ) ( 598 ) — ( 34,994 ) Interest expense ( 37,892 ) ( 42,317 ) — — ( 80,209 ) Income tax provision — — — ( 12 ) ( 12 ) Net (loss) income ( 8,776 ) ( 26,440 ) 14,043 ( 44,078 ) ( 65,251 ) Net loss attributable to redeemable noncontrolling interests — 5,536 — — 5,536 Net loss attributable to noncontrolling interests 1,000 23,270 — — 24,270 Net (loss) income attributable to Acadia $ ( 7,776 ) $ 2,366 $ 14,043 $ ( 44,078 ) $ ( 35,445 ) Real estate at cost (a) $ 2,597,394 $ 1,655,616 $ — $ — $ 4,253,010 Total assets (a) $ 2,599,268 $ 1,579,411 $ 123,903 $ — $ 4,302,582 Cash paid for acquisition of real estate $ 242,633 $ — $ — $ — $ 242,633 Cash paid for development, construction and property improvement costs $ 32,406 $ 18,640 $ — $ — $ 51,046 As of or for the Year Ended December 31, 2021 Core Funds Structured Unallocated Total Total revenues $ 181,332 $ 111,165 $ — $ — $ 292,497 Depreciation and amortization expenses ( 69,103 ) ( 54,336 ) — — ( 123,439 ) General and administrative expenses — — — ( 40,125 ) ( 40,125 ) Property operating expenses, other operating and real estate taxes ( 56,957 ) ( 41,916 ) — — ( 98,873 ) Impairment charges — ( 9,925 ) — — ( 9,925 ) Gain on disposition of properties 4,612 5,909 — — 10,521 Operating income (loss) 59,884 10,897 — ( 40,125 ) 30,656 Equity in earnings of unconsolidated affiliates 353 4,977 — — 5,330 Interest income — — 9,065 — 9,065 Realized and unrealized holding gains (losses) on investments and other — 53,654 ( 4,534 ) — 49,120 Interest expense ( 29,454 ) ( 38,594 ) — — ( 68,048 ) Income tax provision — — — ( 93 ) ( 93 ) Net income (loss) 30,783 30,934 4,531 ( 40,218 ) 26,030 Net income attributable to noncontrolling interests ( 2,276 ) ( 206 ) — — ( 2,482 ) Net income (loss) attributable to Acadia $ 28,507 $ 30,728 $ 4,531 $ ( 40,218 ) $ 23,548 Real estate at cost (a) $ 2,356,645 $ 1,714,962 $ — $ — $ 4,071,607 Total assets (a) $ 2,212,877 $ 1,894,983 $ 153,886 $ — $ 4,261,746 Cash paid for acquisition of real estate and leasehold interest $ 26,176 $ 135,670 $ — $ — $ 161,846 Cash paid for development, construction and property improvement costs $ 13,625 $ 27,046 $ — $ — $ 40,671 a) Total assets for the Funds segment includ e $ 555.8 million, $ 569.1 million, and $ 583.4 million related to Fund II’s City Point property at December 31, 2023, 2022 ,and 2021, respectively. |
Share Incentive and Other Com_2
Share Incentive and Other Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Unvested Restricted Shares and LTIP Units | A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below: Unvested Restricted Shares and LTIP Units Common Weighted LTIP Units Weighted Unvested at January 1, 2023 92,735 $ 17.31 1,465,398 $ 18.59 Granted 70,629 14.11 780,193 15.00 Vested ( 41,268 ) 19.09 ( 354,343 ) 20.35 Forfeited ( 8,187 ) 21.07 ( 92,589 ) 30.78 Unvested at December 31, 2023 113,909 $ 14.41 1,798,659 $ 16.03 Unvested at January 1, 2022 89,746 $ 16.87 1,415,195 $ 20.85 Granted 45,813 20.98 637,818 21.04 Vested ( 40,894 ) 19.75 ( 309,283 ) 22.86 Forfeited ( 1,930 ) 31.82 ( 278,332 ) 31.16 Unvested at December 31, 2022 92,735 $ 17.31 1,465,398 $ 18.59 Unvested at January 1, 2021 89,911 $ 15.42 1,122,889 $ 24.38 Granted 43,078 19.94 666,967 19.48 Vested ( 43,084 ) 16.85 ( 283,024 ) 26.66 Forfeited ( 159 ) 36.22 ( 91,637 ) 36.22 Unvested at December 31, 2021 89,746 $ 16.87 1,415,195 $ 20.85 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Net Income to Taxable Income (Loss) | Reconciliation of GAAP net income attributable to Acadia to taxable income (loss) is as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Net income (loss) attributable to Acadia $ 19,873 $ ( 35,445 ) $ 23,548 Deferred rental and other (loss) income (a) 351 ( 1,854 ) 3,209 Book/tax difference - depreciation and amortization (a) 22,353 28,337 24,756 Straight-line rent and above- and below-market rent adjustments (a) ( 12,484 ) ( 11,917 ) ( 8,588 ) Book/tax differences - equity-based compensation 7,519 5,952 7,663 Joint venture equity in earnings, net and other investments (a) 33,522 22,493 3,962 Impairment charges and reserves 524 54,822 2,657 Acquisition costs (a) 9 2,048 22 Gain (loss) on disposition of properties and investments 1,800 ( 14,960 ) ( 2,170 ) Book adjustment marketable securities ( 4,813 ) — — Book/tax differences - miscellaneous 2,355 5,638 ( 1,203 ) Taxable income $ 71,009 $ 55,114 $ 53,856 Dividends/Distributions declared (b) $ 68,612 $ 68,312 $ 52,872 a) Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.” b) The entire fourth quarter 2023 dividend of $ 17.2 million (paid in January 2024 ) was attributed to 2024. Any additional distributions required for REIT qualification may be made through October 15, 2024. The entire fourth quarter 2022 dividend of $ 17.1 million (paid in January 2023 ) was attributed to 2023. The entire fourth quarter 2021 dividend of $ 14.4 million (paid in January 2022 ) was attributed to 2021 ( Note 10 ). |
Schedule of Tax Status of Dividends | The Company has determined that the cash distributed to the shareholders for the periods presented is characterized as follows for federal income tax purposes: Year Ended December 31, 2023 2022 2021 Per Share % Per Share % Per Share % Ordinary income - Section 199A $ 0.583 81 % $ 0.650 90 % $ 0.550 92 % Qualified dividend 0.115 16 % 0.010 1 % 0.010 1 % Capital gain 0.022 3 % 0.060 9 % 0.040 7 % Total (a) $ 0.720 100 % $ 0.720 100 % $ 0.600 100 % a) The fourth quarter 2023 regular dividend was $ 0.18 per Common Share, all of which is allocable to 2024. The fourth quarter 2022 regular dividend was $ 0.18 per Common Share, all of which is allocable to 2023. The fourth quarter 2021 regular dividend was $ 0.15 per Common Share, all of which is allocable to 2021. |
Schedule of TRS Income (Loss) and Provision for Income Taxes | Income taxes have been provided for using the liability method as required by ASC Topic 740, “Income Taxes.” The Company’s TRS income (loss) and provision for income taxes associated with the TRS for the periods presented are summarized as follows (in thousands): Year Ended December 31, 2023 2022 2021 TRS loss before income taxes $ ( 3,768 ) $ ( 3,178 ) $ ( 4,240 ) Provision for income taxes: Federal — — — State and local — — — TRS net loss before noncontrolling interests ( 3,768 ) ( 3,178 ) ( 4,240 ) Noncontrolling interests — — 9 TRS net loss $ ( 3,768 ) $ ( 3,178 ) $ ( 4,231 ) |
Schedule of Effective Income Tax Rate Reconciliation | The income tax provision for the Company differs from the amount computed by applying the statutory Federal income tax rate to income (loss) before income taxes as follows. Amounts are not adjusted for temporary book/tax differences (in thousands): Year Ended December 31, 2023 2022 2021 Federal tax benefit at statutory tax rate $ ( 791 ) $ ( 667 ) $ ( 890 ) TRS state and local taxes, net of Federal benefit ( 238 ) ( 201 ) ( 268 ) Tax effect of: Permanent differences, net 246 194 252 Adjustment to deferred tax reserve ( 8 ) 691 1,061 Other 791 ( 16 ) ( 156 ) REIT state and local income and franchise taxes 301 11 94 Total provision for income taxes $ 301 $ 12 $ 93 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year Ended December 31, (dollars in thousands) 2023 2022 2021 Numerator: Net income (loss) attributable to Acadia shareholders $ 19,873 $ ( 35,445 ) $ 23,548 Less: earnings attributable to unvested participating securities ( 978 ) ( 805 ) ( 624 ) Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share 18,895 ( 36,250 ) 22,924 Impact of City Point Loan share conversion option (a) — ( 1,804 ) — Income from continuing operations net of income attributable to participating securities for diluted earnings per share $ 18,895 $ ( 38,054 ) $ 22,924 Denominator: Weighted average shares for basic earnings (loss) per share 95,283,752 94,575,251 87,653,818 Effect of dilutive securities: Series A Preferred OP Units — — — Employee unvested restricted shares — — — City Point Loan common stock conversion option (Note 10) (a) — 68,215 — Weighted average shares for diluted earnings per share 95,283,752 94,643,466 87,653,818 Basic earnings (loss) per Common Share from continuing operations attributable to Acadia $ 0.20 $ ( 0.38 ) $ 0.26 Diluted earnings (loss) per Common Share from continuing operations attributable to Acadia $ 0.20 $ ( 0.40 ) $ 0.26 Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units 188 188 188 Series A Preferred OP Units - Common share equivalent 25,067 25,067 25,067 Series C Preferred OP Units 126,384 126,384 126,593 Series C Preferred OP Units - Common share equivalent 438,831 438,831 439,556 Restricted shares 90,006 68,832 70,827 a) The impact of the assumed conversion of dilutive convertible securities is related to the assumed conversion of potential common shares of the Company that could be subsequently issued in connection with the City Point Loan ( Note 10 ) for the stub-period until the put rights were modified for a cash-only settlement option in the third quarter of 2022 . |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract] | |
Schedule of Assets and Liabilities Included in Consolidated Balance Sheets | As of December 31, 2023 and December 31, 2022, the Consolidated Balance Sheets included the following assets and liabilities of the consolidated VIEs of the Operating Partnership: (dollars in thousands) December 31, 2023 December 31, 2022 VIE ASSETS Operating real estate, net $ 1,679,779 $ 1,466,381 Real estate under development 28,851 129,888 Investments in and advances to unconsolidated affiliates 92,802 210,922 Other assets, net 101,679 98,675 Right-of-use assets - operating leases, net 2,112 2,535 Cash and cash equivalents 10,787 13,330 Restricted cash 7,048 14,995 Rents receivable, net 21,427 17,915 Total VIE assets (a) $ 1,944,485 $ 1,954,641 VIE LIABILITIES Mortgage and other notes payable, net $ 764,614 $ 761,166 Unsecured notes payable, net 80,473 51,202 Accounts payable and other liabilities 127,162 95,385 Lease liability - operating leases 2,213 2,657 Total VIE liabilities (a) $ 974,462 $ 910,410 (a) At December 31, 2023 and December 31, 2022 , totals included VIE assets of $ 721.2 million and 678.1 million, respectively, and VIE liabilities of $ 234.7 million and $ 200.4 million, respectively, related to third-party mortgages that are collateralized by the real estate assets of City Point, a Fund II property, and 27 East 61st Street, 801 Madison Avenue, and 1035 Third Avenue, all Fund IV properties, of which $ 72.5 million is guaranteed by the Operating Partnership ( Note 9 ). The remaining VIE assets are generally encumbered by third-party non-recourse mortgage debt and are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. Th e remaining VIE assets may only be used to settle obligations of these consolidated VIEs and the remaining VIE liabilities are only the obligations of these consolidated VIEs and they do not have recourse to the Operating Partnership or the Company. |
Organization, Basis of Presen_4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Segment Property $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Limited partnership to common stock conversion ratio | 100% | ||
Common shares of beneficial interest, par value | $ / shares | $ 0.001 | $ 0.001 | |
Number of retail properties | Property | 201 | ||
Number of reportable segments | Segment | 3 | ||
Amount of goodwill recorded and acquisition costs capitalized | $ 0 | ||
Deferred Rent Receivables, Net | 49,300,000 | $ 48,100,000 | |
General allowance, Outstanding | 4,100,000 | 5,400,000 | |
Allowance for uncollectible accounts receivable adjustments | $ (1,300,000) | 1,500,000 | $ 1,900,000 |
Michigan Avenue | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Impairment of Investment | $ 50,800,000 | ||
REIT | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Percentage of distribute taxable income | 90% | ||
Percentage of taxable income. | 100% | ||
Buildings | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Property, plant and equipment, useful life | 40 years | ||
Building Improvements | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Property, plant and equipment, useful life | 15 years | ||
Furniture and fixtures | Minimum | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Furniture and fixtures | Maximum | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Core Portfolio | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of retail properties | Property | 149 | ||
Properties owned percentage | 100% | ||
Opportunity Funds | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of retail properties | Property | 52 | ||
Operating Partnership, as General Partner or Managing Member | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Remaining funds rate of distribution to operating partnership (in percent) | 20% | ||
Operating Partnership, as General Partner or Managing Member | Acadia's OP Ownership | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Equity interest held by Operating Partnership | 95% | 95% | |
Institutional Investors | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Remaining funds rate of distribution to all partners (in percent) | 80% |
Organization, Basis of Presen_5
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) | ||
Fund II and Mervyns II | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Operating Partnership Share of Capital | 61.67% | [1] |
Capital Called | $ 559.4 | [1],[2] |
Unfunded Commitment | $ 0 | [1],[2] |
Equity interest held by Operating Partnership | 61.67% | [1],[3] |
Preferred Return | 8% | [1] |
Total Distributions | $ 172.9 | [1],[2] |
Fund III | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Operating Partnership Share of Capital | 24.54% | |
Capital Called | $ 448.1 | [2] |
Unfunded Commitment | $ 1.9 | [2] |
Equity interest held by Operating Partnership | 24.54% | [3] |
Preferred Return | 6% | |
Total Distributions | $ 603.5 | [2] |
Fund IV | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Operating Partnership Share of Capital | 23.12% | |
Capital Called | $ 503.4 | [2] |
Unfunded Commitment | $ 26.6 | [2] |
Equity interest held by Operating Partnership | 23.12% | [3] |
Preferred Return | 6% | |
Total Distributions | $ 221.4 | [2] |
Fund V | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Operating Partnership Share of Capital | 20.10% | |
Capital Called | $ 407.4 | [2] |
Unfunded Commitment | $ 112.6 | [2] |
Equity interest held by Operating Partnership | 20.10% | [3] |
Preferred Return | 6% | |
Total Distributions | $ 105.8 | [2] |
[1] In January 2023, following the expiration of the lock-up period, Mervyns II distributed the 2.5 million shares of its investment in Albertsons to its partners; the Company received 1.6 million shares ( Note 4 , Note 8 ). The Company’s ownership in Mervyns II is 40.0 %. Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. Amount represents the current economic ownership at December 31, 2023 , which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund. |
Organization, Basis of Presen_6
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Parenthetical) (Details) - Mervyns II - shares shares in Millions | Jan. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Equity method investment, ownership percentage | 40% | |
Cost method investments effective ownership, shares | 2.5 | 4.1 |
Investment owned, shares | 1.6 |
Real Estate - Schedule of Real
Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | ||||
Land | $ 872,228 | $ 817,802 | ||
Buildings and improvements | 3,128,650 | 2,987,594 | ||
Tenant improvements | 257,955 | 216,899 | ||
Construction in progress | 23,250 | 21,027 | ||
Right-of-use assets - finance leases | $ 58,637 | $ 25,086 | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Net investments in real estate | Net investments in real estate | ||
Total | $ 4,340,720 | $ 4,068,408 | ||
Less: Accumulated depreciation and amortization | (823,439) | (725,143) | ||
Operating real estate, net | 3,517,281 | 3,343,265 | ||
Real estate under development | 94,799 | $ 184,602 | 184,602 | $ 203,773 |
Net investments in real estate | $ 3,612,080 | $ 3,527,867 |
Real Estate - Schedule of Acqui
Real Estate - Schedule of Acquisitions and Conversions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Business Acquisition [Line Items] | |||
Total consideration | $ 305,903 | ||
Core Portfolio | |||
Business Acquisition [Line Items] | |||
Total consideration | $ 246,696 | ||
Core Portfolio | One Twenty One Spring Street | New York, NY | |||
Business Acquisition [Line Items] | |||
Percent Acquired | 100% | ||
Total consideration | $ 39,637 | ||
Core Portfolio | Williamsburg Portfolio | Brooklyn, NY | |||
Business Acquisition [Line Items] | |||
Total consideration | [1] | $ 97,750 | |
Core Portfolio | Beverly Boulevard | West Hollywood | |||
Business Acquisition [Line Items] | |||
Percent Acquired | 100% | ||
Total consideration | $ 24,117 | ||
Core Portfolio | Dallas TX | Henderson Avenue Portfolio | |||
Business Acquisition [Line Items] | |||
Percent Acquired | [2] | 100% | |
Total consideration | [2] | $ 85,192 | |
Fund III | |||
Business Acquisition [Line Items] | |||
Total consideration | $ 59,207 | ||
Fund III | 640 Broadway | New York, NY | |||
Business Acquisition [Line Items] | |||
Percent Acquired | [3] | 100% | |
Total consideration | [3] | $ 59,207 | |
Fund V | |||
Business Acquisition [Line Items] | |||
Total consideration | $ 127,190 | ||
Fund V | Cypress Creek | Tampa, FL | |||
Business Acquisition [Line Items] | |||
Percent Acquired | 100% | ||
Total consideration | $ 49,374 | ||
Fund V | Maple Tree Place | Williston, VT | |||
Business Acquisition [Line Items] | |||
Percent Acquired | 100% | ||
Total consideration | $ 77,816 | ||
[1] The Company invested $ 2.8 million in its 49.99 % equity interest and, through a separate lending subsidiary, provided a $ 64.1 million first mortgage loan and a $ 30.9 million mezzanine loan to subsidiaries of the venture (such equity and loans have been eliminated in consolidation). Pursuant to the entity’s operating agreement, the venture partner has a one-time right to put its 50.01 % interest in the entity (the "Williamsburg NCI", which is further described in Note 10 ) to the Company for fair value at a future date. Given the preferred rate of return embedded in its equity interests and the accruing debt senior to the equity, the Company did not attribute any initial redemption value to the Williamsburg NCI and recognized a bargain purchase gain of $ 1.2 million, which is included in Realized and unrealized holding (losses) gains on investments and other on the Consolidated Statements of Operations. The Henderson Avenue Portfolio comprises 14 operating retail assets, one residential building and two development and re development sites. One of the development sites was sold in October 2022. The entity was previously accounted for as an equity method investment until an affiliate of Fund III acquired the venture partner's interest in a foreclosure action. Fund III now indirectly owns 100% of the entity and consolidates it. |
Real Estate - Schedule of Acq_2
Real Estate - Schedule of Acquisitions and Conversions (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||
Net investments in real estate | $ 3,612,080 | $ 3,527,867 |
Investments in and advances to unconsolidated affiliates | 197,240 | $ 291,156 |
Williamsburg Collection | ||
Business Acquisition [Line Items] | ||
Bargain purchase gain | $ 1,200 | |
Equity interest held by Operating Partnership | 49.99% | |
Investments in and advances to unconsolidated affiliates | $ 30,900 | |
Equity Method Investments | $ 2,800 | |
Equity method investment, ownership percentage by third party | 50.01% | |
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Income | |
Williamsburg Collection | First Mortgage Loan | ||
Business Acquisition [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 64,100 |
Real Estate - Acquisitions and
Real Estate - Acquisitions and Conversions - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||
Capitalized acquisition costs | $ 1 | $ 1.2 |
Properties Held for Sale of disposition | $ 11.1 | 11.1 |
Williamsburg Collection [Member] | ||
Business Acquisition [Line Items] | ||
Capitalized acquisition costs | 2 | |
Acquisition Fees Paid | 1.5 | |
640 Broadway | ||
Business Acquisition [Line Items] | ||
Mortgage assumed | $ 36 |
Real Estate - Schedule of Purch
Real Estate - Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||
Land | $ 17,597 | $ 119,898 | |
Buildings and improvements | 89,041 | 168,862 | |
Intangible assets | 29,158 | 29,016 | |
Right-of-use asset - finance lease | 25,313 | 0 | |
Lease liability | (22,075) | (661) | |
Intangible liabilities | (11,845) | (14,126) | |
Other assets, net | 0 | 4,077 | |
Net assets acquired | 127,190 | 307,066 | |
Cypress Creek | |||
Business Acquisition [Line Items] | |||
Land | 0 | ||
Buildings and improvements | 39,637 | ||
Intangible assets | 10,949 | ||
Right-of-use asset - finance lease | 25,313 | ||
Lease liability | (22,075) | ||
Intangible liabilities | (4,450) | ||
Other assets, net | 0 | ||
Net assets acquired | 49,374 | ||
Maple Tree Place | |||
Business Acquisition [Line Items] | |||
Land | 17,597 | ||
Buildings and improvements | 49,404 | ||
Intangible assets | 18,209 | ||
Right-of-use asset - finance lease | 0 | ||
Lease liability | 0 | ||
Intangible liabilities | (7,395) | ||
Other assets, net | 0 | ||
Net assets acquired | $ 77,816 | ||
121 Spring Street | |||
Business Acquisition [Line Items] | |||
Land | 5,380 | ||
Buildings and improvements | 31,707 | ||
Intangible assets | 2,550 | ||
Right-of-use asset - finance lease | 0 | ||
Lease liability | 0 | ||
Intangible liabilities | 0 | ||
Other assets, net | 0 | ||
Net assets acquired | 39,637 | ||
Williamsburg Collection | |||
Business Acquisition [Line Items] | |||
Land | 31,500 | ||
Buildings and improvements | 60,700 | ||
Intangible assets | 16,401 | ||
Right-of-use asset - finance lease | 0 | ||
Lease liability | 0 | ||
Intangible liabilities | (9,688) | ||
Other assets, net | 0 | ||
Net assets acquired | 98,913 | ||
8833 Beverly Boulevard | |||
Business Acquisition [Line Items] | |||
Land | 14,423 | ||
Buildings and improvements | 8,299 | ||
Intangible assets | 1,395 | ||
Right-of-use asset - finance lease | 0 | ||
Lease liability | 0 | ||
Intangible liabilities | 0 | ||
Other assets, net | 0 | ||
Net assets acquired | 24,117 | ||
Henderson Avenue Portfolio | |||
Business Acquisition [Line Items] | |||
Land | 40,764 | ||
Buildings and improvements | 40,865 | ||
Intangible assets | 7,611 | ||
Right-of-use asset - finance lease | 0 | ||
Lease liability | 0 | ||
Intangible liabilities | (4,048) | ||
Other assets, net | 0 | ||
Net assets acquired | 85,192 | ||
640 Broadway | |||
Business Acquisition [Line Items] | |||
Land | [1] | 27,831 | |
Buildings and improvements | [1] | 27,291 | |
Intangible assets | [1] | 1,059 | |
Right-of-use asset - finance lease | [1] | 0 | |
Lease liability | [1] | (661) | |
Intangible liabilities | [1] | (390) | |
Other assets, net | [1] | 4,077 | |
Net assets acquired | [1] | $ 59,207 | |
[1] The Company assumed a $ 36.0 million mortgage with the consolidation of 640 Broadway during the year ended December 31, 2022 ( Note 7 ). |
Real Estate - Schedule of Pur_2
Real Estate - Schedule of Purchase Price Allocations (Parenthetical) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
640 Broadway | |
Business Acquisition [Line Items] | |
Mortgage | $ 36 |
Real Estate - Schedule of Signi
Real Estate - Schedule of Significant Assumptions Used in Calculating Fair Value of the Asset Acquisitions (Details) - Level 3 - $ / ft² | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Maximum | ||
Business Acquisition [Line Items] | ||
Exit capitalization rate | 8.50% | 7.25% |
Annual net rental rate per square foot on acquired buildings | 47 | 825 |
Annual net rental rate per square foot on acquired ground lease | 1.91 | 0 |
Minimum | ||
Business Acquisition [Line Items] | ||
Exit capitalization rate | 7% | 4.25% |
Annual net rental rate per square foot on acquired buildings | 4 | 20 |
Annual net rental rate per square foot on acquired ground lease | 1.04 | 0 |
Real Estate - Schedule of Prope
Real Estate - Schedule of Property Dispositions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on disposition of properties | $ 0 | $ 57,161 | $ 10,521 |
Disposed of by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sale price | 222,153 | ||
Gain on disposition of properties | $ 57,161 | ||
Core Portfolio | Disposed of by sale | Henderson Avenue (Parcel) - Dallas, TX | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date sold | Oct. 07, 2022 | ||
Sale price | $ 3,050 | ||
Gain on disposition of properties | $ (194) | ||
Core Portfolio | Disposed of by sale | 330-340 River St Cambridge, MA | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date sold | Dec. 13, 2022 | ||
Sale price | $ 26,400 | ||
Gain on disposition of properties | $ 7,439 | ||
Fund III | Disposed of by sale | Cortlandt Crossing (Sewer Project and Retention Pond) - Cortlandt, NY | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date sold | Feb. 09, 2022 | ||
Sale price | $ 65,533 | ||
Gain on disposition of properties | $ 13,255 | ||
Fund IV | Disposed of by sale | Ne Grocer Portfolio Selected Assets Pennsylvania | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date sold | Jan. 26, 2022 | ||
Sale price | $ 45,350 | ||
Gain on disposition of properties | $ 13,784 | ||
Fund IV | Disposed of by sale | Lincoln Place Fairview Heights, IL | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date sold | May 25, 2022 | ||
Sale price | $ 40,670 | ||
Gain on disposition of properties | $ 12,216 | ||
Fund IV | Disposed of by sale | Wake Forest Crossing - Wake Forest, NC | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date sold | Aug. 24, 2022 | ||
Sale price | $ 38,919 | ||
Gain on disposition of properties | $ 8,885 | ||
Fund V | Disposed of by sale | New Towne (Parcel) - Canton, MI | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date sold | Feb. 01, 2022 | ||
Sale price | $ 2,231 | ||
Gain on disposition of properties | $ 1,776 |
Real Estate - Schedule of Pro_2
Real Estate - Schedule of Property Dispositions (Details) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (loss) on termination of lease | $ 0 | $ 0 | $ 3,615 |
146 Geary Street property | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Carrying Value | 19,400 | ||
Mortgage loan and accured interest | $ 20,100 |
Real Estate - Schedule of Dispo
Real Estate - Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
STATEMENTS OF INCOME | |||
Gain on disposition of properties | $ 0 | $ 57,161 | $ 10,521 |
Real Estate - Schedule of Asset
Real Estate - Schedule of Asset Held For Sale Property (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | ||
Buildings and improvements | $ 12,562 | $ 12,562 |
Land | 3,380 | 3,380 |
Tenant improvements | 1,010 | 1,010 |
Less: Accumulated depreciation and amortization | (5,895) | (5,895) |
Assets of properties held for sale | $ 11,057 | $ 11,057 |
Real Estate - Schedule of Devel
Real Estate - Schedule of Development in Process Activities (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) Property | Dec. 31, 2022 USD ($) Property | Jan. 01, 2023 USD ($) Property | Jan. 01, 2022 USD ($) Property | |||
Property, Plant and Equipment [Line Items] | ||||||
Number of properties under development | Property | 3 | 4 | 4 | 2 | ||
Real estate under development, beginning balance | $ 94,799 | $ 184,602 | $ 184,602 | $ 203,773 | ||
Transfers In | 0 | 9,610 | ||||
Capitalized Costs | 14,857 | 4,910 | ||||
Transfers Out | $ 104,660 | $ 33,691 | ||||
Core Portfolio | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of properties under development | Property | 2 | 2 | 2 | 0 | ||
Real estate under development, beginning balance | $ 66,083 | $ 54,817 | $ 54,817 | $ 42,517 | ||
Transfers In | 0 | 9,610 | ||||
Capitalized Costs | 11,266 | 2,690 | ||||
Transfers Out | $ 0 | $ 0 | ||||
Fund Portfolio | Fund II | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of properties under development | Property | 0 | 0 | [1] | 0 | 0 | [1] |
Real estate under development, beginning balance | $ 0 | $ 34,072 | [1] | $ 34,072 | $ 35,125 | [1] |
Transfers In | 0 | 0 | [1] | |||
Capitalized Costs | 633 | 503 | [1] | |||
Transfers Out | $ 34,705 | $ 1,556 | [1] | |||
Fund Portfolio | Fund III | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of properties under development | Property | 1 | 1 | 1 | 1 | ||
Real estate under development, beginning balance | $ 28,716 | $ 25,798 | $ 25,798 | $ 24,296 | ||
Transfers In | 0 | 0 | ||||
Capitalized Costs | 2,958 | 1,502 | ||||
Transfers Out | $ 40 | $ 0 | ||||
Fund Portfolio | Fund IV | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of properties under development | Property | 0 | 1 | [2] | 1 | 1 | [2] |
Real estate under development, beginning balance | $ 0 | $ 69,915 | [2] | $ 69,915 | $ 101,835 | [2] |
Transfers In | 0 | 0 | [2] | |||
Capitalized Costs | 0 | 215 | [2] | |||
Transfers Out | $ 69,915 | $ 32,135 | [2] | |||
[1] Transfers out include $ 1.6 million related to a portion of one Fund II property that was transferred out of development. Transfers out include $ 13.4 million related to a portion of one Fund IV property that was transferred out of development and an impairment charge totaling $ 18.7 million on one Fund IV development property ( Note 8 ) |
Real Estate - Schedule of Dev_2
Real Estate - Schedule of Development in Process Activities (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Notes receivable, net | $ 124,949 | $ 123,903 | |
Impairment charge | 3,686 | $ 33,311 | $ 9,925 |
Fund II | Fund Portfolio | |||
Property, Plant and Equipment [Line Items] | |||
Transferred Out Of Development | 1,600 | ||
Fund IV | Fund Portfolio | |||
Property, Plant and Equipment [Line Items] | |||
Impairment charge | 18,700 | ||
Transferred Out Of Development | $ 13,400 |
Notes Receivable, Net - Schedul
Notes Receivable, Net - Schedule of Notes Receivable (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) NotesReceivable | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total notes receivable | [1] | $ 126,228 | ||||
Allowance for credit losses | (1,279) | [1] | $ (898) | $ (5,752) | $ (1,218) | |
Net carrying amount of notes receivable | $ 124,949 | [1] | 123,903 | |||
Number | NotesReceivable | 6 | |||||
Interest Rate | 6.50% | |||||
Minimum | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Maturity Date | [2] | 2020-04 | ||||
Interest Rate | [2] | 4.65% | ||||
Maximum | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Maturity Date | [2] | 2027-12 | ||||
Interest Rate | [2] | 10% | ||||
Core Portfolio | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total notes receivable | [2] | $ 126,228 | $ 124,801 | |||
Net carrying amount of notes receivable | $ 124,949 | |||||
Number | NotesReceivable | [2] | 6 | ||||
[1] The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2023 . Includes one note receivable from an OP Unit holder, with a balance of $ 6.0 million at December 31, 2023 and 2022 . |
Notes Receivable, Net - Sched_2
Notes Receivable, Net - Schedule of Notes Receivable (Parenthetical) (Details) $ in Thousands | Dec. 31, 2023 USD ($) NotesReceivable | Dec. 31, 2022 USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Number of notes receivable | NotesReceivable | 6 | ||
Notes receivable | [1] | $ 126,228 | |
Core Portfolio | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of notes receivable | NotesReceivable | [2] | 6 | |
Notes receivable | [2] | $ 126,228 | $ 124,801 |
OP Unit Holders | Core Portfolio | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | $ 6,000 | $ 6,000 | |
[1] The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2023 . Includes one note receivable from an OP Unit holder, with a balance of $ 6.0 million at December 31, 2023 and 2022 . |
Notes Receivable, Net - Sched_3
Notes Receivable, Net - Schedule of Changes in the Company's CECL Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract] | ||||
CECL Allowance beginning of period | $ 898 | $ 5,752 | $ 1,218 | |
Provision of loan losses | 381 | (272) | 4,534 | |
Write-offs | 0 | (4,582) | 0 | |
Total - CECL Allowance | $ 1,279 | [1] | $ 898 | $ 5,752 |
[1] The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2023 . |
Notes Receivable, Net - Additio
Notes Receivable, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Jul. 12, 2021 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Decrease in allowance for credit loss | $ 4,900 | ||||||||
Notes receivable | [1] | $ 126,228 | |||||||
OP Units in settlement of note receivable | 21,109 | ||||||||
Settlement amount of note receivable in OP units | $ 500 | ||||||||
Note receivable accrued interest | 25,553 | 18,082 | |||||||
Notes receivable, net | 124,949 | 123,903 | |||||||
Credit loss reserve | $ 1,279 | [1] | 898 | $ 5,752 | $ 1,218 | ||||
Interest Rate | 6.50% | ||||||||
Aggregate loans | $ 124,949 | [1] | 123,903 | ||||||
Core Note | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Notes receivable modified, subsequent payment default | $ 21,600 | 21,600 | |||||||
Core Note Two | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Notes receivable | $ 54,000 | ||||||||
Notes receivable maturity date | Jan. 09, 2024 | Jan. 13, 2023 | |||||||
Maximum | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Maturity Date | [2] | 2027-12 | |||||||
Interest Rate | [2] | 10% | |||||||
Minimum | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Maturity Date | [2] | 2020-04 | |||||||
Interest Rate | [2] | 4.65% | |||||||
Core Portfolio | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Notes receivable | [2] | $ 126,228 | $ 124,801 | ||||||
Note receivable accrued interest | $ 5,700 | ||||||||
Notes receivable, net | 13,500 | $ 16,000 | |||||||
Aggregate loans | 124,949 | ||||||||
Core Portfolio | 840 N. Michigan Avenue | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Notes receivable, net | 1,400 | ||||||||
Structured Financing | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Note receivable accrued interest | 4,100 | ||||||||
Loans amortized cost | 0 | ||||||||
Aggregate loans | 27,900 | ||||||||
Structured Financing | Non-Collateral Dependent Loans | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Note receivable accrued interest | 18,600 | ||||||||
Credit loss reserve | 1,300 | ||||||||
Loans amortized cost | $ 121,100 | ||||||||
Fund III | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Increase in allowance for credit loss | 4,600 | ||||||||
venture partner's interest obtained | 5,300 | ||||||||
Equity method investment, ownership percentage | 100% | ||||||||
Note receivable accrued interest | 4,700 | ||||||||
Credit loss reserve | $ 4,600 | ||||||||
[1] The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2023 . Includes one note receivable from an OP Unit holder, with a balance of $ 6.0 million at December 31, 2023 and 2022 . |
Investments in and Advances t_3
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||
Other Receivables | $ 1,775 | $ 2,060 | |
Other | [1] | 4,554 | 4,315 |
Investments in and advances to unconsolidated affiliates | 197,240 | 291,156 | |
Distributions in excess of income from, and investments in, unconsolidated affiliates | 7,982 | 10,505 | |
Related Party | |||
Schedule of Equity Method Investments [Line Items] | |||
Other Receivables | $ 396 | 305 | |
840 N. Michigan | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | [2],[3] | 91.85% | |
Distributions in excess of income from, and investments in, unconsolidated affiliates | [2],[3] | $ 0 | 1,673 |
KLA/ABS | |||
Schedule of Equity Method Investments [Line Items] | |||
Cost method investment, ownership percentage | [4] | 36.70% | |
Cost Method Investment | [4] | $ 0 | 85,403 |
Fund III | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 100% | ||
Fund IV Other Portfolio | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 90% | ||
Equity method investments | $ 5,221 | 7,914 | |
650 Bald Hill Road | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 90% | ||
Equity method investments | $ 9,486 | 10,203 | |
Paramus Plaza | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 50% | ||
Equity method investments | $ 70 | 936 | |
Fund IV | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 14,777 | 19,053 | |
Fund V Family Center at Riverdale | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | [3] | 89.42% | |
Equity method investments | [3] | $ 2,552 | 4,995 |
Tri City Plaza | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 90% | ||
Equity method investments | $ 6,452 | 8,422 | |
Frederick County Acquisitions | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 90% | ||
Equity method investments | $ 11,345 | 12,240 | |
Michigan Avenue | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 3.42% | ||
Wood Ridge Plaza | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 90% | ||
Equity method investments | $ 10,313 | 12,751 | |
La Frontera Village | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 90% | ||
Equity method investments | $ 17,483 | 20,803 | |
Shoppes at South Hills | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | [5] | 90% | |
Equity method investments | [5] | $ 11,707 | 44,677 |
Mohawk Commons | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 90% | ||
Equity method investments | $ 16,434 | 775 | |
Fund V | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | 76,286 | 104,663 | |
Core Portfolio | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 101,227 | 77,417 | |
Core Portfolio | 840 N. Michigan | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | [3] | 91.85% | |
Equity method investments | [3] | $ 15,761 | 0 |
Core Portfolio | Renaissance Portfolio | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 20% | ||
Equity method investments | $ 30,745 | 28,755 | |
Core Portfolio | Gotham Plaza | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 49% | ||
Equity method investments | $ 30,772 | 30,112 | |
Core Portfolio | Georgetown Portfolio | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | [6] | 50% | |
Equity method investments | [6] | $ 4,230 | 4,048 |
Core Portfolio | 1238 Wisconsin Avenue | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | [6],[7] | 80% | |
Equity method investments | [6],[7] | $ 19,719 | 14,502 |
Core Portfolio | Crossroads | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | [2] | 49% | |
Distributions in excess of income from, and investments in, unconsolidated affiliates | [2] | $ 7,982 | $ 8,832 |
[1] Includes cost-method investment in Fifth Wall and other investments. Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity. Represents a tenancy-in-common interest. At December 31, 2022, Mervyns II had an effective indirect ownership of approximately 4.1 million shares (approximately 1 % interest) through its Investment in Albertsons Companies Inc. ("Albertsons"), which is accounted for at fair value ( Note 8 ). Mervyns II distributed its shares to its investors upon expiration of the lock-up agreement in January 2023, as further described below. Includes a $ 31.7 million bridge loan at December 31, 2022, from the Company to the venture that holds the property in its investment in Shoppes at South Hills. During the first quarter of 2023 the bridge loan was repaid, as further described below. Represents a VIE for which the Company is not the primary beneficiary ( Note 16 ). Includes the amounts advanced against a $ 12.8 million construction commitment from the Company to the venture that holds an investment in 1238 Wisconsin. As of December 31, 2023 and 2022 the note receivable from a related party had a balance of $ 12.8 million and $ 7.5 million, respectively, net of an allowance for CECL of $ 0.1 million, and $ 0.1 million, respectively. The loan is collateralized by the venture members' equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor, and matures on December 28, 2024. The Company recognized Interest income of $ 0.2 million for the year ended December 31, 2023, related to this note receivable. The note originated in 2022 and the Company recognized less than $ 0.1 million of Interest income for the year ended December 31, 2022. |
Investments in and Advances t_4
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Parenthetical) (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2023 | Dec. 31, 2020 | ||
Schedule of Equity Method Investments [Line Items] | ||||||
Credit loss reserves | $ 124,949 | [1] | $ 123,903 | |||
Allowance for credit losses | 1,279 | [1] | 898 | $ 5,752 | $ 1,218 | |
Interest income | 19,993 | $ 14,641 | $ 9,065 | |||
Cost method investments effective ownership interest | 1% | |||||
Core Portfolio | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Credit loss reserves | $ 124,949 | |||||
1238 Wisconsin Avenue | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Debt Instrument, Description of Variable Rate Basis | The loan is collateralized by the venture members' equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor, and matures on December 28, 2024. | |||||
1238 Wisconsin Avenue | Core Portfolio | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Construction commitment | $ 12,800 | |||||
Credit loss reserves | 12,800 | $ 7,500 | ||||
Allowance for credit losses | 100 | 100 | ||||
Interest income | $ 200 | |||||
1238 Wisconsin Avenue | Core Portfolio | Maximum | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Interest income | 100 | |||||
Shoppes at South Hills | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Bridge Loan | $ 31,700 | |||||
Mervyns II | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Cost method investments effective ownership, shares | 4.1 | 2.5 | ||||
[1] The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2023 . |
Investments in and Advances t_5
Investments in and Advances to Unconsolidated Affiliates - Core Portfolio - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investments carried at fair value or cost | [1] | $ 4,554 | $ 4,315 | |
Mervyns II | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 40% | |||
Core Portfolio | Fifth Wall Ventures Retail Fund, L.P. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments carried at fair value or cost | $ 200 | |||
[1] Includes cost-method investment in Fifth Wall and other investments. |
Investments in and Advances t_6
Investments in and Advances to Unconsolidated Affiliates - Mervyns II - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Proceeds from Dividends Received | $ 29.1 | $ 1.8 |
Mervyns II | ||
Schedule of Equity Method Investments [Line Items] | ||
Proceeds from Dividends Received | 1.9 | |
Unrealized change in fair value of investment | $ 38.9 |
Investments in and Advances t_7
Investments in and Advances to Unconsolidated Affiliates - Fund Investments - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | |||||
Jan. 20, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | ||
Schedule of Equity Method Investments [Line Items] | ||||||
Long-term debt, gross | [1],[2] | $ 1,881,087 | $ 1,805,414 | |||
Investment Owned, Cost | [3] | 4,554 | 4,315 | |||
Equity in (losses) earnings of unconsolidated affiliates | (7,677) | (32,907) | $ 5,330 | |||
Proceeds from dividends received | 29,100 | 1,800 | ||||
Proceeds from the disposition of properties , net | $ 0 | 224,558 | $ 63,901 | |||
Mohawk Commons Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of voting interests acquired | 90% | |||||
Fund IV | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Long-term debt, gross | $ 21,900 | |||||
Loans payable | 24,100 | |||||
Georgetown Portfolio | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Long-term debt, gross | 160,000 | |||||
Loans payable | 152,000 | |||||
Debt instrument convertible carrying amount of the equity component | 1,400 | |||||
840 N. Michigan Avenue | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment owned balance principal amount | 18,500 | |||||
Investment Owned Balance Principal Paydown | 17,500 | |||||
Proceeds from sale and maturity of other investments | 55,000 | |||||
Additional contingent payments | 17,500 | |||||
Equity in (losses) earnings of unconsolidated affiliates | $ 400 | |||||
Percentage Of Unpaid Outstanding Principal | 50% | |||||
Equity method investment, ownership percentage | 3.42% | |||||
Loans payable | $ 1,400 | |||||
Impairment of Investment | 50,800 | |||||
Mortgage Loan | $ 73,500 | |||||
840 N. Michigan Avenue | Maximum | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment, ownership percentage | 91.85% | |||||
Debt instrument interest rate increase decrease | 6.50% | |||||
840 N. Michigan Avenue | Minimum | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment, ownership percentage | 88.43% | |||||
Debt instrument interest rate increase decrease | 4.40% | |||||
1238 Wisconsin Avenue | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Term loan | $ 5,300 | 7,500 | ||||
Construction Loan Commitment | 12,800 | 12,800 | ||||
Long-term debt, gross | $ 12,800 | 7,500 | ||||
La Frontera Village | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Purchase Price | 81,400 | |||||
Equity method investment, ownership percentage | 90% | |||||
Fund V | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Purchase Price | $ 20,200 | 15,900 | ||||
Long-term debt, gross | 33,500 | |||||
Mohawk Commons | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Purchase Price | $ 62,100 | |||||
Equity method investment, ownership percentage | 90% | |||||
Mortgage Loan | $ 39,700 | |||||
Fund V Acquisition One | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Purchase Price | 26,500 | |||||
Mortgage Loan | 36,000 | 57,000 | ||||
Mortgage Loan Funded at Closing | $ 31,800 | 55,500 | ||||
Albertsons | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from dividends received | $ 28,500 | |||||
Gain (Loss), Investment and Derivative, Operating, and Foreign Currency Transaction, before Tax, Total | $ 11,400 | |||||
Share distributed to investor | 4.1 | |||||
Investment owned, shares | 1.6 | |||||
Fund V Acquisition Two | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Purchase Price | 15,300 | |||||
Wood Ridge Plaza | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Purchase Price | 49,300 | |||||
Equity method investment, ownership percentage | 90% | |||||
Mortgage Loan | 36,600 | |||||
Mortgage Loan Funded at Closing | 32,300 | |||||
Self Storage Management | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from the disposition of properties , net | 6,000 | |||||
Gains (Losses) on Sales of Investment Real Estate | 1,500 | |||||
Shoppes at South Hills | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Purchase Price | 47,600 | |||||
Equity method investment, ownership percentage | [4] | 90% | ||||
Promenade at Manassas | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from the disposition of properties , net | 46,000 | |||||
Repayment related to mortgage | 27,300 | |||||
Venture Capital Gain (Loss), Net | 12,800 | |||||
Share of the gain based on ownership | 3,000 | |||||
Bridge Loan | Fund V | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Long-term line of credit, noncurrent | $ 31,700 | $ 31,700 | $ 52,000 | |||
[1] Includes $ 1,249.8 million and $ 1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.14 % to 4.54 %. Includes $ 151.4 million and $ 103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 3.0 % to 5.50 %. Includes cost-method investment in Fifth Wall and other investments. Includes a $ 31.7 million bridge loan at December 31, 2022, from the Company to the venture that holds the property in its investment in Shoppes at South Hills. During the first quarter of 2023 the bridge loan was repaid, as further described below. |
Investments in and Advances t_8
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Related party revenue | $ 338,692 | $ 326,290 | $ 292,497 |
Equity Method Investee | |||
Schedule of Equity Method Investments [Line Items] | |||
Related party revenue | 400 | 400 | 600 |
Expenses, related party | $ 4,500 | $ 2,700 | $ 2,200 |
Investments in and Advances t_9
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Combined and Condensed Balance Sheets | ||||||
Real estate under development | $ 94,799 | $ 184,602 | ||||
Other assets | 208,460 | 229,591 | ||||
Total assets | [2] | 4,291,154 | [1] | 4,302,582 | [1] | $ 4,261,746 |
Total liabilities, redeemable noncontrolling interests, and equity | 4,291,154 | 4,302,582 | ||||
Investments carried at fair value or cost | [3] | 4,554 | 4,315 | |||
Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 7,982 | 10,505 | ||||
Investments in and advances to unconsolidated affiliates | 197,240 | 291,156 | ||||
Unconsolidated Affiliates | ||||||
Combined and Condensed Balance Sheets | ||||||
Rental property, net | 723,411 | 650,997 | ||||
Real estate under development | 0 | 17,359 | ||||
Other assets | 125,699 | 127,070 | ||||
Total assets | 849,110 | 795,426 | ||||
Mortgage notes payable | 662,552 | 609,923 | ||||
Other liabilities | 100,270 | 96,532 | ||||
Partners’ equity | 86,288 | 88,971 | ||||
Total liabilities, redeemable noncontrolling interests, and equity | 849,110 | 795,426 | ||||
Company's share of accumulated equity | 128,690 | 131,878 | ||||
Basis differential | 51,824 | 52,813 | ||||
Deferred fees, net of portion related to the Company's interest | 3,794 | 5,937 | ||||
Amounts receivable/payable by the Company | 396 | 305 | ||||
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 184,704 | 190,933 | ||||
Investments carried at fair value or cost | 4,554 | 89,718 | ||||
Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 7,982 | 10,505 | ||||
Investments in and advances to unconsolidated affiliates | $ 197,240 | $ 291,156 | ||||
[1] Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") ( Note 16 ). The Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $ 1,679.8 million and $ 1,466.4 million of Operating real estate, net; $ 28.9 million and $ 129.9 million of Real estate under development; $ 92.8 million and $ 210.9 million of Investments in and advances to unconsolidated affiliates; $ 101.7 million and $ 98.7 million of Other assets, net; $ 2.1 million and $ 2.5 million of Right-of-use assets - operating leases, net; $ 10.8 million and $ 13.3 million of Cash and cash equivalents; $ 7.0 million and $ 15.0 million of Restricted cash; $ 21.4 million and $ 17.9 million of Rents receivable, net; $ 764.6 million and $ 761.2 million of Mortgage and other notes payable, net; $ 80.5 million and $ 51.2 million of Unsecured notes payable, net; $ 127.2 million and $ 95.4 million of Accounts payable and other liabilities; $ 2.2 million and $ 2.7 million of Lease liability- operating leases as of December 31, 2023 and 2022, respectively. Total assets for the Funds segment includ e $ 555.8 million, $ 569.1 million, and $ 583.4 million related to Fund II’s City Point property at December 31, 2023, 2022 ,and 2021, respectively. Includes cost-method investment in Fifth Wall and other investments. |
Investments in and Advances _10
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Combined and Condensed Statements of Operations | |||
Total revenues | $ 338,692 | $ 326,290 | $ 292,497 |
Depreciation and amortization expenses | (135,984) | (135,917) | (123,439) |
Company's equity in (losses) earnings of unconsolidated affiliates | (7,677) | (32,907) | 5,330 |
Unconsolidated Affiliates | |||
Combined and Condensed Statements of Operations | |||
Total revenues | 108,425 | 96,080 | 80,823 |
Operating and other expenses | (35,488) | (29,858) | (28,572) |
Interest expense | (40,864) | (26,807) | (21,228) |
Depreciation and amortization expenses | (42,212) | (34,596) | (30,518) |
Gain (loss) on extinguishment of debt | 368 | (7) | (35) |
Impairment of Investment | 0 | 57,423 | 0 |
Gain on disposition of properties | 0 | 12,983 | 3,206 |
Net (losses) earnings attributable to unconsolidated affiliates | (9,771) | (39,628) | 3,676 |
Operating Partnership, as General Partner or Managing Member | |||
Combined and Condensed Statements of Operations | |||
Company 's share of equity in net losses of unconsolidated affiliates | (6,688) | (31,907) | 6,023 |
Basis differential amortization | (989) | (1,000) | (693) |
Company's equity in (losses) earnings of unconsolidated affiliates | $ (7,677) | $ (32,907) | $ 5,330 |
Investments in and Advances _11
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Paranthetical) (Details) | Jan. 04, 2021 LandParcel |
Equity Method Investments and Joint Ventures [Abstract] | |
Number of land parcels sold by the Family Center at Riverdale | 2 |
Other Assets, Net and Account_3
Other Assets, Net and Accounts Payable and Other Liabilities - Schedule of other assets and other liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Other Assets, Net: | |||
Lease intangibles, net (Note 6) | $ 100,594 | $ 102,374 | |
Derivative financial instruments (Note 8) | 28,989 | 54,902 | |
Deferred charges, net (a) | 31,074 | 28,478 | |
Accrued interest receivable (Note 3) | 25,553 | 18,082 | |
Prepaid expenses | 15,204 | 15,872 | |
Due from seller | 2,631 | 3,036 | |
Income taxes receivable | 1,141 | 1,876 | |
Deposits | 575 | 1,624 | |
Corporate assets, net | 924 | 1,287 | |
Other receivables | 1,775 | 2,060 | |
Other assets, net | 208,460 | 229,591 | |
Deferred Charges, Net: | |||
Deferred leasing and other costs | [1] | 73,908 | 63,920 |
Deferred financing costs related to line of credit | 9,829 | 9,494 | |
Deferred costs, gross | 83,737 | 73,414 | |
Accumulated amortization | (52,663) | (44,936) | |
Deferred charges, net | 31,074 | 28,478 | |
Accounts Payable and Other Liabilities: | |||
Lease intangibles, net (Note 7) | $ 73,994 | $ 78,416 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts payable and other liabilities | Accounts payable and other liabilities | |
Accounts payable and accrued expenses | $ 61,425 | $ 59,922 | |
Deferred income | 34,386 | 34,503 | |
Tenant security deposits, escrow and other | 17,939 | 16,582 | |
Lease liability - finance leases (Note 11) | $ 32,739 | $ 7,022 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable and other liabilities | Accounts payable and other liabilities | |
Derivative financial instruments (Note 8) | $ 8,892 | $ 46 | |
Accounts payable and other liabilities | $ 229,375 | $ 196,491 | |
[1] Effective January 1, 2023, the Company implemented compensation plans for its internal leasing representatives to adopt a commission structure paid in connection with new, renewal, and modified leases. At December 31, 2023, deferred leasing and other costs include direct and incremental capitalized internal leasing commissions incurred in connection with executed lease agreements of $ 2.2 million, which are amortized on a straight-line basis over the terms of the related leases. |
Other Assets, Net and Account_4
Other Assets, Net and Accounts Payable and Other Liabilities - Schedule of other assets and other liabilities (Parenthetical) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Deferred Costs [Abstract] | |
Incremental capitalized internal leasing commission | $ 2.2 |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Intangible Assets and Liabilities Included in Other Assets and Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | $ 354,778 | $ 325,620 |
Amortizable Intangible Assets, Accumulated Amortization | (254,184) | (223,246) |
Amortizable Intangible Assets, Net Carrying Amount | 100,594 | 102,374 |
Amortizable Intangible Liabilities | ||
Amortizable Intangible Liabilities, Gross Carrying Amount | (188,098) | (176,253) |
Amortizable Intangible Liabilities, Accumulated Amortization | 114,393 | 98,182 |
Amortizable Intangible Liabilities, Net Carrying Amount | (73,705) | (78,071) |
Above-market Ground Lease, Gross | (671) | (671) |
Above-market Ground Lease, Accumulated Amortization | 382 | 326 |
Above-market Ground Lease, Net | (289) | (345) |
Finite-Lived Intangible Liabilities, Gross | (188,769) | (176,924) |
Finite-Lived Intangible Liabilities, Accumulated Amortization | 114,775 | 98,508 |
Finite-Lived Intangible Liabilities, Net | (73,994) | (78,416) |
In-place lease intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 327,484 | 301,556 |
Amortizable Intangible Assets, Accumulated Amortization | (234,808) | (205,951) |
Amortizable Intangible Assets, Net Carrying Amount | 92,676 | 95,605 |
Above-market rent | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 27,294 | 24,064 |
Amortizable Intangible Assets, Accumulated Amortization | (19,376) | (17,295) |
Amortizable Intangible Assets, Net Carrying Amount | $ 7,918 | $ 6,769 |
Lease Intangibles - Additional
Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
In-place lease intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 25.9 | $ 28.2 |
Acquired intangible assets, weighted average useful life | 5 years 8 months 12 days | 6 years 4 months 24 days |
Finite lived intangible assets derecognized | $ 1.5 | |
Lease intangible assets wrote-off | $ 0.5 | |
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset Impairment Charges | |
Accelerated amortization related to below maarket lease | $ 3.2 | $ 0.2 |
In-place lease intangible assets | Tenant Non-renewals | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accelerated amortization related to below maarket lease | 2.8 | 0.1 |
Above-market rent | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 3.2 | $ 0.8 |
Acquired intangible assets, weighted average useful life | 7 years 1 month 6 days | 6 years 10 months 24 days |
Below Market Rents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below market rents, acquired | $ 11.8 | $ 14.1 |
Acquired intangible assets, weighted average useful life | 21 years 1 month 6 days | 11 years 4 months 24 days |
Finite lived intangible assets derecognized | $ 2.1 | |
Lease intangible assets wrote-off | 0.5 | |
Accelerated amortization related to below maarket lease | $ 8.8 | 5.5 |
Below Market Rents | Early Tenant Lease Terminations | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accelerated amortization related to below maarket lease | $ 8.4 | $ 5.4 |
Lease Intangibles - Scheduled A
Lease Intangibles - Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities (Details) - In-place lease intangible assets $ in Thousands | Dec. 31, 2023 USD ($) |
Acquired Lease Intangibles [Abstract] | |
2024, Net Increase In Rental Revenues | $ 5,157 |
2025, Net Increase In Rental Revenues | 4,752 |
2026, Net Increase In Rental Revenues | 4,522 |
2027, Net Increase In Rental Revenues | 4,452 |
2028, Net Increase In Rental Revenues | 4,536 |
2024, Increase to Amortization Expense | (23,596) |
2025, Increase to Amortization Expense | (17,912) |
2026, Increase to Amortization Expense | (14,435) |
2027, Increase to Amortization Expense | (11,159) |
2028, Increase to Amortization Expense | (7,299) |
2024, Reduction of Property Operating Expense | 58 |
2025, Reduction of Property Operating Expense | 58 |
2026, Reduction of Property Operating Expense | 58 |
2027, Reduction of Property Operating Expense | 58 |
2028, Reduction of Property Operating Expense | $ 57 |
Debt - Summary of Consolidated
Debt - Summary of Consolidated Indebtedness (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jul. 15, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | [1],[2] | $ 1,881,087 | $ 1,805,414 | ||
Net unamortized debt issuance costs | (11,186) | (12,697) | |||
Unamortized Premium | 240 | 343 | |||
Secured Debt, Total | 930,127 | 928,639 | |||
Unsecured notes payable, net | 726,727 | 696,134 | |||
Total Indebtedness | 1,870,141 | 1,793,060 | |||
Fund IV | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 36,200 | $ 39,200 | |||
SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.65% | 2.61% | 2.56% | ||
Fund Portfolio | Fund III | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 33,000 | $ 35,970 | |||
Mortgages | |||||
Debt Instrument [Line Items] | |||||
Net unamortized debt issuance costs | (7,313) | (7,621) | |||
Unamortized Premium | 240 | 343 | |||
Secured Debt, Total | 930,127 | 928,639 | |||
Mortgages | Fund Portfolio | Fund II | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | [3] | 137,485 | 133,655 | ||
Mortgages | Fund Portfolio | Fund IV | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | [4] | 115,925 | 146,230 | ||
Mortgages | Fund Portfolio | Fund V | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 458,960 | 426,224 | |||
Unsecured Term Loan | |||||
Debt Instrument [Line Items] | |||||
Net unamortized debt issuance costs | (3,873) | (5,076) | |||
Unsecured notes payable, net | 726,727 | 696,134 | |||
Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Unsecured notes payable, net | [5] | 213,287 | 168,287 | ||
Fixed Rate | Mortgages | Core Portfolio | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 191,830 | $ 193,838 | |||
Fixed Rate | Mortgages | Core Portfolio | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 5.89% | 5.89% | |||
Maturity Date | 2035-04 | ||||
Fixed Rate | Mortgages | Core Portfolio | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 3.99% | 3.88% | |||
Maturity Date | 2024-02 | ||||
Variable Rate Debt | Mortgages | SOFR | Fund II | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | [3] | 2.61% | 2.61% | ||
Variable Rate Debt | Mortgages | Fund Portfolio | Fund V | Maximum | |||||
Debt Instrument [Line Items] | |||||
Maturity Date | 2024-02 | ||||
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund IV | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | [4] | 3.65% | |||
Maturity Date | [4] | 2028-06 | |||
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund IV | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | [4] | 2.25% | |||
Maturity Date | [4] | 2025-03 | |||
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund V | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.85% | ||||
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund V | Maximum | |||||
Debt Instrument [Line Items] | |||||
Maturity Date | 2028-06 | ||||
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund II | |||||
Debt Instrument [Line Items] | |||||
Maturity Date | [3] | 2025-08 | |||
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund IV | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | [4] | 3.33% | |||
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund IV | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | [4] | 2.25% | |||
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund V | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.76% | ||||
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund V | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.80% | ||||
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund V | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.61% | ||||
Variable Rate Debt | Mortgages | Variable Rate | SOFR | Fund III | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.75% | 3.35% | |||
Maturity Date | 2025-10 | ||||
Subscription Line | Fund Portfolio | Fund V | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 80,600 | $ 51,200 | |||
Subscription Line | Unsecured Term Loan | Fund Portfolio | Fund V | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 80,600 | $ 51,210 | |||
Subscription Line | Unsecured Term Loan | Fund Portfolio | SOFR | Fund V | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 3.05% | 1.86% | |||
Maturity Date | 2024-01 | ||||
Variable Rate Unsecured Term Loans | Unsecured Term Loan | Core Portfolio | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | [5] | $ 650,000 | $ 650,000 | ||
Variable Rate Unsecured Term Loans | Unsecured Term Loan | Core Portfolio | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | [5] | 5.11% | |||
Maturity Date | [5] | 2029-07 | |||
Variable Rate Unsecured Term Loans | Unsecured Term Loan | Core Portfolio | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | [5] | 3.74% | |||
Maturity Date | [5] | 2026-06 | |||
Variable Rate Unsecured Term Loans | Unsecured Term Loan | Core Portfolio | SOFR | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | [5] | 2.05% | |||
Variable Rate Unsecured Term Loans | Unsecured Term Loan | Core Portfolio | SOFR | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | [5] | 1.60% | |||
Variable Rate Unsecured Term Loans | Line of Credit | Core Portfolio | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | [5] | 1.45% | 1.50% | ||
Maturity Date | [5] | 2025-06 | |||
[1] Includes $ 1,249.8 million and $ 1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.14 % to 4.54 %. Includes $ 151.4 million and $ 103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 3.0 % to 5.50 %. The Company has a total commitment of $ 198.0 million on the Fund II mortgage. Includes the outstanding balance on the Fund IV secured bridge facility of $ 36.2 million at December 31, 2023 and $ 39.2 million at December 31, 2022 . The Operating Partnership has guaranteed up to $ 22.5 million of the Fund IV secured bridge facility ( Note 9 ). The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans at December 31, 2023 and 2022 ( Note 8 ). |
Debt - Summary of Consolidate_2
Debt - Summary of Consolidated Indebtedness (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jul. 15, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | [1],[2] | $ 1,881,087 | $ 1,805,414 | ||
Maximum borrowing capacity | 900,000 | ||||
Interest Rate Caps | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 151,400 | $ 103,800 | |||
SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.65% | 2.61% | 2.56% | ||
Total Debt - Variable Rate Debt Fixed with Interest Rate Swap Agreements | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,249,800 | $ 1,264,000 | |||
Minimum | Interest Rate Caps | |||||
Debt Instrument [Line Items] | |||||
Debt instrument rate | 3% | ||||
Minimum | Total Debt - Variable Rate Debt Fixed with Interest Rate Swap Agreements | |||||
Debt Instrument [Line Items] | |||||
Debt instrument rate | 1.14% | ||||
Maximum | Interest Rate Caps | |||||
Debt Instrument [Line Items] | |||||
Debt instrument rate | 5.50% | ||||
Maximum | Total Debt - Variable Rate Debt Fixed with Interest Rate Swap Agreements | |||||
Debt Instrument [Line Items] | |||||
Debt instrument rate | 4.54% | ||||
Fund II | |||||
Debt Instrument [Line Items] | |||||
Single Mortgage Loan | $ 198,000 | ||||
Fund III | Fund Portfolio | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 33,000 | 35,970 | |||
Fund IV | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 36,200 | $ 39,200 | |||
Maximum borrowing capacity | $ 22,500 | ||||
[1] Includes $ 1,249.8 million and $ 1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.14 % to 4.54 %. Includes $ 151.4 million and $ 103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 3.0 % to 5.50 %. |
Debt - Unsecure Debt - Addition
Debt - Unsecure Debt - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jul. 29, 2022 | Apr. 06, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 900,000 | ||||
Long-term debt outstanding | [1],[2] | 1,881,087 | $ 1,805,414 | ||
Letters of credit, outstanding amount | 2,000 | 7,000 | |||
$400 Million Term Loan | Unsecured Term Loan | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 400,000 | ||||
$175.0 Million Term Loan | |||||
Debt Instrument [Line Items] | |||||
Remaining borrowing capacity | $ 175,000 | ||||
Senior Unsecured Credit Facility | Unsecured Term Loan | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 700,000 | ||||
Fund V [Member] | Subscription Line | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 100,000 | ||||
Maturity date | Feb. 28, 2024 | ||||
Fund V [Member] | Fund Portfolio [Member] | Subscription Line | |||||
Debt Instrument [Line Items] | |||||
Remaining borrowing capacity | $ 19,400 | 41,800 | |||
Long-term debt outstanding | 80,600 | 51,200 | |||
Fund V [Member] | Fund Portfolio [Member] | Subscription Line | Unsecured Term Loan | |||||
Debt Instrument [Line Items] | |||||
Long-term debt outstanding | 80,600 | 51,210 | |||
Revolving Credit Facility | Unsecured Term Loan | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 300,000 | ||||
Basis spread on variable rate | 1.45% | ||||
Maturity date | Jun. 29, 2025 | ||||
Long-term debt outstanding | $ 213,300 | 168,300 | |||
Letters of credit, outstanding amount | 0 | ||||
Total Available Credit | $ 86,700 | 131,700 | |||
Term Loan | Unsecured Term Loan | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.60% | ||||
Maturity date | Jun. 29, 2026 | ||||
Long-term debt outstanding | $ 400,000 | 400,000 | |||
Term Loan | $175.0 Million Term Loan | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 175,000 | $ 175,000 | |||
Basis spread on variable rate | 1.60% | ||||
Maturity date | Apr. 06, 2027 | ||||
Long-term debt outstanding | $ 175,000 | 175,000 | |||
Term Loan | $75.0 Million Term Loan | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 75,000 | $ 75,000 | |||
Basis spread on variable rate | 2.05% | ||||
Maturity date | Jul. 29, 2029 | ||||
Remaining borrowing capacity | $ 75,000 | ||||
Long-term debt outstanding | 75,000 | 75,000 | |||
Letter of Credit | Fund V [Member] | Subscription Line | |||||
Debt Instrument [Line Items] | |||||
Letters of credit, outstanding amount | $ 2,000 | $ 7,000 | |||
[1] Includes $ 1,249.8 million and $ 1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.14 % to 4.54 %. Includes $ 151.4 million and $ 103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 3.0 % to 5.50 %. |
Debt - Mortgage and Other Notes
Debt - Mortgage and Other Notes Payable - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jul. 15, 2023 USD ($) Mortgage | Jan. 31, 2024 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) Mortgage | Dec. 31, 2022 USD ($) Mortgage | Jun. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||
Notes receivable, net | $ 124,949 | $ 123,903 | ||||
Interest expense reduced | $ 700 | |||||
Number of mortgage loans | Mortgage | 0 | |||||
Maximum borrowing capacity | 900,000 | |||||
Initial term for mortgage loan | 3 years | |||||
Repayments of debt | 22,700 | |||||
Scheduled principal payment | 7,700 | |||||
Short-Term Debt, Refinanced, Amount | 111,400 | |||||
Disposed of by sale | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | 12,300 | |||||
Discontinued Operations Disposed Of By Sale Under Fund Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | 97,600 | |||||
Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Notes receivable, net | $ 32,200 | $ 42,400 | ||||
Number of mortgage loans | Mortgage | 5 | 10 | ||||
Mortgage Loan Principal Reduction Amount | $ 8,600 | |||||
Maximum borrowing capacity | $ 42,200 | |||||
Repayments of debt | $ 5,800 | |||||
Maturity date | Dec. 29, 2023 | |||||
Number of properties collateralized | Mortgage | 33 | 31 | ||||
Mortgages | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Scheduled principal payment | $ 3,900 | |||||
Mortgages | Subscription Line | ||||||
Debt Instrument [Line Items] | ||||||
Notes receivable, net | $ 150,800 | $ 280,600 | ||||
Mortgage Loan Principal Amount | $ 2,700 | 4,600 | ||||
Mortgage Loan Interest Reserve | $ 4,200 | |||||
Refinanced Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Number of mortgage loans | Mortgage | 4 | |||||
SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.65% | 2.61% | 2.56% | |||
Fund II | ||||||
Debt Instrument [Line Items] | ||||||
Single Mortgage Loan | $ 198,000 | |||||
Proceeds from Sale of Mortgage Loans Held-for-sale | 132,300 | |||||
Loans Payable | 26,000 | |||||
Fund II | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 257,900 | |||||
Maturity date | Jul. 10, 2027 | |||||
Debt Instrument, Basis Spread on Variable Rate | 4% | |||||
Fund II | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 50,000 | |||||
Fund II | Unsecured Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 40,000 | |||||
Fund IV | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | $ 17,000 | |||||
Loan accrues default interest | 4% | |||||
Fund IV | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loan Principal Reduction Amount | $ 3,000 | |||||
Maximum borrowing capacity | $ 36,200 | |||||
Maturity date | Mar. 31, 2025 | |||||
Fund IV | 146 Geary Street, San Francisco, CA | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 19,300 | |||||
Share value matured debt service coverage ratio | $ 4,500 | |||||
Fund IV | 146 Geary Street, San Francisco, CA | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Impairment charges at the company's share | $ 3,700 | |||||
Fund IV | 146 Geary Street, San Francisco, CA | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Impairment charges at the company's share | $ 900 | |||||
Fund V | ||||||
Debt Instrument [Line Items] | ||||||
Number of mortgage loans | Mortgage | 3 | |||||
Maximum borrowing capacity | $ 29,200 | |||||
Share value below debt service coverage ratio | 5,900 | |||||
Fund V | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Share value below debt service coverage ratio | 25,500 | |||||
Short-Term Debt, Refinanced, Amount | 127,100 | |||||
Core Portfolio | ||||||
Debt Instrument [Line Items] | ||||||
Notes receivable, net | 13,500 | $ 16,000 | ||||
Derivative, notional amount | $ 856,000 | |||||
Short-Term Debt, Refinanced, Amount | $ 25,400 | |||||
Core Portfolio | Disposed of by sale | ||||||
Debt Instrument [Line Items] | ||||||
Scheduled principal payment | $ 7,500 |
Debt - Scheduled Principal Repa
Debt - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |||
2024 | $ 333,174 | ||
2025 | 680,834 | ||
2026 | 437,087 | ||
2027 | 202,826 | ||
2028 | 130,959 | ||
Thereafter | 96,207 | ||
Long-term debt and convertible notes payable | [1],[2] | 1,881,087 | $ 1,805,414 |
Unamortized Premium | 240 | 343 | |
Net unamortized debt issuance costs | (11,186) | (12,697) | |
Total Indebtedness | $ 1,870,141 | $ 1,793,060 | |
[1] Includes $ 1,249.8 million and $ 1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.14 % to 4.54 %. Includes $ 151.4 million and $ 103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 3.0 % to 5.50 %. |
Debt - Scheduled Principal Re_2
Debt - Scheduled Principal Repayments - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Contractual due 2025 | $ 680,834 |
Contractual due 2027 | 202,826 |
Debt With Extension Options | |
Debt Instrument [Line Items] | |
Contractual due 2025 | 535,400 |
Contractual due 2027 | $ 25,100 |
Consolidated debt, Extension Term | 12 months |
Consolidated debt, Extension Term (Thereafter) | 12 months |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Marketable equity securities | $ 33,284 | |
Derivative financial instruments | 28,989 | 54,902 |
Liabilities | ||
Derivative financial instruments | 8,892 | 46 |
Recurring | Level 1 | ||
Assets | ||
Marketable equity securities | 33,284 | 85,403 |
Derivative financial instruments | 0 | 0 |
Liabilities | ||
Derivative financial instruments | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Marketable equity securities | 0 | 0 |
Derivative financial instruments | 28,989 | 54,902 |
Liabilities | ||
Derivative financial instruments | (8,892) | (46) |
Recurring | Level 3 | ||
Assets | ||
Marketable equity securities | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Liabilities | ||
Derivative financial instruments | $ 0 | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Schedule of realized and unrealized gain (loss) on marketable securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Realized gain on marketable securities | $ 4,636 | $ 0 | $ 0 |
Less: previously recognized unrealized gains on marketable securities sold during the period | (4,636) | 0 | 0 |
Unrealized gains (losses) on marketable securities still held at the end of the period and through the disposition date on marketable securities sold during the period | 1,634 | (38,913) | 51,925 |
Gain on Marketable securities, net | $ 1,634 | $ (38,913) | $ 51,925 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Schedule of Items Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Real Estate [Line Items] | ||||
Impairment charges | $ 3,686 | $ 33,311 | $ 9,925 | |
Fair Value, Measurements, Nonrecurring | ||||
Real Estate [Line Items] | ||||
Impairment charges | [1] | 33,311 | ||
Fair Value, Measurements, Nonrecurring | Acadia Realty Trust | ||||
Real Estate [Line Items] | ||||
Impairment charges | [1] | $ 7,702 | ||
Fair Value, Measurements, Nonrecurring | 146 Geary Street, San Francisco, CA | Fund IV | Level 3 Inputs Projections | ||||
Real Estate [Line Items] | ||||
Triggering Event | Reduced holding period | Reduced projected operating income | ||
Impairment charges | [1] | $ 3,686 | $ 12,435 | |
Fair Value, Measurements, Nonrecurring | 146 Geary Street, San Francisco, CA | Acadia Realty Trust | Fund IV | Level 3 Inputs Projections | ||||
Real Estate [Line Items] | ||||
Impairment charges | [1] | $ 852 | $ 2,875 | |
Fair Value, Measurements, Nonrecurring | 717 N. Michigan Avenue, Chicago, IL | Fund IV | Level 3 Inputs Projections | ||||
Real Estate [Line Items] | ||||
Triggering Event | Reduced holding period and intended use | |||
Impairment charges | [1] | $ 20,876 | ||
Fair Value, Measurements, Nonrecurring | 717 N. Michigan Avenue, Chicago, IL | Acadia Realty Trust | Fund IV | Level 3 Inputs Projections | ||||
Real Estate [Line Items] | ||||
Impairment charges | [1] | $ 4,827 | ||
[1] The fair value of 717 N. Michigan Avenue was based on an observable contract to sell the asset, less estimated costs to sell. The Company estimated the fair value of 146 Geary Street based on a discounted cash flow analysis using a range of discount rates from 5.00 % to 7.75 % and a range of capitalization rates from 4.25 % to 5.75 %. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy . |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Schedule of Items Measured at Fair Value on Nonrecurring Basis (Parenthetical) (Details) - Fair Value, Measurements, Nonrecurring - 146 Geary Street, San Francisco, CA - Discounted Cash Flow Analysis | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | |
Real Estate [Line Items] | |
Discount rate | 5% |
Capitalization rate | 4.25% |
Maximum | |
Real Estate [Line Items] | |
Discount rate | 7.75% |
Capitalization rate | 5.75% |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Fair value, liability derivatives | $ (8,892) | $ (46) |
Derivative Asset | 28,989 | 54,902 |
Fund IV | Interest Rate Caps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 54,500 | |
Core Portfolio | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 856,000 | |
Fair value, derivatives, net | 13,868 | 40,838 |
Core Portfolio | Interest Rate Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, liability derivatives | $ (8,807) | $ (46) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities |
Derivative Asset | $ 22,675 | $ 40,884 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | Assets |
Core Portfolio | Interest Rate Swaps | Accounts payable and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 225,000 | |
Core Portfolio | Interest Rate Swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 631,000 | |
Core Portfolio | Interest Rate Swaps | Minimum | Accounts payable and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2022-12 | |
Derivative Maturity Date | 2027-07 | |
Strike Rate | 3.61% | |
Core Portfolio | Interest Rate Swaps | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2022-05 | |
Derivative Maturity Date | 2025-03 | |
Strike Rate | 1.98% | |
Core Portfolio | Interest Rate Swaps | Maximum | Accounts payable and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2023-10 | |
Derivative Maturity Date | 2029-12 | |
Strike Rate | 4.69% | |
Core Portfolio | Interest Rate Swaps | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2023-05 | |
Derivative Maturity Date | 2030-07 | |
Strike Rate | 3.36% | |
Core Portfolio | Fund IV | Interest Rate Caps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2023-12 | |
Derivative Maturity Date | 2025-12 | |
Fund Portfolio | Fund II | Interest Rate Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 634 | $ 1,108 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | Assets |
Fund Portfolio | Fund II | Interest Rate Swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 50,000 | |
Derivative Effective Date | 2023-01 | |
Derivative Maturity Date | 2029-12 | |
Fund Portfolio | Fund II | Interest Rate Swaps | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 3.23% | |
Fund Portfolio | Fund II | Interest Rate Swaps | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 3.23% | |
Fund Portfolio | Fund III | Interest Rate Caps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 26 | $ 232 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | Assets |
Fund Portfolio | Fund III | Interest Rate Caps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 33,000 | |
Derivative Effective Date | 2023-09 | |
Derivative Maturity Date | 2025-10 | |
Fund Portfolio | Fund III | Interest Rate Caps | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 5.50% | |
Fund Portfolio | Fund III | Interest Rate Caps | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 5.50% | |
Fund Portfolio | Fund IV | Interest Rate Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, liability derivatives | $ (29) | $ (1,093) |
Fund Portfolio | Fund IV | Interest Rate Swaps | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 6% | |
Fund Portfolio | Fund IV | Interest Rate Swaps | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 6% | |
Fund Portfolio | Fund IV | Interest Rate Caps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | Assets |
Fund Portfolio | Fund V | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 416,336 | |
Fair value, derivatives, net | 5,540 | $ 11,585 |
Fund Portfolio | Fund V | Interest Rate Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, liability derivatives | $ (85) | $ 0 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities |
Derivative Asset | $ 5,523 | $ 11,585 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | Assets |
Fund Portfolio | Fund V | Interest Rate Swaps | Accounts payable and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 28,480 | |
Derivative Effective Date | 2023-06 | |
Derivative Maturity Date | 2025-06 | |
Fund Portfolio | Fund V | Interest Rate Swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 315,409 | |
Fund Portfolio | Fund V | Interest Rate Swaps | Minimum | Accounts payable and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 4.54% | |
Fund Portfolio | Fund V | Interest Rate Swaps | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2022-04 | |
Derivative Maturity Date | 2024-03 | |
Strike Rate | 1.14% | |
Fund Portfolio | Fund V | Interest Rate Swaps | Maximum | Accounts payable and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 4.54% | |
Fund Portfolio | Fund V | Interest Rate Swaps | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2023-07 | |
Derivative Maturity Date | 2026-05 | |
Strike Rate | 4.34% | |
Fund Portfolio | Fund V | Interest Rate Caps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 102 | $ 0 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | Assets |
Fund Portfolio | Fund V | Interest Rate Caps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 72,447 | |
Fund Portfolio | Fund V | Interest Rate Caps | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2023-01 | |
Derivative Maturity Date | 2024-01 | |
Strike Rate | 3.64% | |
Fund Portfolio | Fund V | Interest Rate Caps | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2023-08 | |
Derivative Maturity Date | 2025-09 | |
Strike Rate | 5% |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Measurements - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 08, 2024 USD ($) shares | Jan. 20, 2023 USD ($) | Jan. 31, 2024 USD ($) shares | Dec. 31, 2023 USD ($) SwapSwap shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Reclassification adjustment related to derivatives from AOCI to interest expense | $ (23,200) | |||||
Net proceeds from sale of common stock | 0 | $ 119,485 | $ 63,876 | |||
Proceeds from dividends received | $ 29,100 | 1,800 | ||||
Number of forward swaps terminated | SwapSwap | 6 | |||||
Forward swaps | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Derivative, notional amount | $ 175,000 | |||||
Cash proceeds from swaps | $ 16,000 | |||||
Albertsons | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Sale of shares | shares | 200,000 | |||||
Net proceeds from sale of common stock | $ 4,600 | |||||
Common stock shares held | 1,400 | |||||
Securities held at fair value | 33,300 | |||||
Proceeds from dividends received | $ 28,500 | |||||
Acadia | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Proceeds from dividends received | $ 12,000 | $ 600 | ||||
Subsequent Event | Albertsons | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Sale of shares | shares | 175,000 | 175,000 | ||||
Net proceeds from sale of common stock | $ 4,000 | $ 4,000 |
Financial Instruments and Fai_9
Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes receivable, net | $ 124,949 | $ 123,903 | |
Mortgages Payable | 1,870,141 | 1,793,060 | |
Unsecured notes payable and Unsecured line of credit | 726,727 | 696,134 | |
Level 3 | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes receivable, net | [1] | 124,949 | 123,903 |
City Point Loan | [1] | 66,741 | 65,945 |
Mortgages Payable | [1] | 937,200 | 935,917 |
Investment in non-traded equity securities | [2] | 4,398 | 4,160 |
Level 3 | Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes receivable, net | [1] | 124,789 | 122,716 |
City Point Loan | [1] | 66,017 | 65,856 |
Mortgages Payable | [1] | 921,563 | 906,348 |
Investment in non-traded equity securities | [2] | 4,702 | 5,593 |
Level 2 | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unsecured notes payable and Unsecured line of credit | [3] | 943,887 | 869,497 |
Level 2 | Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unsecured notes payable and Unsecured line of credit | [3] | $ 937,153 | $ 868,399 |
[1] The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and changes in interest rates. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. Amounts exclude discounts and loan costs. The estimated market rates are between 4.90 % to 14.25 % for the Company's notes receivable and City Point Loan, and 5.83 % to 9.27 % fo r the Company's mortgage and other notes payable, depending on the attributes of the specific loans. Represents the Operating Partnership’s cost-method investment in Fifth Wall ( Note 4 ). The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants |
Financial Instruments and Fa_10
Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Parenthetical) (Details) - Level 3 | Dec. 31, 2023 |
City Point Loan | Maximum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated market rates of financial instruments | 14.25% |
City Point Loan | Minimum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated market rates of financial instruments | 4.90% |
Mortgage and Other Notes Payable | Maximum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated market rates of financial instruments | 9.27% |
Mortgage and Other Notes Payable | Minimum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated market rates of financial instruments | 5.83% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Aug. 02, 2023 | ||
Loss Contingencies [Line Items] | ||||
Letters of credit, outstanding amount | $ 2,000 | $ 7,000 | ||
Contractual obligation | 15,800 | 39,100 | ||
Contractual obligation for tenant improvements | 25,700 | 30,400 | ||
Tenant improvements share amount | 14,600 | 15,800 | ||
Purchase Obligation, Total | 12,500 | 37,500 | ||
Deposit under agreement terminated and forfeited | $ 3,300 | |||
Total liabilities | [1] | 2,157,598 | $ 2,053,722 | |
Fund IV | ||||
Loss Contingencies [Line Items] | ||||
Principal payment | 72,500 | |||
La Frontera Village Member | ||||
Loss Contingencies [Line Items] | ||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 57,000 | |||
Total liabilities | $ 200 | |||
[1] Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") ( Note 16 ). The Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $ 1,679.8 million and $ 1,466.4 million of Operating real estate, net; $ 28.9 million and $ 129.9 million of Real estate under development; $ 92.8 million and $ 210.9 million of Investments in and advances to unconsolidated affiliates; $ 101.7 million and $ 98.7 million of Other assets, net; $ 2.1 million and $ 2.5 million of Right-of-use assets - operating leases, net; $ 10.8 million and $ 13.3 million of Cash and cash equivalents; $ 7.0 million and $ 15.0 million of Restricted cash; $ 21.4 million and $ 17.9 million of Rents receivable, net; $ 764.6 million and $ 761.2 million of Mortgage and other notes payable, net; $ 80.5 million and $ 51.2 million of Unsecured notes payable, net; $ 127.2 million and $ 95.4 million of Accounts payable and other liabilities; $ 2.2 million and $ 2.7 million of Lease liability- operating leases as of December 31, 2023 and 2022, respectively. |
Shareholders' Equity, Noncont_3
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Common Shares and Units - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 08, 2024 | Jan. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||||
Proceeds from the sale of Common Shares | $ 0 | $ 119,485 | $ 63,876 | ||
Underwritten offering | Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Shares sold in offering (in shares) | 6,900,000 | 6,900,000 | |||
Purchase of additional shares | 900,000 | 900,000 | |||
Proceeds from the sale of Common Shares | $ 113,000 | $ 113,000 | |||
Restricted shares | |||||
Class of Stock [Line Items] | |||||
Restricted stock, shares canceled for tax withholding for share based compensation (in shares) | 3,251 | 3,235 | |||
LTIP Units and Restricted Stock | |||||
Class of Stock [Line Items] | |||||
Unit based compensation expense | $ 9,200 | $ 7,400 |
Shareholders' Equity, Noncont_4
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - ATM Program - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Purchase new program included an optional forward purchase component | $ 119,485 | $ 63,876 | |
Common Shares | |||
Class of Stock [Line Items] | |||
Issuance of common shares, net of issuance costs (in Shares) | 5,525,000 | 2,889,000 | |
Issuance of Common Shares (in Shares) | 5,525,000 | 2,889,000 | |
Purchase new program included an optional forward purchase component | $ 6 | $ 3 | |
ATM Program | |||
Class of Stock [Line Items] | |||
Issuance of common shares, net of issuance costs (in Shares) | 0 | 0 | |
Value of shares available for issuance | $ 222,300 | ||
Issuance of Common Shares (in Shares) | 0 | 0 | |
Gross proceeds | $ 123,900 | $ 64,900 | |
Weighted Average Share Price | $ 22.43 | $ 22.46 | |
Proceeds from stock plans net of issuance costs | $ 119,500 | $ 63,900 | |
Purchase new program included an optional forward purchase component | $ 250,000 | ||
ATM Program | Common Shares | |||
Class of Stock [Line Items] | |||
Issuance of common shares, net of issuance costs (in Shares) | 0 | 5,525,419 | 2,889,371 |
Issuance of Common Shares (in Shares) | 0 | 5,525,419 | 2,889,371 |
Previous ATM Program | |||
Class of Stock [Line Items] | |||
Issuance of common shares, net of issuance costs (in Shares) | 4,281,576 | ||
Issuance of Common Shares (in Shares) | 4,281,576 | ||
Gross proceeds | $ 96,300 | ||
Proceeds from stock plans net of issuance costs | $ 92,500 |
Shareholders' Equity, Noncont_5
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Share Repurchases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | |
Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Authorized amount | $ 200 | |||
Number of shares repurchased during period (in shares) | 0 | 0 | 0 | |
Remaining authorized repurchase amount | $ 122.5 |
Shareholders' Equity, Noncont_6
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Schedule of Distributions Declared and paid (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Cash dividends declared per common share (in dollars per share) | $ 0.72 | $ 0.72 | $ 0.6 |
First Quarter Two Thousand Twenty Two Member | |||
Class of Stock [Line Items] | |||
Cash dividends, declared date | Feb. 15, 2022 | ||
Cash dividends declared per common share (in dollars per share) | $ 0.18 | ||
Cash dividends, record date | Mar. 31, 2022 | ||
Cash dividends, paid date | Apr. 14, 2022 | ||
Second Quarter Two Thousand Twenty Two Member | |||
Class of Stock [Line Items] | |||
Cash dividends, declared date | May 04, 2022 | ||
Cash dividends declared per common share (in dollars per share) | $ 0.18 | ||
Cash dividends, record date | Jun. 30, 2022 | ||
Cash dividends, paid date | Jul. 15, 2022 | ||
Third Quarter Two Thousand Twenty Two Member | |||
Class of Stock [Line Items] | |||
Cash dividends, declared date | Aug. 10, 2022 | ||
Cash dividends declared per common share (in dollars per share) | $ 0.18 | ||
Cash dividends, record date | Sep. 30, 2022 | ||
Cash dividends, paid date | Oct. 14, 2022 | ||
Fourth Quarter Two Thousand Twenty Two Member | |||
Class of Stock [Line Items] | |||
Cash dividends, declared date | Nov. 09, 2022 | ||
Cash dividends declared per common share (in dollars per share) | $ 0.18 | $ 0.18 | |
Cash dividends, record date | Dec. 30, 2022 | ||
Cash dividends, paid date | Jan. 13, 2023 | ||
First Quarter Two Thousand Twenty Three | |||
Class of Stock [Line Items] | |||
Cash dividends, declared date | Jan. 17, 2023 | ||
Cash dividends declared per common share (in dollars per share) | $ 0.18 | ||
Cash dividends, record date | Mar. 31, 2023 | ||
Cash dividends, paid date | Apr. 14, 2023 | ||
Second Quarter Two Thousand Twenty Three | |||
Class of Stock [Line Items] | |||
Cash dividends, declared date | May 03, 2023 | ||
Cash dividends declared per common share (in dollars per share) | $ 0.18 | ||
Cash dividends, record date | Jun. 30, 2023 | ||
Cash dividends, paid date | Jul. 14, 2023 | ||
Third Quarter Two Thousand Twenty Three | |||
Class of Stock [Line Items] | |||
Cash dividends, declared date | Aug. 09, 2023 | ||
Cash dividends declared per common share (in dollars per share) | $ 0.18 | ||
Cash dividends, record date | Sep. 29, 2023 | ||
Cash dividends, paid date | Oct. 13, 2023 | ||
Fourth Quarter Two Thousand Twenty Three [Member] | |||
Class of Stock [Line Items] | |||
Cash dividends, declared date | Nov. 02, 2023 | ||
Cash dividends declared per common share (in dollars per share) | $ 0.18 | ||
Cash dividends, record date | Dec. 29, 2023 | ||
Cash dividends, paid date | Jan. 12, 2024 |
Shareholders' Equity, Noncont_7
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Change in Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ 489,364 | |||
Cancellation of OP units | $ (568) | |||
Employee and trustee stock compensation, net | 12,753 | $ 11,122 | 12,430 | |
Noncontrolling interest distributions | (80,186) | (79,838) | (27,051) | |
Noncontrolling interest contributions | 59,612 | 109,428 | 30,164 | |
Net (loss) income | (1,749) | (65,251) | 26,030 | |
Other comprehensive (loss) income - unrealized gain on valuation of swap agreements | 10,963 | 96,858 | 30,500 | |
Reclassification of realized interest on swap agreements | 33,647 | (8,232) | (21,407) | |
Reclassification of redeemable noncontrolling interests | (76,569) | |||
Ending Balance | 446,300 | 489,364 | ||
Noncontrolling Interests | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 489,364 | 628,322 | 609,165 | |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | (2,521) | (3,945) | (1,431) | |
Cancellation of OP units | [1] | (568) | ||
Distributions declared per Common OP Unit | (5,352) | (5,094) | (4,185) | |
Acquisition of noncontrolling interest asset | [2] | (91,811) | ||
City Point Loan Advances | 0 | 0 | ||
City Point Loan accrued interest | 0 | 0 | ||
Employee and trustee stock compensation, net | 11,064 | 10,000 | 11,284 | |
Noncontrolling interest distributions | (80,186) | (79,838) | (27,051) | |
Noncontrolling interest contributions | 59,612 | 109,428 | 30,164 | |
Net (loss) income | (13,383) | (24,270) | 2,482 | |
Other comprehensive (loss) income - unrealized gain on valuation of swap agreements | 5,402 | 20,208 | 5,990 | |
Reclassification of realized interest on swap agreements | (13,711) | 1,851 | 7,240 | |
Reclassification of redeemable noncontrolling interests | [3] | (76,569) | ||
Reallocation of noncontrolling interests | [4] | (3,989) | 1,082 | (4,768) |
Ending Balance | 446,300 | 489,364 | 628,322 | |
Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | [5] | 389,810 | 534,202 | 519,734 |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | [5] | 0 | 0 | 0 |
Cancellation of OP units | [1],[5] | 0 | ||
Distributions declared per Common OP Unit | [5] | 0 | 0 | 0 |
Acquisition of noncontrolling interest asset | [2],[5] | (91,811) | ||
City Point Loan Advances | [5] | 0 | 0 | |
City Point Loan accrued interest | [5] | 0 | 0 | |
Employee and trustee stock compensation, net | [5] | 0 | 0 | 0 |
Noncontrolling interest distributions | [5] | (80,186) | (79,838) | (27,051) |
Noncontrolling interest contributions | [5] | 59,612 | 109,428 | 30,164 |
Net (loss) income | [5] | (15,168) | (22,962) | 407 |
Other comprehensive (loss) income - unrealized gain on valuation of swap agreements | [5] | 6,015 | 15,567 | 3,918 |
Reclassification of realized interest on swap agreements | [5] | (13,501) | 1,793 | 7,030 |
Reclassification of redeemable noncontrolling interests | [3],[5] | (76,569) | ||
Reallocation of noncontrolling interests | [4],[5] | 0 | 0 | 0 |
Ending Balance | [5] | 346,582 | 389,810 | 534,202 |
Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | [6] | 99,554 | 94,120 | 89,431 |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | [6] | (2,521) | (3,945) | (1,431) |
Cancellation of OP units | [1],[6] | (568) | ||
Distributions declared per Common OP Unit | [6] | (5,352) | (5,094) | (4,185) |
Acquisition of noncontrolling interest asset | [2],[6] | 0 | ||
City Point Loan Advances | [6] | 0 | 0 | |
City Point Loan accrued interest | [6] | 0 | 0 | |
Employee and trustee stock compensation, net | [6] | 11,064 | 10,000 | 11,284 |
Noncontrolling interest distributions | [6] | 0 | 0 | 0 |
Noncontrolling interest contributions | [6] | 0 | 0 | 0 |
Net (loss) income | [6] | 1,785 | (1,308) | 2,075 |
Other comprehensive (loss) income - unrealized gain on valuation of swap agreements | [6] | (613) | 4,641 | 2,072 |
Reclassification of realized interest on swap agreements | [6] | (210) | 58 | 210 |
Reclassification of redeemable noncontrolling interests | [3],[6] | 0 | ||
Reallocation of noncontrolling interests | [4],[6] | (3,989) | 1,082 | (4,768) |
Ending Balance | [6] | 99,718 | 99,554 | 94,120 |
Redeemable NonControlling Interest | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | [7] | 67,664 | 0 | 0 |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | [7] | 0 | 0 | 0 |
Cancellation of OP units | [1],[7] | 0 | ||
Distributions declared per Common OP Unit | [7] | 0 | 0 | 0 |
Acquisition of noncontrolling interest asset | [2],[7] | 0 | ||
City Point Loan Advances | [7] | (796) | (65,391) | |
City Point Loan accrued interest | [7] | (9,350) | (3,923) | |
Employee and trustee stock compensation, net | [7] | 0 | 0 | 0 |
Noncontrolling interest distributions | [7] | (50) | 0 | 0 |
Noncontrolling interest contributions | [7] | 1,110 | 65,945 | 0 |
Net (loss) income | [7] | 8,239 | (5,536) | 0 |
Other comprehensive (loss) income - unrealized gain on valuation of swap agreements | [7] | 0 | 0 | 0 |
Reclassification of realized interest on swap agreements | [7] | 0 | 0 | 0 |
Reclassification of redeemable noncontrolling interests | [3] | 76,569 | ||
Reallocation of noncontrolling interests | [4],[7] | 0 | 0 | 0 |
Ending Balance | [7] | $ 50,339 | $ 67,664 | $ 0 |
[1] The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $ 0.5 million on July 12, 2021. Represents the acquisition of the 11.67 % noncontrolling interest in Fund II and Mervyns II acquired on June 27, 2022 for $ 18.5 million and of a 21.67 % interest in Fund II on August 1, 2022 for $ 5.8 million ( Note 1 ). Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022 Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership. Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and seven other subsidiaries. Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,855,574 , 3,062,108 , and 3,076,849 Common OP Units at December 31, 2023, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2023, 2022 and 2021; (iii) 126,384 Series C Preferred OP Units at December 31, 2023 and 2022, and 126,593 at December 31, 2021; and (iv) 4,247,054 , 3,512,414 , and 3,371,296 LTIP units at December 31, 2023, 2022 and 2021, respectively, as discussed in the Amended and Restated 2020 Plan ( Note 13 ). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above. Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below. |
Shareholders' Equity, Noncont_8
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Change in Noncontrolling Interest (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jul. 12, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Minority Interest [Line Items] | ||||
Distributions declared (in dollars per share) | $ 0.72 | $ 0.72 | $ 0.6 | |
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership (in shares) | 151,257 | 234,473 | 89,765 | |
Total consideration | $ 305,903 | |||
OP Units in settlement of note receivable | 21,109 | |||
Settlement amount of note receivable in OP units | $ 500 | |||
Fund II and Mervyns II | ||||
Minority Interest [Line Items] | ||||
Minority interest ownership percentage | 11.67% | |||
Fund II | ||||
Minority Interest [Line Items] | ||||
Minority interest ownership percentage | 21.67% | |||
Total consideration | $ 5,800 | |||
Series A Preferred Stock | ||||
Minority Interest [Line Items] | ||||
Series A Preferred OP Units (in shares) | 188 | 188 | 188 | |
Operating Partnership, as General Partner or Managing Member | Series C Preferred Stock | ||||
Minority Interest [Line Items] | ||||
Series A Preferred OP Units (in shares) | 126,384 | 126,384 | 126,593 | |
Noncontrolling Interests | ||||
Minority Interest [Line Items] | ||||
Series A Preferred OP Units (in shares) | 2,855,574 | 3,062,108 | 3,076,849 | |
LTIP Units | ||||
Minority Interest [Line Items] | ||||
LTIP units outstanding (in shares) | 4,247,054 | 3,512,414 | 3,371,296 | |
Mervyns II | ||||
Minority Interest [Line Items] | ||||
Total consideration | $ 18,500 |
Shareholders Equity, Noncontrol
Shareholders Equity, Noncontrolling Interests and Other Comprehensive Loss - Redeemable Noncontrolling Interest - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2022 | Dec. 31, 2023 | Jul. 31, 2023 | Dec. 31, 2022 | Aug. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Class of Stock [Line Items] | ||||||||
City Point Loan | $ 65,900,000 | |||||||
City Point Loan, Term period | 5 years | |||||||
Allowance for credit losses | $ 1,279,000 | [1] | $ 898,000 | $ 5,752,000 | $ 1,218,000 | |||
8833 Beverly Boulevard | ||||||||
Class of Stock [Line Items] | ||||||||
Minority interest ownership percentage | 97% | |||||||
Percentage of interest sold by the venture partner | 3% | |||||||
Discounted Cash Flow Analysis | 8833 Beverly Boulevard | ||||||||
Class of Stock [Line Items] | ||||||||
Capitalization rate | 6% | |||||||
Discount rate | 9% | |||||||
Williamsburg Portfolio | ||||||||
Class of Stock [Line Items] | ||||||||
Redeemable Noncontrolling Interest, Fair Value | $ 0 | 0 | ||||||
Equity method investment, ownership percentage by third party | 50.01% | |||||||
Williamsburg Portfolio | Discounted Cash Flow Analysis | ||||||||
Class of Stock [Line Items] | ||||||||
Capitalization rate | 5.25% | |||||||
Discount rate | 7.25% | |||||||
City Point Loan | ||||||||
Class of Stock [Line Items] | ||||||||
Allowance for credit losses | $ 700,000 | $ 500,000 | ||||||
City Point Loan | Discounted Cash Flow Analysis | ||||||||
Class of Stock [Line Items] | ||||||||
Capitalization rate | 5.25% | |||||||
Discount rate | 6.25% | |||||||
[1] The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2023 . |
Shareholders' Equity, Noncont_9
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Preferred OP Units - Additional Information (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||||
Denominator for Series A Preferred OP Unit conversion | $ 7.5 | |||
Common Shares | ||||
Class of Stock [Line Items] | ||||
Issuance of common shares, net of issuance costs (in Shares) | 5,525,000 | 2,889,000 | ||
Gotham Plaza | Common Shares | ||||
Class of Stock [Line Items] | ||||
Issuance of common shares, net of issuance costs (in Shares) | 442,478 | |||
Preferred quarterly distribution per share price | $ 0.9375 | |||
Number of convertible units if share price below $28.80 (in shares) | 3.4722 | |||
Number of convertible units if share price above $35.20 (in shares) | 2.8409 | |||
Preferred OP Units | Gotham Plaza | ||||
Class of Stock [Line Items] | ||||
Issuance of common shares, net of issuance costs (in Shares) | 141,593 | |||
Share price (in dollars per share) | $ 100 | |||
Preferred OP Units | Gotham Plaza | Minimum | ||||
Class of Stock [Line Items] | ||||
Share price at conversion date | 28.8 | |||
Preferred OP Units | Gotham Plaza | Maximum | ||||
Class of Stock [Line Items] | ||||
Share price at conversion date | $ 35.2 | |||
Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Issuance of common shares, net of issuance costs (in Shares) | 1,580 | |||
Preferred stock, stated value per unit | $ 1,000 | |||
Per unit conversion amount, Series A Preferred OP Units (in dollars per unit) | $ 22.5 | |||
Per unit conversion annual rate, Preferred OP Units | 9% | |||
Number of preferred OP Units converted (in shares) | 1,392 | |||
Units converted from Preferred OP Units (in shares) | 185,600 | |||
Series A Preferred OP Units (in shares) | 188 | 188 | 188 | |
Series C Preferred Stock | Gotham Plaza | ||||
Class of Stock [Line Items] | ||||
Number of preferred OP Units converted (in shares) | 15,209 | |||
Units converted from Preferred OP Units (in shares) | 52,613 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Operating Leased Assets [Line Items] | |||
Number of leases | Property | 1,000 | ||
Variable lease revenue | $ 63,396 | $ 59,342 | $ 58,290 |
General allowance, Outstanding | 4,100 | 5,400 | |
Fund II received | 2,000 | ||
Amount of shares | $ 1,100 | ||
Extended lease term | 43 years | ||
Additional Lease Payment | $ 4,000 | ||
Lease liability - finance leases | 3,800 | ||
Right-of-use asset - finance lease | 25,313 | $ 0 | |
Lease liability - finance lease | $ 22,100 | ||
Minimum | |||
Operating Leased Assets [Line Items] | |||
Operating lease term | 1 month | ||
Lease Term | 8 months | ||
Minimum | Consolidated Total Revenues | Customer Concentration Risk | |||
Operating Leased Assets [Line Items] | |||
Concentration risk, percentage | 10% | 10% | 10% |
Maximum | |||
Operating Leased Assets [Line Items] | |||
Operating lease term | 60 years | ||
Lease Term | 98 years |
Leases - Schedule of rental rev
Leases - Schedule of rental revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Leased Assets [Line Items] | |||
Fixed lease revenue | $ 269,648 | $ 258,472 | $ 227,608 |
Variable lease revenue | 63,396 | 59,342 | 58,290 |
Total rental revenue | 338,692 | 326,290 | 292,497 |
Rental Income | |||
Operating Leased Assets [Line Items] | |||
Total rental revenue | $ 333,044 | $ 317,814 | $ 285,898 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Revenues (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2024 | $ 249,135 |
2025 | 233,786 |
2026 | 208,935 |
2027 | 184,039 |
2028 | 153,941 |
Thereafter | 668,128 |
Total | $ 1,697,964 |
Leases - Schedule of Future M_2
Leases - Schedule of Future Minimum Rental Payments for Operating and Capital Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Minimum Rental Payments, Operating Leases | ||
2024 | $ 5,414 | |
2025 | 4,157 | |
2026 | 5,173 | |
2027 | 5,329 | |
2028 | 4,373 | |
Thereafter | 15,911 | |
Total before interest | 40,357 | |
Interest | (8,777) | |
Total | 31,580 | $ 35,271 |
Minimum Rental Payments, Finance Leases | ||
2024 | 3,925 | |
2025 | 1,310 | |
2026 | 1,264 | |
2027 | 1,780 | |
2028 | 1,264 | |
Thereafter | 154,018 | |
Total before interest | 163,561 | |
Interest | (130,822) | |
Total | $ 32,739 | $ 7,022 |
Leases - Schedule of Future M_3
Leases - Schedule of Future Minimum Rental Payments for Operating and Capital Leases (Parenthetical) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
Minimum rental payments of interest related to operating lease | $ 8.8 |
Minimum rental payments of interest related to finance lease | $ 130.8 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Amortization of right-of-use assets | $ 1,244 | $ 903 | $ 903 |
Interest on lease liabilities | 1,239 | 410 | 388 |
Subtotal | 2,483 | 1,313 | 1,291 |
Operating lease cost | 5,291 | 5,338 | 7,184 |
Variable lease cost | 228 | 80 | 84 |
Total lease cost | 8,002 | 6,731 | 8,559 |
Payments of operating lease obligations - operating activities | 5,386 | 5,364 | 7,223 |
Payments of interest on finance lease obligations - operating activities | 1,239 | 410 | 388 |
Payments of finance lease obligations - financing activities | $ 100 | $ 0 | $ 63 |
Weighted-average remaining lease term - finance leases (years) | 58 years 3 months 18 days | 31 years 10 months 24 days | |
Weighted-average remaining lease term - operating leases (years) | 9 years 8 months 12 days | 13 years 6 months | |
Weighted-average discount rate - finance leases | 6.50% | 6.30% | |
Weighted-average discount rate - operating leases | 5.10% | 5.10% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | $ 338,692 | $ 326,290 | $ 292,497 | |||
Depreciation and amortization expenses | (135,984) | (135,917) | (123,439) | |||
Property operating expenses, other operating and real estate taxes | (108,476) | (101,927) | (98,873) | |||
General and administrative expenses | (41,470) | (44,066) | (40,125) | |||
Impairment charges | (3,686) | (33,311) | (9,925) | |||
Gain on disposition of properties | 0 | 57,161 | 10,521 | |||
Operating income | 49,076 | 68,230 | 30,656 | |||
Interest income | 19,993 | 14,641 | 9,065 | |||
Equity in earnings (losses) of unconsolidated affiliates | (7,677) | (32,907) | 5,330 | |||
Interest expense | (93,253) | (80,209) | (68,048) | |||
Realized and unrealized holding gains (losses) on investments and other | 30,413 | (34,994) | 49,120 | |||
Income tax provision | (301) | (12) | (93) | |||
Net (loss) income | (1,749) | (65,251) | 26,030 | |||
Net loss attributable to redeemable noncontrolling interests | 8,239 | 5,536 | ||||
Net loss (income) attributable to noncontrolling interests | 13,383 | 24,270 | (2,482) | |||
Net income (loss) attributable to Acadia shareholders | 19,873 | (35,445) | 23,548 | |||
Real estate at cost | [1] | 4,435,519 | 4,253,010 | 4,071,607 | ||
Total Assets | [1] | 4,291,154 | [2] | 4,302,582 | [2] | 4,261,746 |
Cash paid for acquisition of real estate | 126,545 | 242,633 | 161,846 | |||
Cash paid for acquisition of real estate and leasehold interest | 161,846 | |||||
Cash paid for development and property improvement costs | 69,540 | 51,046 | 40,671 | |||
Operating Segments | Core Portfolio | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 203,545 | 202,547 | 181,332 | |||
Depreciation and amortization expenses | (76,642) | (75,614) | (69,103) | |||
Property operating expenses, other operating and real estate taxes | (64,382) | (60,306) | (56,957) | |||
General and administrative expenses | 0 | 0 | 0 | |||
Impairment charges | 0 | 0 | 0 | |||
Gain on disposition of properties | 7,245 | 4,612 | ||||
Operating income | 62,521 | 73,872 | 59,884 | |||
Interest income | 0 | 0 | 0 | |||
Equity in earnings (losses) of unconsolidated affiliates | 2,734 | (45,919) | 353 | |||
Interest expense | (44,521) | (37,892) | (29,454) | |||
Realized and unrealized holding gains (losses) on investments and other | 5,756 | 1,163 | 0 | |||
Income tax provision | 0 | 0 | 0 | |||
Net (loss) income | 26,490 | (8,776) | 30,783 | |||
Net loss attributable to redeemable noncontrolling interests | 0 | 0 | ||||
Net loss (income) attributable to noncontrolling interests | (1,937) | 1,000 | (2,276) | |||
Net income (loss) attributable to Acadia shareholders | 24,553 | (7,776) | 28,507 | |||
Real estate at cost | [1] | 2,646,831 | 2,597,394 | 2,356,645 | ||
Total Assets | [1] | 2,566,450 | 2,599,268 | 2,212,877 | ||
Cash paid for acquisition of real estate | 0 | 242,633 | ||||
Cash paid for acquisition of real estate and leasehold interest | 26,176 | |||||
Cash paid for development and property improvement costs | 44,428 | 32,406 | 13,625 | |||
Operating Segments | Opportunity Funds | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 135,147 | 123,743 | 111,165 | |||
Depreciation and amortization expenses | (59,342) | (60,303) | (54,336) | |||
Property operating expenses, other operating and real estate taxes | (44,094) | (41,621) | (41,916) | |||
General and administrative expenses | 0 | 0 | 0 | |||
Impairment charges | (3,686) | (33,311) | (9,925) | |||
Gain on disposition of properties | 49,916 | 5,909 | ||||
Operating income | 28,025 | 38,424 | 10,897 | |||
Interest income | 0 | 0 | 0 | |||
Equity in earnings (losses) of unconsolidated affiliates | (10,411) | 13,012 | 4,977 | |||
Interest expense | (48,732) | (42,317) | (38,594) | |||
Realized and unrealized holding gains (losses) on investments and other | 24,995 | (35,559) | 53,654 | |||
Income tax provision | 0 | 0 | 0 | |||
Net (loss) income | (6,123) | (26,440) | 30,934 | |||
Net loss attributable to redeemable noncontrolling interests | 8,239 | 5,536 | ||||
Net loss (income) attributable to noncontrolling interests | 15,320 | 23,270 | (206) | |||
Net income (loss) attributable to Acadia shareholders | 17,436 | 2,366 | 30,728 | |||
Real estate at cost | [1] | 1,788,688 | 1,655,616 | 1,714,962 | ||
Total Assets | [1] | 1,599,755 | 1,579,411 | 1,894,983 | ||
Cash paid for acquisition of real estate | 126,545 | 0 | ||||
Cash paid for acquisition of real estate and leasehold interest | 135,670 | |||||
Cash paid for development and property improvement costs | 25,112 | 18,640 | 27,046 | |||
Operating Segments | Structured Financing | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 0 | 0 | 0 | |||
Depreciation and amortization expenses | 0 | 0 | 0 | |||
Property operating expenses, other operating and real estate taxes | 0 | 0 | 0 | |||
General and administrative expenses | 0 | 0 | 0 | |||
Impairment charges | 0 | 0 | 0 | |||
Gain on disposition of properties | 0 | 0 | ||||
Operating income | 0 | 0 | 0 | |||
Interest income | 19,993 | 14,641 | 9,065 | |||
Equity in earnings (losses) of unconsolidated affiliates | 0 | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | |||
Realized and unrealized holding gains (losses) on investments and other | (338) | (598) | (4,534) | |||
Income tax provision | 0 | 0 | 0 | |||
Net (loss) income | 19,655 | 14,043 | 4,531 | |||
Net loss attributable to redeemable noncontrolling interests | 0 | 0 | ||||
Net loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net income (loss) attributable to Acadia shareholders | 19,655 | 14,043 | 4,531 | |||
Real estate at cost | [1] | 0 | 0 | 0 | ||
Total Assets | [1] | 124,949 | 123,903 | 153,886 | ||
Cash paid for acquisition of real estate | 0 | 0 | ||||
Cash paid for acquisition of real estate and leasehold interest | 0 | |||||
Cash paid for development and property improvement costs | 0 | 0 | 0 | |||
Unallocated | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 0 | 0 | 0 | |||
Depreciation and amortization expenses | 0 | 0 | 0 | |||
Property operating expenses, other operating and real estate taxes | 0 | 0 | 0 | |||
General and administrative expenses | (41,470) | (44,066) | (40,125) | |||
Impairment charges | 0 | 0 | 0 | |||
Gain on disposition of properties | 0 | 0 | ||||
Operating income | (41,470) | (44,066) | (40,125) | |||
Interest income | 0 | 0 | 0 | |||
Equity in earnings (losses) of unconsolidated affiliates | 0 | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | |||
Realized and unrealized holding gains (losses) on investments and other | 0 | 0 | 0 | |||
Income tax provision | (301) | (12) | (93) | |||
Net (loss) income | (41,771) | (44,078) | (40,218) | |||
Net loss attributable to redeemable noncontrolling interests | 0 | 0 | ||||
Net loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net income (loss) attributable to Acadia shareholders | (41,771) | (44,078) | (40,218) | |||
Real estate at cost | [1] | 0 | 0 | 0 | ||
Total Assets | [1] | 0 | 0 | 0 | ||
Cash paid for acquisition of real estate | 0 | 0 | ||||
Cash paid for acquisition of real estate and leasehold interest | 0 | |||||
Cash paid for development and property improvement costs | $ 0 | $ 0 | $ 0 | |||
[1] Total assets for the Funds segment includ e $ 555.8 million, $ 569.1 million, and $ 583.4 million related to Fund II’s City Point property at December 31, 2023, 2022 ,and 2021, respectively. Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") ( Note 16 ). The Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $ 1,679.8 million and $ 1,466.4 million of Operating real estate, net; $ 28.9 million and $ 129.9 million of Real estate under development; $ 92.8 million and $ 210.9 million of Investments in and advances to unconsolidated affiliates; $ 101.7 million and $ 98.7 million of Other assets, net; $ 2.1 million and $ 2.5 million of Right-of-use assets - operating leases, net; $ 10.8 million and $ 13.3 million of Cash and cash equivalents; $ 7.0 million and $ 15.0 million of Restricted cash; $ 21.4 million and $ 17.9 million of Rents receivable, net; $ 764.6 million and $ 761.2 million of Mortgage and other notes payable, net; $ 80.5 million and $ 51.2 million of Unsecured notes payable, net; $ 127.2 million and $ 95.4 million of Accounts payable and other liabilities; $ 2.2 million and $ 2.7 million of Lease liability- operating leases as of December 31, 2023 and 2022, respectively. |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Segment Information (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Segment Reporting Information [Line Items] | ||||||
Total Assets | [2] | $ 4,291,154 | [1] | $ 4,302,582 | [1] | $ 4,261,746 |
Funds | Fund II's City Point Property | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | $ 555,800 | $ 569,100 | $ 583,400 | |||
[1] Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") ( Note 16 ). The Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $ 1,679.8 million and $ 1,466.4 million of Operating real estate, net; $ 28.9 million and $ 129.9 million of Real estate under development; $ 92.8 million and $ 210.9 million of Investments in and advances to unconsolidated affiliates; $ 101.7 million and $ 98.7 million of Other assets, net; $ 2.1 million and $ 2.5 million of Right-of-use assets - operating leases, net; $ 10.8 million and $ 13.3 million of Cash and cash equivalents; $ 7.0 million and $ 15.0 million of Restricted cash; $ 21.4 million and $ 17.9 million of Rents receivable, net; $ 764.6 million and $ 761.2 million of Mortgage and other notes payable, net; $ 80.5 million and $ 51.2 million of Unsecured notes payable, net; $ 127.2 million and $ 95.4 million of Accounts payable and other liabilities; $ 2.2 million and $ 2.7 million of Lease liability- operating leases as of December 31, 2023 and 2022, respectively. Total assets for the Funds segment includ e $ 555.8 million, $ 569.1 million, and $ 583.4 million related to Fund II’s City Point property at December 31, 2023, 2022 ,and 2021, respectively. |
Share Incentive and Other Com_3
Share Incentive and Other Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
May 04, 2023 | Mar. 22, 2023 | May 31, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unit based compensation | $ 12,753,000 | $ 11,122,000 | $ 12,430,000 | |||||
Trustee fees | 1,900,000 | 1,700,000 | $ 1,600,000 | |||||
Compensation expense | 200,000 | 400,000 | ||||||
Total unrecognized compensation cost related to nonvested awards | $ 16,700,000 | |||||||
Weighted-average period over which cost is expected to be recognized | 1 year 6 months | |||||||
Fund V | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of promote awarded as share based compensation award | 18% | |||||||
NAREIT retail property sector | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 25% | |||||||
Same-property net operating income | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 25% | |||||||
Performance Period Ending December 31, 2021 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 33.30% | |||||||
Award vesting period | 3 years | |||||||
Minimum | Share-based Payment Award, Growth Rate Percentage Two And Three Percentage [Member] | Same-property net operating income | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 50% | |||||||
Growth rate Percentage | 2% | |||||||
Minimum | Growth rate three and four percentage | Same-property net operating income | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 100% | |||||||
Growth rate Percentage | 3% | |||||||
Maximum | Share-based Payment Award, Growth Rate Percentage Two And Three Percentage [Member] | Same-property net operating income | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 100% | |||||||
Growth rate Percentage | 3% | |||||||
Maximum | Growth rate three and four percentage | Same-property net operating income | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 200% | |||||||
Growth rate Percentage | 4% | |||||||
LTIP Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total fair value of shares that vested | $ 7,200,000 | 7,100,000 | $ 7,500,000 | |||||
LTIP Units | Trustee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares issued during period, share-based compensation, net of forfeitures | 40,459 | |||||||
LTIP Units | Next Three Anniversaries of The Issuance Date | Trustee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting shares | 30,032 | |||||||
LTIP Units | First Anniversary of The Date of Issuance | Trustee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting shares | 10,427 | |||||||
LTIP Units | Performance Period Ending December 31, 2021 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 66.70% | |||||||
Restricted shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total fair value of shares that vested | $ 800,000 | 800,000 | $ 800,000 | |||||
Restricted shares | Trustee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares issued during period, share-based compensation, net of forfeitures | 45,882 | 2,433 | ||||||
Restricted shares | Next Three Anniversaries of The Issuance Date | Trustee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting shares | 30,032 | |||||||
Restricted shares | First Anniversary of The Date of Issuance | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting shares | 15,850 | |||||||
LTIP Units and Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Next three year anniversaty Vesting rate of shares granted to trustees | 33% | |||||||
Total value of restricted shares and LTIP units as of the grant date | $ 11,500,000 | $ 13,100,000 | $ 12,600,000 | |||||
Annual vesting rate of shares granted to trustees that begin vesting on the second anniversary of grant date | 33% | |||||||
Weighted average grant date fair value, grants (in dollars per share) | $ 14.93 | $ 21.04 | $ 19.51 | |||||
LTIP Units and Restricted Stock | Trustee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
LTIP Units and Restricted Stock | General and Administrative Expense | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unit based compensation | $ 9,200,000 | $ 7,400,000 | $ 9,400,000 | |||||
LTIP Units and Restricted Stock | Next Three Anniversaries of The Issuance Date | Trustee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
LTIP Units and Restricted Stock | Performance Period Ending December 31, 2021 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
LTIP Units and Restricted Stock | Performance Fails To Achieve, Earned Performance-Based Shares Vest At End Of Performance Period | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 60% | |||||||
LTIP Units and Restricted Stock | Performance Fails To Achieve | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 40% | |||||||
Award vesting period | 2 years | |||||||
LTIP Units and Restricted Stock | Minimum | TSR percentile falls between the 25th percentile and the 50th percentile | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 50% | |||||||
LTIP Units and Restricted Stock | Minimum | TSR percentile falls between the 50th percentile and 75th percentile | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 100% | |||||||
LTIP Units and Restricted Stock | Maximum | TSR percentile falls between the 25th percentile and the 50th percentile | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 100% | |||||||
LTIP Units and Restricted Stock | Maximum | TSR percentile falls between the 50th percentile and 75th percentile | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 200% | |||||||
Employee Benefit Plans | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation expense | $ 500,000 | $ 400,000 | $ 400,000 | |||||
Performance-based ltip units | Performance Period Ending December 31, 2021 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
Share Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Increase in number of shares authorized | 2,650,000 | 2,650,000 | ||||||
Number of shares authorized | 2,829,953 | 2,829,953 | ||||||
Performance Shares 2023 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance period | 3 years | |||||||
Volatility rate | 48% | |||||||
Risk-free interest rates | 4.30% | |||||||
Performance Shares 2022 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance period | 3 years | |||||||
Volatility rate | 49% | |||||||
Risk-free interest rates | 1.70% | |||||||
Performance Shares 2022 | Performance-based ltip units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 50% | |||||||
Performance Shares 2021 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance period | 3 years | |||||||
Volatility rate | 48% | |||||||
Risk-free interest rates | 0.20% | |||||||
Long Term Investment Alignment Program | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Max percentage of future fund III promote that may be awarded to senior executives | 25% | |||||||
Long Term Investment Alignment Program | Fund III | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of promote awarded as share based compensation award | 25% | |||||||
Long Term Investment Alignment Program | Fund IV | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of promote awarded as share based compensation award | 23.10% | |||||||
Awards in connection with fund to have intrinsic value | $ 0 | $ 0 | ||||||
Amended and Restated 2020 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Increase in number of shares authorized | 3,100,000 | 3,100,000 | ||||||
Number of shares authorized | 3,883,564 | 3,883,564 | 3,804,345 | |||||
Amended and Restated 2020 Plan [Member] | LTIP Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares issued during period, share-based compensation, net of forfeitures | 739,734 | |||||||
Amended and Restated 2020 Plan [Member] | Restricted shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares issued during period, share-based compensation, net of forfeitures | 22,314 |
Share Incentive and Other Com_4
Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares unvested, Beginning of period (in shares) | 92,735 | 89,746 | 89,911 |
Shares granted (in shares) | 70,629 | 45,813 | 43,078 |
Shares vested (in shares) | (41,268) | (40,894) | (43,084) |
Shares forfeited (in shares) | (8,187) | (1,930) | (159) |
Shares unvested, End of period (in shares) | 113,909 | 92,735 | 89,746 |
Weighted Grant-Date Fair Value | |||
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share) | $ 17.31 | $ 16.87 | $ 15.42 |
Shares granted, Weighted average grant date fair value (in dollars per share) | 14.11 | 20.98 | 19.94 |
Shares vested, Weighted average grant date fair value (in dollars per share) | 19.09 | 19.75 | 16.85 |
Shares forfeited, Weighted average grant date fair value (in dollars per share) | 21.07 | 31.82 | 36.22 |
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share) | $ 14.41 | $ 17.31 | $ 16.87 |
LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares unvested, Beginning of period (in shares) | 1,465,398 | 1,415,195 | 1,122,889 |
Shares granted (in shares) | 780,193 | 637,818 | 666,967 |
Shares vested (in shares) | (354,343) | (309,283) | (283,024) |
Shares forfeited (in shares) | (92,589) | (278,332) | (91,637) |
Shares unvested, End of period (in shares) | 1,798,659 | 1,465,398 | 1,415,195 |
Weighted Grant-Date Fair Value | |||
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share) | $ 18.59 | $ 20.85 | $ 24.38 |
Shares granted, Weighted average grant date fair value (in dollars per share) | 15 | 21.04 | 19.48 |
Shares vested, Weighted average grant date fair value (in dollars per share) | 20.35 | 22.86 | 26.66 |
Shares forfeited, Weighted average grant date fair value (in dollars per share) | 30.78 | 31.16 | 36.22 |
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share) | $ 16.03 | $ 18.59 | $ 20.85 |
Share Incentive and Other Com_5
Share Incentive and Other Compensation - Employee Share Purchase Plan and Deferred Share Plan - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee share purchase discount rate | 15% | |
Issuance of common shares | 200,000 | |
Employee share purchase maximum purchase amount | $ 25,000 | |
Common Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee share purchase (in shares) | 13,177 | 9,747 |
Share Incentive and Other Com_6
Share Incentive and Other Compensation - Employee 401 (k) Plan - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Share-Based Payment Arrangement [Abstract] | |
Employer matching contribution | 50% |
Maximum annual contribution per employee | 6% |
Maximum employee annual salary contribution | 15% |
Maximum employee annual salary contribution amount | $ 22,500 |
Federal Income Taxes - Addition
Federal Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Minimum distribution percentage of annual taxable income to qualify as REIT | 90% | ||
Maximum percentage of total assets consisting of securities of TRS | 20% | ||
Deferred tax assets, net | $ 0 | $ 0 | |
Deferred tax assets, applicable reserves | 4.3 | 4.3 | |
Deferred tax assets, capital loss carryforwards | 0 | 0.1 | |
Deferred tax assets, operating loss carryforwards | $ 3.1 | 4.2 | |
Minimum percentage of unrealized deferred tax asset required for qualification of valuation allowance | 50% | ||
Deferred tax assets valuation allowance | $ 0 | $ 0.7 | $ 1.1 |
Federal Income Taxes - Schedule
Federal Income Taxes - Schedule of Reconciliation of Net Income to Taxable Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Tax Disclosure [Abstract] | ||||
Net income (loss) attributable to Acadia | $ 19,873 | $ (35,445) | $ 23,548 | |
Deferred rental and other (loss) income | [1] | 351 | (1,854) | 3,209 |
Book/tax difference - depreciation and amortization | [1] | 22,353 | 28,337 | 24,756 |
Straight-line rent and above- and below-market rent adjustments | [1] | (12,484) | (11,917) | (8,588) |
Book/tax differences - equity-based compensation | 7,519 | 5,952 | 7,663 | |
Joint venture equity in earnings, net and other investments | [1] | 33,522 | 22,493 | 3,962 |
Impairment charges and reserves | 524 | 54,822 | 2,657 | |
Acquisition costs | [1] | 9 | 2,048 | 22 |
Gain (loss) on disposition of properties and investments | 1,800 | (14,960) | (2,170) | |
Book adjustment marketable securities | (4,813) | 0 | 0 | |
Book/tax differences - miscellaneous | 2,355 | 5,638 | (1,203) | |
Taxable income | 71,009 | 55,114 | 53,856 | |
Dividends/Distributions declared | [2] | $ 68,612 | $ 68,312 | $ 52,872 |
[1] Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.” The entire fourth quarter 2023 dividend of $ 17.2 million (paid in January 2024 ) was attributed to 2024. Any additional distributions required for REIT qualification may be made through October 15, 2024. The entire fourth quarter 2022 dividend of $ 17.1 million (paid in January 2023 ) was attributed to 2023. The entire fourth quarter 2021 dividend of $ 14.4 million (paid in January 2022 ) was attributed to 2021 ( Note 10 ). |
Federal Income Taxes - Schedu_2
Federal Income Taxes - Schedule of Reconciliation of Net Income to Taxable Income (Loss) (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fourth Quarter Two Thousand Twenty One Member | |||
Income Taxes [Line Items] | |||
Dividends | $ 14.4 | ||
Dividends payable, month and year | 2022-01 | ||
Fourth Quarter Two Thousand Twenty Two Member | |||
Income Taxes [Line Items] | |||
Dividends | $ 17.1 | ||
Dividends payable, month and year | 2023-01 | ||
Fourth Quarter Two Thousand Twenty Three [Member] | |||
Income Taxes [Line Items] | |||
Dividends | $ 17.2 | ||
Dividends payable, month and year | 2024-01 |
Federal Income Taxes - Schedu_3
Federal Income Taxes - Schedule of Tax Status of Dividends (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Tax Contingency [Line Items] | ||||
Total (in dollars per share) | $ 0.72 | $ 0.72 | $ 0.6 | |
Characterization Of Distributions For Federal Income Tax Purposes | ||||
Income Tax Contingency [Line Items] | ||||
Qualified dividend (in dollars per share) | 0.115 | 0.010 | 0.01 | |
Capital gain (in dollars per share) | 0.022 | 0.060 | 0.040 | |
Total (in dollars per share) | [1] | $ 0.720 | $ 0.720 | $ 0.600 |
Qualified dividend | 16% | 1% | 1% | |
Capital gain | 3% | 9% | 7% | |
Total | [1] | 100% | 100% | 100% |
Section 199A | Characterization Of Distributions For Federal Income Tax Purposes | ||||
Income Tax Contingency [Line Items] | ||||
Ordinary income (in dollars per share) | $ 0.583 | $ 0.65 | $ 0.550 | |
Ordinary income | 81% | 90% | 92% | |
[1] The fourth quarter 2023 regular dividend was $ 0.18 per Common Share, all of which is allocable to 2024. The fourth quarter 2022 regular dividend was $ 0.18 per Common Share, all of which is allocable to 2023. The fourth quarter 2021 regular dividend was $ 0.15 per Common Share, all of which is allocable to 2021. |
Federal Income Taxes - Schedu_4
Federal Income Taxes - Schedule of Tax Status of Dividends (Parenthetical) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowance [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.72 | $ 0.72 | $ 0.6 |
Fourth Quarter Two Thousand twenty one [Member] | |||
Valuation Allowance [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.15 | ||
Fourth Quarter Two Thousand Twenty Two [member] | |||
Valuation Allowance [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | 0.18 | $ 0.18 | |
Fourth Quarter Two Thousand Twenty Three [Member] | |||
Valuation Allowance [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.18 |
Federal Income Taxes - Schedu_5
Federal Income Taxes - Schedule of TRS Income (Loss) and Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
(Provision) benefit for income taxes: | |||
Net (loss) income | $ (1,749) | $ (65,251) | $ 26,030 |
Noncontrolling interests | 13,383 | 24,270 | (2,482) |
Net income (loss) attributable to Acadia shareholders | 19,873 | (35,445) | 23,548 |
TRS [Member] | |||
Income Tax Contingency [Line Items] | |||
TRS loss before income taxes | (3,768) | (3,178) | (4,240) |
(Provision) benefit for income taxes: | |||
Federal | 0 | 0 | 0 |
State and local | 0 | 0 | 0 |
Net (loss) income | (3,768) | (3,178) | (4,240) |
Noncontrolling interests | 0 | 0 | 9 |
Net income (loss) attributable to Acadia shareholders | $ (3,768) | $ (3,178) | $ (4,231) |
Federal Income Taxes - Schedu_6
Federal Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal tax benefit at statutory tax rate | $ (791) | $ (667) | $ (890) |
TRS state and local taxes, net of Federal benefit | (238) | (201) | (268) |
Permanent differences, net | 246 | 194 | 252 |
Adjustment to deferred tax reserve | (8) | 691 | 1,061 |
Other | 791 | (16) | (156) |
REIT state and local income and franchise taxes | 301 | 11 | 94 |
Total provision for income taxes | $ 301 | $ 12 | $ 93 |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Description of conversion of common OP units to common shares | The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis |
Conversion of common OP units to common shares | 1% |
Earnings (Loss) Per Common Sh_4
Earnings (Loss) Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Numerator: | ||||
Net income (loss) attributable to Acadia shareholders | $ 19,873 | $ (35,445) | $ 23,548 | |
Less: earnings attributable to unvested participating securities | (978) | (805) | (624) | |
Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share | 18,895 | (36,250) | 22,924 | |
Impact of City Point Loan share conversion option | [1] | 0 | (1,804) | 0 |
Income from continuing operations net of income attributable to participating securities for diluted earnings per share | $ 18,895 | $ (38,054) | $ 22,924 | |
Denominator: | ||||
Weighted average shares for basic earnings (loss) per share | 95,283,752 | 94,575,251 | 87,653,818 | |
Weighted average shares for diluted earnings (loss) per share | 95,283,752 | 94,643,466 | 87,653,818 | |
Effect of dilutive securities: | ||||
Series A Preferred OP Units | 0 | 0 | 0 | |
Employee unvested restricted shares | 0 | 0 | 0 | |
City Point Loan common stock conversion option | [1] | 0 | 68,215 | 0 |
Denominator for diluted earnings per share | 95,283,752 | 94,643,466 | 87,653,818 | |
Weighted average shares for basic earnings (loss) per share | $ 0.2 | $ (0.38) | $ 0.26 | |
Diluted earnings (loss) per Common Share from continuing operations attributable to Acadia | $ 0.2 | $ (0.4) | $ 0.26 | |
Series A Preferred OP Units | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 188 | 188 | 188 | |
Series A Preferred OP Units - Common Share Equivalent | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 25,067 | 25,067 | 25,067 | |
Series C Preferred OP Units | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 126,384 | 126,384 | 126,593 | |
Series C Preferred OP Units - Common Share Equivalent | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 438,831 | 438,831 | 439,556 | |
Restricted shares | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 90,006 | 68,832 | 70,827 | |
[1] The impact of the assumed conversion of dilutive convertible securities is related to the assumed conversion of potential common shares of the Company that could be subsequently issued in connection with the City Point Loan ( Note 10 ) for the stub-period until the put rights were modified for a cash-only settlement option in the third quarter of 2022 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Variable Interest Entity [Line Items] | ||||||
Unconsolidated VIE assets | [2] | $ 4,291,154 | [1] | $ 4,302,582 | [1] | $ 4,261,746 |
Total liabilities | [1] | 2,157,598 | 2,053,722 | |||
Variable Interest Entity, Not Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Unconsolidated VIE assets | 45,800 | 41,500 | ||||
Total liabilities | $ 40,100 | $ 49,200 | ||||
[1] Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") ( Note 16 ). The Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $ 1,679.8 million and $ 1,466.4 million of Operating real estate, net; $ 28.9 million and $ 129.9 million of Real estate under development; $ 92.8 million and $ 210.9 million of Investments in and advances to unconsolidated affiliates; $ 101.7 million and $ 98.7 million of Other assets, net; $ 2.1 million and $ 2.5 million of Right-of-use assets - operating leases, net; $ 10.8 million and $ 13.3 million of Cash and cash equivalents; $ 7.0 million and $ 15.0 million of Restricted cash; $ 21.4 million and $ 17.9 million of Rents receivable, net; $ 764.6 million and $ 761.2 million of Mortgage and other notes payable, net; $ 80.5 million and $ 51.2 million of Unsecured notes payable, net; $ 127.2 million and $ 95.4 million of Accounts payable and other liabilities; $ 2.2 million and $ 2.7 million of Lease liability- operating leases as of December 31, 2023 and 2022, respectively. Total assets for the Funds segment includ e $ 555.8 million, $ 569.1 million, and $ 583.4 million related to Fund II’s City Point property at December 31, 2023, 2022 ,and 2021, respectively. |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
ASSETS | |||||||
Operating real estate, net | $ 3,517,281 | $ 3,343,265 | |||||
Real estate under development | 94,799 | 184,602 | |||||
Notes receivable, net | 124,949 | 123,903 | |||||
Investments in and advances to unconsolidated affiliates | 197,240 | 291,156 | |||||
Other assets, net | 208,460 | 229,591 | |||||
Right-of-use assets - operating leases, net | 29,286 | 37,281 | |||||
Cash and cash equivalents | 17,481 | 17,158 | $ 17,746 | $ 18,699 | |||
Restricted cash | 7,813 | 15,063 | 9,813 | $ 11,096 | |||
Rents receivable, net | 49,504 | 49,506 | |||||
Total assets | [2] | 4,291,154 | [1] | 4,302,582 | [1] | $ 4,261,746 | |
Liabilities: | |||||||
Mortgage and other notes payable, net | 930,127 | 928,639 | |||||
Unsecured notes payable, net | 726,727 | 696,134 | |||||
Accounts payable and other liabilities | 229,375 | 196,491 | |||||
Lease liability - operating leases | 31,580 | 35,271 | |||||
Total liabilities | [1] | 2,157,598 | 2,053,722 | ||||
VIE | |||||||
ASSETS | |||||||
Operating real estate, net | 1,679,779 | 1,466,381 | |||||
Real estate under development | 28,851 | 129,888 | |||||
Investments in and advances to unconsolidated affiliates | 92,802 | 210,922 | |||||
Other assets, net | 101,679 | 98,675 | |||||
Right-of-use assets - operating leases, net | 2,112 | 2,535 | |||||
Cash and cash equivalents | 10,787 | 13,330 | |||||
Restricted cash | 7,048 | 14,995 | |||||
Rents receivable, net | 21,427 | 17,915 | |||||
Total assets | [3] | 1,944,485 | 1,954,641 | ||||
Liabilities: | |||||||
Mortgage and other notes payable, net | 764,614 | 761,166 | |||||
Unsecured notes payable, net | 80,473 | 51,202 | |||||
Accounts payable and other liabilities | 127,162 | 95,385 | |||||
Lease liability - operating leases | 2,213 | 2,657 | |||||
Total liabilities | [3] | $ 974,462 | $ 910,410 | ||||
[1] Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") ( Note 16 ). The Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $ 1,679.8 million and $ 1,466.4 million of Operating real estate, net; $ 28.9 million and $ 129.9 million of Real estate under development; $ 92.8 million and $ 210.9 million of Investments in and advances to unconsolidated affiliates; $ 101.7 million and $ 98.7 million of Other assets, net; $ 2.1 million and $ 2.5 million of Right-of-use assets - operating leases, net; $ 10.8 million and $ 13.3 million of Cash and cash equivalents; $ 7.0 million and $ 15.0 million of Restricted cash; $ 21.4 million and $ 17.9 million of Rents receivable, net; $ 764.6 million and $ 761.2 million of Mortgage and other notes payable, net; $ 80.5 million and $ 51.2 million of Unsecured notes payable, net; $ 127.2 million and $ 95.4 million of Accounts payable and other liabilities; $ 2.2 million and $ 2.7 million of Lease liability- operating leases as of December 31, 2023 and 2022, respectively. Total assets for the Funds segment includ e $ 555.8 million, $ 569.1 million, and $ 583.4 million related to Fund II’s City Point property at December 31, 2023, 2022 ,and 2021, respectively. At December 31, 2023 and December 31, 2022 , totals included VIE assets of $ 721.2 million and 678.1 million, respectively, and VIE liabilities of $ 234.7 million and $ 200.4 million, respectively, related to third-party mortgages that are collateralized by the real estate assets of City Point, a Fund II property, and 27 East 61st Street, 801 Madison Avenue, and 1035 Third Avenue, all Fund IV properties, of which $ 72.5 million is guaranteed by the Operating Partnership ( Note 9 ). The remaining VIE assets are generally encumbered by third-party non-recourse mortgage debt and are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. Th e remaining VIE assets may only be used to settle obligations of these consolidated VIEs and the remaining VIE liabilities are only the obligations of these consolidated VIEs and they do not have recourse to the Operating Partnership or the Company. Unconsolidated VIEs |
Variable Interest Entities - _2
Variable Interest Entities - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Variable Interest Entity [Line Items] | ||||||
Maximum borrowing capacity | $ 900,000 | |||||
Assets | [2] | 4,291,154 | [1] | $ 4,302,582 | [1] | $ 4,261,746 |
Liabilities | [1] | 2,157,598 | 2,053,722 | |||
VIE | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | [3] | 1,944,485 | 1,954,641 | |||
Liabilities | [3] | 974,462 | 910,410 | |||
VIE | City Point Brooklyn, NY | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum borrowing capacity | 72,500 | |||||
Assets | 721,200 | 678,100 | ||||
VIE | City Point Brooklyn, NY | Recourse | ||||||
Variable Interest Entity [Line Items] | ||||||
Liabilities | $ 234,700 | $ 200,400 | ||||
[1] Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") ( Note 16 ). The Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $ 1,679.8 million and $ 1,466.4 million of Operating real estate, net; $ 28.9 million and $ 129.9 million of Real estate under development; $ 92.8 million and $ 210.9 million of Investments in and advances to unconsolidated affiliates; $ 101.7 million and $ 98.7 million of Other assets, net; $ 2.1 million and $ 2.5 million of Right-of-use assets - operating leases, net; $ 10.8 million and $ 13.3 million of Cash and cash equivalents; $ 7.0 million and $ 15.0 million of Restricted cash; $ 21.4 million and $ 17.9 million of Rents receivable, net; $ 764.6 million and $ 761.2 million of Mortgage and other notes payable, net; $ 80.5 million and $ 51.2 million of Unsecured notes payable, net; $ 127.2 million and $ 95.4 million of Accounts payable and other liabilities; $ 2.2 million and $ 2.7 million of Lease liability- operating leases as of December 31, 2023 and 2022, respectively. Total assets for the Funds segment includ e $ 555.8 million, $ 569.1 million, and $ 583.4 million related to Fund II’s City Point property at December 31, 2023, 2022 ,and 2021, respectively. At December 31, 2023 and December 31, 2022 , totals included VIE assets of $ 721.2 million and 678.1 million, respectively, and VIE liabilities of $ 234.7 million and $ 200.4 million, respectively, related to third-party mortgages that are collateralized by the real estate assets of City Point, a Fund II property, and 27 East 61st Street, 801 Madison Avenue, and 1035 Third Avenue, all Fund IV properties, of which $ 72.5 million is guaranteed by the Operating Partnership ( Note 9 ). The remaining VIE assets are generally encumbered by third-party non-recourse mortgage debt and are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. Th e remaining VIE assets may only be used to settle obligations of these consolidated VIEs and the remaining VIE liabilities are only the obligations of these consolidated VIEs and they do not have recourse to the Operating Partnership or the Company. Unconsolidated VIEs |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 08, 2024 | Jan. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 29, 2024 | |
Subsequent Event [Line Items] | ||||||
Common shares, issued (in shares) | 95,361,676 | 95,120,773 | ||||
Net proceeds from sale of common stock | $ 0 | $ 119,485 | $ 63,876 | |||
Line of credit | $ 213,287 | $ 168,287 | ||||
Albertsons | ||||||
Subsequent Event [Line Items] | ||||||
Sale of shares | 200,000 | |||||
Net proceeds from sale of common stock | $ 4,600 | |||||
Subsequent Event | Fund V | ||||||
Subsequent Event [Line Items] | ||||||
Line of credit | $ 43,400 | |||||
Subsequent Event | Albertsons | ||||||
Subsequent Event [Line Items] | ||||||
Sale of shares | 175,000 | 175,000 | ||||
Net proceeds from sale of common stock | $ 4,000 | $ 4,000 | ||||
Underwritten offering | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Sale of shares | 6,900,000 | 6,900,000 | ||||
Purchase of additional shares | 900,000 | 900,000 | ||||
Net proceeds from sale of common stock | $ 113,000 | $ 113,000 | ||||
Core mortgage | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Line of credit | $ 7,300 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 930,127 | |||||
Initial Cost to Company of Land | 962,500 | |||||
Initial Cost to Company of Buildings and Improvements | 2,595,398 | |||||
Increase (Decrease) in Net Investments | 877,621 | |||||
Carrying Amount of Land | 903,901 | |||||
Carrying Amount of Buildings and Improvements | [1] | 3,531,618 | ||||
Total Carrying Amount | 4,435,519 | [2] | $ 4,253,010 | $ 4,071,607 | $ 4,011,326 | |
Accumulated Depreciation | 823,439 | 725,143 | $ 648,461 | $ 573,364 | ||
Unamortized Loan costs | (7,313) | |||||
Unamortized Premium | 240 | $ 343 | ||||
Real estate, federal income tax basis | $ 4,600,000 | |||||
Buildings | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||||
Real Estate Under Development | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 31,673 | |||||
Initial Cost to Company of Buildings and Improvements | 0 | |||||
Increase (Decrease) in Net Investments | 63,126 | |||||
Carrying Amount of Land | 31,673 | |||||
Carrying Amount of Buildings and Improvements | [1] | 63,126 | ||||
Total Carrying Amount | [2] | 94,799 | ||||
Accumulated Depreciation | 0 | |||||
Total operating real estate | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 937,200 | |||||
Initial Cost to Company of Land | 930,827 | |||||
Initial Cost to Company of Buildings and Improvements | 2,595,398 | |||||
Increase (Decrease) in Net Investments | 814,495 | |||||
Carrying Amount of Land | 872,228 | |||||
Carrying Amount of Buildings and Improvements | [1] | 3,468,492 | ||||
Total Carrying Amount | [2] | 4,340,720 | ||||
Accumulated Depreciation | 823,439 | |||||
Core Portfolio | Crescent Plaza Brockton, MA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost to Company of Land | 1,147 | |||||
Initial Cost to Company of Buildings and Improvements | 7,425 | |||||
Increase (Decrease) in Net Investments | 4,855 | |||||
Carrying Amount of Land | 1,147 | |||||
Carrying Amount of Buildings and Improvements | [1] | 12,280 | ||||
Total Carrying Amount | [2] | 13,427 | ||||
Accumulated Depreciation | $ 9,760 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | New Loudon Center Latham, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 505 | |||||
Initial Cost to Company of Buildings and Improvements | 4,161 | |||||
Increase (Decrease) in Net Investments | 16,414 | |||||
Carrying Amount of Land | 505 | |||||
Carrying Amount of Buildings and Improvements | [1] | 20,575 | ||||
Total Carrying Amount | [2] | 21,080 | ||||
Accumulated Depreciation | $ 17,764 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Mark Plaza Edwardsville, PA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 0 | |||||
Initial Cost to Company of Buildings and Improvements | 3,396 | |||||
Increase (Decrease) in Net Investments | 1 | |||||
Carrying Amount of Land | 0 | |||||
Carrying Amount of Buildings and Improvements | [1] | 3,397 | ||||
Total Carrying Amount | [2] | 3,397 | ||||
Accumulated Depreciation | $ 3,186 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Plaza 422 Lebanon, PA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 190 | |||||
Initial Cost to Company of Buildings and Improvements | 3,004 | |||||
Increase (Decrease) in Net Investments | 2,809 | |||||
Carrying Amount of Land | 190 | |||||
Carrying Amount of Buildings and Improvements | [1] | 5,813 | ||||
Total Carrying Amount | [2] | 6,003 | ||||
Accumulated Depreciation | $ 5,406 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Route 6 Mall Honesdale, PA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,664 | |||||
Initial Cost to Company of Buildings and Improvements | 0 | |||||
Increase (Decrease) in Net Investments | 17,141 | |||||
Carrying Amount of Land | 1,664 | |||||
Carrying Amount of Buildings and Improvements | [1] | 17,141 | ||||
Total Carrying Amount | [2] | 18,805 | ||||
Accumulated Depreciation | $ 12,058 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Abington Towne Center Abington, PA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 799 | |||||
Initial Cost to Company of Buildings and Improvements | 3,197 | |||||
Increase (Decrease) in Net Investments | 4,811 | |||||
Carrying Amount of Land | 799 | |||||
Carrying Amount of Buildings and Improvements | [1] | 8,008 | ||||
Total Carrying Amount | [2] | 8,807 | ||||
Accumulated Depreciation | $ 5,162 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Bloomfield Town Square Bloomfield Hills, MI | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 3,207 | |||||
Initial Cost to Company of Buildings and Improvements | 13,774 | |||||
Increase (Decrease) in Net Investments | 29,347 | |||||
Carrying Amount of Land | 3,207 | |||||
Carrying Amount of Buildings and Improvements | [1] | 43,121 | ||||
Total Carrying Amount | [2] | 46,328 | ||||
Accumulated Depreciation | $ 29,743 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Elmwood Park Shopping Center Elmwood Park, NJ | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 3,248 | |||||
Initial Cost to Company of Buildings and Improvements | 12,992 | |||||
Increase (Decrease) in Net Investments | 22,103 | |||||
Carrying Amount of Land | 3,798 | |||||
Carrying Amount of Buildings and Improvements | [1] | 34,545 | ||||
Total Carrying Amount | [2] | 38,343 | ||||
Accumulated Depreciation | $ 23,339 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Merrillville Plaza Hobart, IN | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 4,288 | |||||
Initial Cost to Company of Buildings and Improvements | 17,152 | |||||
Increase (Decrease) in Net Investments | 12,245 | |||||
Carrying Amount of Land | 4,288 | |||||
Carrying Amount of Buildings and Improvements | [1] | 29,397 | ||||
Total Carrying Amount | [2] | 33,685 | ||||
Accumulated Depreciation | $ 17,321 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Marketplace of Absecon Absecon, NJ | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 2,573 | |||||
Initial Cost to Company of Buildings and Improvements | 10,294 | |||||
Increase (Decrease) in Net Investments | 5,817 | |||||
Carrying Amount of Land | 2,577 | |||||
Carrying Amount of Buildings and Improvements | [1] | 16,107 | ||||
Total Carrying Amount | [2] | 18,684 | ||||
Accumulated Depreciation | $ 10,986 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 239 Greenwich Avenue Greenwich, CT | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 26,000 | |||||
Initial Cost to Company of Land | 1,817 | |||||
Initial Cost to Company of Buildings and Improvements | 15,846 | |||||
Increase (Decrease) in Net Investments | 2,908 | |||||
Carrying Amount of Land | 1,817 | |||||
Carrying Amount of Buildings and Improvements | [1] | 18,754 | ||||
Total Carrying Amount | [2] | 20,571 | ||||
Accumulated Depreciation | $ 10,749 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Hobson West Plaza Naperville, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,793 | |||||
Initial Cost to Company of Buildings and Improvements | 7,172 | |||||
Increase (Decrease) in Net Investments | 5,659 | |||||
Carrying Amount of Land | 1,793 | |||||
Carrying Amount of Buildings and Improvements | [1] | 12,831 | ||||
Total Carrying Amount | [2] | 14,624 | ||||
Accumulated Depreciation | $ 7,996 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Village Commons Shopping Center Smithtown, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 3,229 | |||||
Initial Cost to Company of Buildings and Improvements | 12,917 | |||||
Increase (Decrease) in Net Investments | 5,779 | |||||
Carrying Amount of Land | 3,229 | |||||
Carrying Amount of Buildings and Improvements | [1] | 18,696 | ||||
Total Carrying Amount | [2] | 21,925 | ||||
Accumulated Depreciation | $ 12,698 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Town Line Plaza Rocky Hill, CT | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 878 | |||||
Initial Cost to Company of Buildings and Improvements | 3,510 | |||||
Increase (Decrease) in Net Investments | 8,389 | |||||
Carrying Amount of Land | 907 | |||||
Carrying Amount of Buildings and Improvements | [1] | 11,870 | ||||
Total Carrying Amount | [2] | 12,777 | ||||
Accumulated Depreciation | $ 10,021 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Branch Shopping Center Smithtown, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 3,156 | |||||
Initial Cost to Company of Buildings and Improvements | 12,545 | |||||
Increase (Decrease) in Net Investments | 17,465 | |||||
Carrying Amount of Land | 3,401 | |||||
Carrying Amount of Buildings and Improvements | [1] | 29,765 | ||||
Total Carrying Amount | [2] | 33,166 | ||||
Accumulated Depreciation | $ 20,748 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Methuen Shopping Center Methuen, MA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 956 | |||||
Initial Cost to Company of Buildings and Improvements | 3,826 | |||||
Increase (Decrease) in Net Investments | 2,006 | |||||
Carrying Amount of Land | 961 | |||||
Carrying Amount of Buildings and Improvements | [1] | 5,827 | ||||
Total Carrying Amount | [2] | 6,788 | ||||
Accumulated Depreciation | $ 3,659 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | The Gateway Shopping Center South Burlington, VT | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,273 | |||||
Initial Cost to Company of Buildings and Improvements | 5,091 | |||||
Increase (Decrease) in Net Investments | 12,932 | |||||
Carrying Amount of Land | 1,273 | |||||
Carrying Amount of Buildings and Improvements | [1] | 18,023 | ||||
Total Carrying Amount | [2] | 19,296 | ||||
Accumulated Depreciation | $ 12,937 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Mad River Station Dayton, OH | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 2,350 | |||||
Initial Cost to Company of Buildings and Improvements | 9,404 | |||||
Increase (Decrease) in Net Investments | 2,689 | |||||
Carrying Amount of Land | 2,350 | |||||
Carrying Amount of Buildings and Improvements | [1] | 12,093 | ||||
Total Carrying Amount | [2] | 14,443 | ||||
Accumulated Depreciation | $ 7,791 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Brandywine Holdings Wilmington, DE | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 5,063 | |||||
Initial Cost to Company of Buildings and Improvements | 15,252 | |||||
Increase (Decrease) in Net Investments | 2,983 | |||||
Carrying Amount of Land | 5,201 | |||||
Carrying Amount of Buildings and Improvements | [1] | 18,097 | ||||
Total Carrying Amount | [2] | 23,298 | ||||
Accumulated Depreciation | $ 9,491 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Bartow Avenue Bronx, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,691 | |||||
Initial Cost to Company of Buildings and Improvements | 5,803 | |||||
Increase (Decrease) in Net Investments | 1,635 | |||||
Carrying Amount of Land | 1,691 | |||||
Carrying Amount of Buildings and Improvements | [1] | 7,438 | ||||
Total Carrying Amount | [2] | 9,129 | ||||
Accumulated Depreciation | $ 4,178 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Amboy Road Staten Island, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 0 | |||||
Initial Cost to Company of Buildings and Improvements | 11,909 | |||||
Increase (Decrease) in Net Investments | 3,537 | |||||
Carrying Amount of Land | 0 | |||||
Carrying Amount of Buildings and Improvements | [1] | 15,446 | ||||
Total Carrying Amount | [2] | 15,446 | ||||
Accumulated Depreciation | $ 11,403 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Chestnut Hill Philadelphia, PA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 8,289 | |||||
Initial Cost to Company of Buildings and Improvements | 5,691 | |||||
Increase (Decrease) in Net Investments | 4,802 | |||||
Carrying Amount of Land | 8,289 | |||||
Carrying Amount of Buildings and Improvements | [1] | 10,493 | ||||
Total Carrying Amount | [2] | 18,782 | ||||
Accumulated Depreciation | $ 6,519 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 2914 Third Avenue Bronx, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 11,108 | |||||
Initial Cost to Company of Buildings and Improvements | 8,038 | |||||
Increase (Decrease) in Net Investments | 5,627 | |||||
Carrying Amount of Land | 11,855 | |||||
Carrying Amount of Buildings and Improvements | [1] | 12,918 | ||||
Total Carrying Amount | [2] | 24,773 | ||||
Accumulated Depreciation | $ 4,910 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | West 54th Street Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 16,699 | |||||
Initial Cost to Company of Buildings and Improvements | 18,704 | |||||
Increase (Decrease) in Net Investments | 1,515 | |||||
Carrying Amount of Land | 16,699 | |||||
Carrying Amount of Buildings and Improvements | [1] | 20,219 | ||||
Total Carrying Amount | [2] | 36,918 | ||||
Accumulated Depreciation | $ 9,028 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 5-7 East 17th Street Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 3,048 | |||||
Initial Cost to Company of Buildings and Improvements | 7,281 | |||||
Increase (Decrease) in Net Investments | 7,468 | |||||
Carrying Amount of Land | 3,048 | |||||
Carrying Amount of Buildings and Improvements | [1] | 14,749 | ||||
Total Carrying Amount | [2] | 17,797 | ||||
Accumulated Depreciation | $ 9,065 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 651-671 W Diversey Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 8,576 | |||||
Initial Cost to Company of Buildings and Improvements | 17,256 | |||||
Increase (Decrease) in Net Investments | 402 | |||||
Carrying Amount of Land | 8,576 | |||||
Carrying Amount of Buildings and Improvements | [1] | 17,658 | ||||
Total Carrying Amount | [2] | 26,234 | ||||
Accumulated Depreciation | $ 5,450 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 15 Mercer Street Manhattan NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,887 | |||||
Initial Cost to Company of Buildings and Improvements | 2,483 | |||||
Increase (Decrease) in Net Investments | 97 | |||||
Carrying Amount of Land | 1,887 | |||||
Carrying Amount of Buildings and Improvements | [1] | 2,580 | ||||
Total Carrying Amount | [2] | 4,467 | ||||
Accumulated Depreciation | $ 778 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 4401 White Plains Bronx, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,581 | |||||
Initial Cost to Company of Buildings and Improvements | 5,054 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 1,581 | |||||
Carrying Amount of Buildings and Improvements | [1] | 5,054 | ||||
Total Carrying Amount | [2] | 6,635 | ||||
Accumulated Depreciation | $ 1,558 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 56E Walton Chicago IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 994 | |||||
Initial Cost to Company of Buildings and Improvements | 6,126 | |||||
Increase (Decrease) in Net Investments | 3,078 | |||||
Carrying Amount of Land | 994 | |||||
Carrying Amount of Buildings and Improvements | [1] | 9,204 | ||||
Total Carrying Amount | [2] | 10,198 | ||||
Accumulated Depreciation | $ 1,450 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 841 W. Armitage Chicago IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 728 | |||||
Initial Cost to Company of Buildings and Improvements | 1,989 | |||||
Increase (Decrease) in Net Investments | 422 | |||||
Carrying Amount of Land | 728 | |||||
Carrying Amount of Buildings and Improvements | [1] | 2,411 | ||||
Total Carrying Amount | [2] | 3,139 | ||||
Accumulated Depreciation | $ 1,037 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 2731 N Clark Chicago IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 557 | |||||
Initial Cost to Company of Buildings and Improvements | 1,839 | |||||
Increase (Decrease) in Net Investments | 43 | |||||
Carrying Amount of Land | 557 | |||||
Carrying Amount of Buildings and Improvements | [1] | 1,882 | ||||
Total Carrying Amount | [2] | 2,439 | ||||
Accumulated Depreciation | $ 600 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 2140 N Clyboum Chicago IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 306 | |||||
Initial Cost to Company of Buildings and Improvements | 788 | |||||
Increase (Decrease) in Net Investments | 54 | |||||
Carrying Amount of Land | 306 | |||||
Carrying Amount of Buildings and Improvements | [1] | 842 | ||||
Total Carrying Amount | [2] | 1,148 | ||||
Accumulated Depreciation | $ 261 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 853 W. Armitage Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 557 | |||||
Initial Cost to Company of Buildings and Improvements | 1,946 | |||||
Increase (Decrease) in Net Investments | 508 | |||||
Carrying Amount of Land | 557 | |||||
Carrying Amount of Buildings and Improvements | [1] | 2,454 | ||||
Total Carrying Amount | [2] | 3,011 | ||||
Accumulated Depreciation | $ 1,088 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 2299 N. Clybourn Avenue Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 177 | |||||
Initial Cost to Company of Buildings and Improvements | 484 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 177 | |||||
Carrying Amount of Buildings and Improvements | [1] | 484 | ||||
Total Carrying Amount | [2] | 661 | ||||
Accumulated Depreciation | $ 150 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 843-45 W. Armitage Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 731 | |||||
Initial Cost to Company of Buildings and Improvements | 2,730 | |||||
Increase (Decrease) in Net Investments | 299 | |||||
Carrying Amount of Land | 731 | |||||
Carrying Amount of Buildings and Improvements | [1] | 3,029 | ||||
Total Carrying Amount | [2] | 3,760 | ||||
Accumulated Depreciation | $ 968 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 1525 W. Belmont Avenue Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,480 | |||||
Initial Cost to Company of Buildings and Improvements | 3,338 | |||||
Increase (Decrease) in Net Investments | 887 | |||||
Carrying Amount of Land | 1,480 | |||||
Carrying Amount of Buildings and Improvements | [1] | 4,225 | ||||
Total Carrying Amount | [2] | 5,705 | ||||
Accumulated Depreciation | $ 1,540 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 2206-08 N. Halsted Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,183 | |||||
Initial Cost to Company of Buildings and Improvements | 3,540 | |||||
Increase (Decrease) in Net Investments | 360 | |||||
Carrying Amount of Land | 1,183 | |||||
Carrying Amount of Buildings and Improvements | [1] | 3,900 | ||||
Total Carrying Amount | [2] | 5,083 | ||||
Accumulated Depreciation | $ 1,391 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 2633 N. Halsted Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 960 | |||||
Initial Cost to Company of Buildings and Improvements | 4,096 | |||||
Increase (Decrease) in Net Investments | 359 | |||||
Carrying Amount of Land | 998 | |||||
Carrying Amount of Buildings and Improvements | [1] | 4,417 | ||||
Total Carrying Amount | [2] | 5,415 | ||||
Accumulated Depreciation | $ 1,333 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 50-54 E. Walton Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 2,848 | |||||
Initial Cost to Company of Buildings and Improvements | 12,694 | |||||
Increase (Decrease) in Net Investments | 642 | |||||
Carrying Amount of Land | 2,848 | |||||
Carrying Amount of Buildings and Improvements | [1] | 13,336 | ||||
Total Carrying Amount | [2] | 16,184 | ||||
Accumulated Depreciation | $ 4,095 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 662 W. Diversey Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,713 | |||||
Initial Cost to Company of Buildings and Improvements | 1,603 | |||||
Increase (Decrease) in Net Investments | 10 | |||||
Carrying Amount of Land | 1,713 | |||||
Carrying Amount of Buildings and Improvements | [1] | 1,613 | ||||
Total Carrying Amount | [2] | 3,326 | ||||
Accumulated Depreciation | $ 446 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 837 W. Armitage Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 780 | |||||
Initial Cost to Company of Buildings and Improvements | 1,758 | |||||
Increase (Decrease) in Net Investments | 151 | |||||
Carrying Amount of Land | 780 | |||||
Carrying Amount of Buildings and Improvements | [1] | 1,909 | ||||
Total Carrying Amount | [2] | 2,689 | ||||
Accumulated Depreciation | $ 633 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 823 W. Armitage Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 717 | |||||
Initial Cost to Company of Buildings and Improvements | 1,149 | |||||
Increase (Decrease) in Net Investments | 95 | |||||
Carrying Amount of Land | 717 | |||||
Carrying Amount of Buildings and Improvements | [1] | 1,244 | ||||
Total Carrying Amount | [2] | 1,961 | ||||
Accumulated Depreciation | $ 364 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 851 W. Armitage Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 545 | |||||
Initial Cost to Company of Buildings and Improvements | 209 | |||||
Increase (Decrease) in Net Investments | 139 | |||||
Carrying Amount of Land | 545 | |||||
Carrying Amount of Buildings and Improvements | [1] | 348 | ||||
Total Carrying Amount | [2] | 893 | ||||
Accumulated Depreciation | $ 185 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 1240 W. Belmont Avenue Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 2,137 | |||||
Initial Cost to Company of Buildings and Improvements | 1,589 | |||||
Increase (Decrease) in Net Investments | 1,357 | |||||
Carrying Amount of Land | 2,137 | |||||
Carrying Amount of Buildings and Improvements | [1] | 2,946 | ||||
Total Carrying Amount | [2] | 5,083 | ||||
Accumulated Depreciation | $ 1,013 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 21 E. Chestnut Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,318 | |||||
Initial Cost to Company of Buildings and Improvements | 8,468 | |||||
Increase (Decrease) in Net Investments | 752 | |||||
Carrying Amount of Land | 1,318 | |||||
Carrying Amount of Buildings and Improvements | [1] | 9,220 | ||||
Total Carrying Amount | [2] | 10,538 | ||||
Accumulated Depreciation | $ 2,467 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 819 W. Armitage Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 790 | |||||
Initial Cost to Company of Buildings and Improvements | 1,266 | |||||
Increase (Decrease) in Net Investments | 689 | |||||
Carrying Amount of Land | 790 | |||||
Carrying Amount of Buildings and Improvements | [1] | 1,955 | ||||
Total Carrying Amount | [2] | 2,745 | ||||
Accumulated Depreciation | $ 542 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 1520 Milwaukee Avenue Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 2,110 | |||||
Initial Cost to Company of Buildings and Improvements | 1,306 | |||||
Increase (Decrease) in Net Investments | 348 | |||||
Carrying Amount of Land | 2,110 | |||||
Carrying Amount of Buildings and Improvements | [1] | 1,654 | ||||
Total Carrying Amount | [2] | 3,764 | ||||
Accumulated Depreciation | $ 618 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Rhode Island Place Shopping Center Washington, D.C. | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 7,458 | |||||
Initial Cost to Company of Buildings and Improvements | 15,968 | |||||
Increase (Decrease) in Net Investments | 2,659 | |||||
Carrying Amount of Land | 7,458 | |||||
Carrying Amount of Buildings and Improvements | [1] | 18,627 | ||||
Total Carrying Amount | [2] | 26,085 | ||||
Accumulated Depreciation | $ 6,591 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 930 Rush Street Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 4,933 | |||||
Initial Cost to Company of Buildings and Improvements | 14,587 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 4,933 | |||||
Carrying Amount of Buildings and Improvements | [1] | 14,587 | ||||
Total Carrying Amount | [2] | 19,520 | ||||
Accumulated Depreciation | $ 4,285 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 28 Jericho Turnpike Westbury, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 6,220 | |||||
Initial Cost to Company of Buildings and Improvements | 24,416 | |||||
Increase (Decrease) in Net Investments | 46 | |||||
Carrying Amount of Land | 6,220 | |||||
Carrying Amount of Buildings and Improvements | [1] | 24,462 | ||||
Total Carrying Amount | [2] | 30,682 | ||||
Accumulated Depreciation | $ 7,424 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 181 Main Street Westport, CT | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,908 | |||||
Initial Cost to Company of Buildings and Improvements | 12,158 | |||||
Increase (Decrease) in Net Investments | 719 | |||||
Carrying Amount of Land | 1,908 | |||||
Carrying Amount of Buildings and Improvements | [1] | 12,877 | ||||
Total Carrying Amount | [2] | 14,785 | ||||
Accumulated Depreciation | $ 3,771 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 83 Spring Street Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,754 | |||||
Initial Cost to Company of Buildings and Improvements | 9,200 | |||||
Increase (Decrease) in Net Investments | 309 | |||||
Carrying Amount of Land | 1,754 | |||||
Carrying Amount of Buildings and Improvements | [1] | 9,509 | ||||
Total Carrying Amount | [2] | 11,263 | ||||
Accumulated Depreciation | $ 2,649 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 179-53 & 1801-03 Connecticut Avenue Washington, D.C. | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 11,690 | |||||
Initial Cost to Company of Buildings and Improvements | 10,135 | |||||
Increase (Decrease) in Net Investments | 1,999 | |||||
Carrying Amount of Land | 11,690 | |||||
Carrying Amount of Buildings and Improvements | [1] | 12,134 | ||||
Total Carrying Amount | [2] | 23,824 | ||||
Accumulated Depreciation | $ 3,619 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 639 West Diversey Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 4,429 | |||||
Initial Cost to Company of Buildings and Improvements | 6,102 | |||||
Increase (Decrease) in Net Investments | 1,089 | |||||
Carrying Amount of Land | 4,429 | |||||
Carrying Amount of Buildings and Improvements | [1] | 7,191 | ||||
Total Carrying Amount | [2] | 11,620 | ||||
Accumulated Depreciation | $ 2,428 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 664 North Michigan Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 15,240 | |||||
Initial Cost to Company of Buildings and Improvements | 65,331 | |||||
Increase (Decrease) in Net Investments | 322 | |||||
Carrying Amount of Land | 15,240 | |||||
Carrying Amount of Buildings and Improvements | [1] | 65,653 | ||||
Total Carrying Amount | [2] | 80,893 | ||||
Accumulated Depreciation | $ 17,776 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 8-12 E. Walton Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 5,398 | |||||
Initial Cost to Company of Buildings and Improvements | 15,601 | |||||
Increase (Decrease) in Net Investments | 977 | |||||
Carrying Amount of Land | 5,398 | |||||
Carrying Amount of Buildings and Improvements | [1] | 16,578 | ||||
Total Carrying Amount | [2] | 21,976 | ||||
Accumulated Depreciation | $ 4,970 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 3200-3204 M Street Washington, DC | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 6,899 | |||||
Initial Cost to Company of Buildings and Improvements | 4,249 | |||||
Increase (Decrease) in Net Investments | 1,213 | |||||
Carrying Amount of Land | 6,899 | |||||
Carrying Amount of Buildings and Improvements | [1] | 5,462 | ||||
Total Carrying Amount | [2] | 12,361 | ||||
Accumulated Depreciation | $ 1,465 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 868 Broadway Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 3,519 | |||||
Initial Cost to Company of Buildings and Improvements | 9,247 | |||||
Increase (Decrease) in Net Investments | 5 | |||||
Carrying Amount of Land | 3,519 | |||||
Carrying Amount of Buildings and Improvements | [1] | 9,252 | ||||
Total Carrying Amount | [2] | 12,771 | ||||
Accumulated Depreciation | $ 2,331 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 313-315 Bowery Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 0 | |||||
Initial Cost to Company of Buildings and Improvements | 5,516 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 0 | |||||
Carrying Amount of Buildings and Improvements | [1] | 5,516 | ||||
Total Carrying Amount | [2] | 5,516 | ||||
Accumulated Depreciation | $ 2,232 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 120 West Broadway Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 0 | |||||
Initial Cost to Company of Buildings and Improvements | 32,819 | |||||
Increase (Decrease) in Net Investments | 2,101 | |||||
Carrying Amount of Land | 0 | |||||
Carrying Amount of Buildings and Improvements | [1] | 34,920 | ||||
Total Carrying Amount | [2] | 34,920 | ||||
Accumulated Depreciation | $ 5,987 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 11 E. Walton Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 16,744 | |||||
Initial Cost to Company of Buildings and Improvements | 28,346 | |||||
Increase (Decrease) in Net Investments | 1,444 | |||||
Carrying Amount of Land | 16,744 | |||||
Carrying Amount of Buildings and Improvements | [1] | 29,790 | ||||
Total Carrying Amount | [2] | 46,534 | ||||
Accumulated Depreciation | $ 7,757 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 61 Main St. Westport, CT | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 4,578 | |||||
Initial Cost to Company of Buildings and Improvements | 2,645 | |||||
Increase (Decrease) in Net Investments | 1,862 | |||||
Carrying Amount of Land | 4,578 | |||||
Carrying Amount of Buildings and Improvements | [1] | 4,507 | ||||
Total Carrying Amount | [2] | 9,085 | ||||
Accumulated Depreciation | $ 1,238 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 865 W. North Avenue Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,893 | |||||
Initial Cost to Company of Buildings and Improvements | 11,594 | |||||
Increase (Decrease) in Net Investments | 246 | |||||
Carrying Amount of Land | 1,893 | |||||
Carrying Amount of Buildings and Improvements | [1] | 11,840 | ||||
Total Carrying Amount | [2] | 13,733 | ||||
Accumulated Depreciation | $ 2,874 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 152-154 Spring St. Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 8,544 | |||||
Initial Cost to Company of Buildings and Improvements | 27,001 | |||||
Increase (Decrease) in Net Investments | 347 | |||||
Carrying Amount of Land | 8,544 | |||||
Carrying Amount of Buildings and Improvements | [1] | 27,348 | ||||
Total Carrying Amount | [2] | 35,892 | ||||
Accumulated Depreciation | $ 6,706 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 2520 Flatbush Ave Brooklyn, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 6,613 | |||||
Initial Cost to Company of Buildings and Improvements | 10,419 | |||||
Increase (Decrease) in Net Investments | 313 | |||||
Carrying Amount of Land | 6,613 | |||||
Carrying Amount of Buildings and Improvements | [1] | 10,732 | ||||
Total Carrying Amount | [2] | 17,345 | ||||
Accumulated Depreciation | $ 2,693 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 252-256 Greenwich Avenue Greenwich, CT | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 10,175 | |||||
Initial Cost to Company of Buildings and Improvements | 12,641 | |||||
Increase (Decrease) in Net Investments | 1,122 | |||||
Carrying Amount of Land | 10,175 | |||||
Carrying Amount of Buildings and Improvements | [1] | 13,763 | ||||
Total Carrying Amount | [2] | 23,938 | ||||
Accumulated Depreciation | $ 3,735 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Bedford Green Bedford Hills, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 12,425 | |||||
Initial Cost to Company of Buildings and Improvements | 32,730 | |||||
Increase (Decrease) in Net Investments | 4,729 | |||||
Carrying Amount of Land | 13,765 | |||||
Carrying Amount of Buildings and Improvements | [1] | 36,119 | ||||
Total Carrying Amount | [2] | 49,884 | ||||
Accumulated Depreciation | $ 9,524 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 131-135 Prince Street Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 0 | |||||
Initial Cost to Company of Buildings and Improvements | 57,536 | |||||
Increase (Decrease) in Net Investments | 1,251 | |||||
Carrying Amount of Land | 0 | |||||
Carrying Amount of Buildings and Improvements | [1] | 58,787 | ||||
Total Carrying Amount | [2] | 58,787 | ||||
Accumulated Depreciation | $ 26,387 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Shops at Grand Ave Queens, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 20,264 | |||||
Initial Cost to Company of Buildings and Improvements | 33,131 | |||||
Increase (Decrease) in Net Investments | 3,380 | |||||
Carrying Amount of Land | 20,264 | |||||
Carrying Amount of Buildings and Improvements | [1] | 36,511 | ||||
Total Carrying Amount | [2] | 56,775 | ||||
Accumulated Depreciation | $ 8,497 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 201 Needham St. Newton, MA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 4,550 | |||||
Initial Cost to Company of Buildings and Improvements | 4,459 | |||||
Increase (Decrease) in Net Investments | 110 | |||||
Carrying Amount of Land | 4,550 | |||||
Carrying Amount of Buildings and Improvements | [1] | 4,569 | ||||
Total Carrying Amount | [2] | 9,119 | ||||
Accumulated Depreciation | $ 1,117 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | City Center San Francisco, CA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 36,063 | |||||
Initial Cost to Company of Buildings and Improvements | 109,098 | |||||
Increase (Decrease) in Net Investments | 7,129 | |||||
Carrying Amount of Land | 26,386 | |||||
Carrying Amount of Buildings and Improvements | [1] | 125,904 | ||||
Total Carrying Amount | [2] | 152,290 | ||||
Accumulated Depreciation | $ 28,162 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 163 Highland Avenue Needham, MA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 7,363 | |||||
Initial Cost to Company of Land | 12,679 | |||||
Initial Cost to Company of Buildings and Improvements | 11,213 | |||||
Increase (Decrease) in Net Investments | (105) | |||||
Carrying Amount of Land | 12,529 | |||||
Carrying Amount of Buildings and Improvements | [1] | 11,258 | ||||
Total Carrying Amount | [2] | 23,787 | ||||
Accumulated Depreciation | $ 2,644 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Roosevelt Galleria Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 4,838 | |||||
Initial Cost to Company of Buildings and Improvements | 14,574 | |||||
Increase (Decrease) in Net Investments | 1,208 | |||||
Carrying Amount of Land | 4,838 | |||||
Carrying Amount of Buildings and Improvements | [1] | 15,782 | ||||
Total Carrying Amount | [2] | 20,620 | ||||
Accumulated Depreciation | $ 3,188 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Route 202 Shopping Center Wilmington, DE | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 0 | |||||
Initial Cost to Company of Buildings and Improvements | 6,346 | |||||
Increase (Decrease) in Net Investments | 708 | |||||
Carrying Amount of Land | 0 | |||||
Carrying Amount of Buildings and Improvements | [1] | 7,054 | ||||
Total Carrying Amount | [2] | 7,054 | ||||
Accumulated Depreciation | $ 1,996 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 991 Madison Avenue Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 0 | |||||
Initial Cost to Company of Buildings and Improvements | 76,965 | |||||
Increase (Decrease) in Net Investments | (75,357) | |||||
Carrying Amount of Land | 0 | |||||
Carrying Amount of Buildings and Improvements | [1] | 1,608 | ||||
Total Carrying Amount | [2] | 1,608 | ||||
Accumulated Depreciation | $ 767 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 165 Newbury Street - Boston, MA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,918 | |||||
Initial Cost to Company of Buildings and Improvements | 3,980 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 1,918 | |||||
Carrying Amount of Buildings and Improvements | [1] | 3,980 | ||||
Total Carrying Amount | [2] | 5,898 | ||||
Accumulated Depreciation | $ 763 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Concord & Milwaukee - Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 2,301 | |||||
Initial Cost to Company of Land | 2,739 | |||||
Initial Cost to Company of Buildings and Improvements | 2,746 | |||||
Increase (Decrease) in Net Investments | 486 | |||||
Carrying Amount of Land | 2,739 | |||||
Carrying Amount of Buildings and Improvements | [1] | 3,232 | ||||
Total Carrying Amount | [2] | 5,971 | ||||
Accumulated Depreciation | $ 752 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | State & Washington - Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 21,386 | |||||
Initial Cost to Company of Land | 3,907 | |||||
Initial Cost to Company of Buildings and Improvements | 70,943 | |||||
Increase (Decrease) in Net Investments | 6,236 | |||||
Carrying Amount of Land | 3,907 | |||||
Carrying Amount of Buildings and Improvements | [1] | 77,179 | ||||
Total Carrying Amount | [2] | 81,086 | ||||
Accumulated Depreciation | $ 15,388 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 151 N. State Street Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 12,207 | |||||
Initial Cost to Company of Land | 1,941 | |||||
Initial Cost to Company of Buildings and Improvements | 25,529 | |||||
Increase (Decrease) in Net Investments | 172 | |||||
Carrying Amount of Land | 1,941 | |||||
Carrying Amount of Buildings and Improvements | [1] | 25,701 | ||||
Total Carrying Amount | [2] | 27,642 | ||||
Accumulated Depreciation | $ 4,739 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | North & Kingsbury - Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 10,432 | |||||
Initial Cost to Company of Land | 18,731 | |||||
Initial Cost to Company of Buildings and Improvements | 16,292 | |||||
Increase (Decrease) in Net Investments | 3,252 | |||||
Carrying Amount of Land | 18,731 | |||||
Carrying Amount of Buildings and Improvements | [1] | 19,544 | ||||
Total Carrying Amount | [2] | 38,275 | ||||
Accumulated Depreciation | $ 3,857 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Sullivan Center - Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 50,000 | |||||
Initial Cost to Company of Land | 13,443 | |||||
Initial Cost to Company of Buildings and Improvements | 137,327 | |||||
Increase (Decrease) in Net Investments | 1,615 | |||||
Carrying Amount of Land | 13,443 | |||||
Carrying Amount of Buildings and Improvements | [1] | 138,942 | ||||
Total Carrying Amount | [2] | 152,385 | ||||
Accumulated Depreciation | $ 25,724 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | California & Armitage - Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 2,142 | |||||
Initial Cost to Company of Land | 6,770 | |||||
Initial Cost to Company of Buildings and Improvements | 2,292 | |||||
Increase (Decrease) in Net Investments | 98 | |||||
Carrying Amount of Land | 6,770 | |||||
Carrying Amount of Buildings and Improvements | [1] | 2,390 | ||||
Total Carrying Amount | [2] | 9,160 | ||||
Accumulated Depreciation | $ 475 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 555 9th Street - San Francisco, CA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 60,000 | |||||
Initial Cost to Company of Land | 75,591 | |||||
Initial Cost to Company of Buildings and Improvements | 73,268 | |||||
Increase (Decrease) in Net Investments | 5,775 | |||||
Carrying Amount of Land | 75,591 | |||||
Carrying Amount of Buildings and Improvements | [1] | 79,043 | ||||
Total Carrying Amount | [2] | 154,634 | ||||
Accumulated Depreciation | $ 13,366 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Market Square Wilmington, DE | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 8,100 | |||||
Initial Cost to Company of Buildings and Improvements | 31,221 | |||||
Increase (Decrease) in Net Investments | 683 | |||||
Carrying Amount of Land | 8,100 | |||||
Carrying Amount of Buildings and Improvements | [1] | 31,904 | ||||
Total Carrying Amount | [2] | 40,004 | ||||
Accumulated Depreciation | $ 5,342 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 613-623 W. Diversey Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 10,061 | |||||
Initial Cost to Company of Buildings and Improvements | 2,773 | |||||
Increase (Decrease) in Net Investments | 11,896 | |||||
Carrying Amount of Land | 10,061 | |||||
Carrying Amount of Buildings and Improvements | [1] | 14,669 | ||||
Total Carrying Amount | [2] | 24,730 | ||||
Accumulated Depreciation | $ 4,660 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 51 Greene Street Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 4,488 | |||||
Initial Cost to Company of Buildings and Improvements | 8,992 | |||||
Increase (Decrease) in Net Investments | 100 | |||||
Carrying Amount of Land | 4,488 | |||||
Carrying Amount of Buildings and Improvements | [1] | 9,092 | ||||
Total Carrying Amount | [2] | 13,580 | ||||
Accumulated Depreciation | $ 1,102 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 53 Greene Street Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 3,605 | |||||
Initial Cost to Company of Buildings and Improvements | 12,177 | |||||
Increase (Decrease) in Net Investments | 2 | |||||
Carrying Amount of Land | 3,605 | |||||
Carrying Amount of Buildings and Improvements | [1] | 12,179 | ||||
Total Carrying Amount | [2] | 15,784 | ||||
Accumulated Depreciation | $ 1,446 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 41 Greene Street Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 6,276 | |||||
Initial Cost to Company of Buildings and Improvements | 9,582 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 6,276 | |||||
Carrying Amount of Buildings and Improvements | [1] | 9,582 | ||||
Total Carrying Amount | [2] | 15,858 | ||||
Accumulated Depreciation | $ 1,098 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 47 Greene Street Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 6,265 | |||||
Initial Cost to Company of Buildings and Improvements | 16,758 | |||||
Increase (Decrease) in Net Investments | 6 | |||||
Carrying Amount of Land | 6,265 | |||||
Carrying Amount of Buildings and Improvements | [1] | 16,764 | ||||
Total Carrying Amount | [2] | 23,029 | ||||
Accumulated Depreciation | $ 1,851 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 849 W Armitage Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 837 | |||||
Initial Cost to Company of Buildings and Improvements | 2,731 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 837 | |||||
Carrying Amount of Buildings and Improvements | [1] | 2,731 | ||||
Total Carrying Amount | [2] | 3,568 | ||||
Accumulated Depreciation | $ 311 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 912 W Armitage Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 982 | |||||
Initial Cost to Company of Buildings and Improvements | 2,868 | |||||
Increase (Decrease) in Net Investments | 183 | |||||
Carrying Amount of Land | 982 | |||||
Carrying Amount of Buildings and Improvements | [1] | 3,051 | ||||
Total Carrying Amount | [2] | 4,033 | ||||
Accumulated Depreciation | $ 360 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Melrose Place Collection Los Angeles, CA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 20,490 | |||||
Initial Cost to Company of Buildings and Improvements | 26,788 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 20,490 | |||||
Carrying Amount of Buildings and Improvements | [1] | 26,788 | ||||
Total Carrying Amount | [2] | 47,278 | ||||
Accumulated Depreciation | $ 2,800 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 45 Greene Street Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 2,903 | |||||
Initial Cost to Company of Buildings and Improvements | 8,487 | |||||
Increase (Decrease) in Net Investments | 297 | |||||
Carrying Amount of Land | 2,903 | |||||
Carrying Amount of Buildings and Improvements | [1] | 8,784 | ||||
Total Carrying Amount | [2] | 11,687 | ||||
Accumulated Depreciation | $ 975 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 565 Broadway Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 0 | |||||
Initial Cost to Company of Buildings and Improvements | 22,491 | |||||
Increase (Decrease) in Net Investments | 9,492 | |||||
Carrying Amount of Land | 0 | |||||
Carrying Amount of Buildings and Improvements | [1] | 31,983 | ||||
Total Carrying Amount | [2] | 31,983 | ||||
Accumulated Depreciation | $ 2,421 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 907 W Armitage Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 700 | |||||
Initial Cost to Company of Buildings and Improvements | 2,081 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 700 | |||||
Carrying Amount of Buildings and Improvements | [1] | 2,081 | ||||
Total Carrying Amount | [2] | 2,781 | ||||
Accumulated Depreciation | $ 232 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 37 Greene Street Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 6,721 | |||||
Initial Cost to Company of Buildings and Improvements | 9,119 | |||||
Increase (Decrease) in Net Investments | 573 | |||||
Carrying Amount of Land | 6,721 | |||||
Carrying Amount of Buildings and Improvements | [1] | 9,692 | ||||
Total Carrying Amount | [2] | 16,413 | ||||
Accumulated Depreciation | $ 912 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 917 W Armitage Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 901 | |||||
Initial Cost to Company of Buildings and Improvements | 2,368 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 901 | |||||
Carrying Amount of Buildings and Improvements | [1] | 2,368 | ||||
Total Carrying Amount | [2] | 3,269 | ||||
Accumulated Depreciation | $ 251 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Brandywine Town Center Wilmington, DE | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 15,632 | |||||
Initial Cost to Company of Buildings and Improvements | 101,861 | |||||
Increase (Decrease) in Net Investments | 9,076 | |||||
Carrying Amount of Land | 15,632 | |||||
Carrying Amount of Buildings and Improvements | [1] | 110,937 | ||||
Total Carrying Amount | [2] | 126,569 | ||||
Accumulated Depreciation | $ 11,879 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 1324 14th Street Washington, D.C. | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 728 | |||||
Initial Cost to Company of Buildings and Improvements | 3,044 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 728 | |||||
Carrying Amount of Buildings and Improvements | [1] | 3,044 | ||||
Total Carrying Amount | [2] | 3,772 | ||||
Accumulated Depreciation | $ 152 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 1526 14th Street Washington, D.C. | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,377 | |||||
Initial Cost to Company of Buildings and Improvements | 6,964 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 1,377 | |||||
Carrying Amount of Buildings and Improvements | [1] | 6,964 | ||||
Total Carrying Amount | [2] | 8,341 | ||||
Accumulated Depreciation | $ 348 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 1529 14th Street Washington, D.C. | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,485 | |||||
Initial Cost to Company of Buildings and Improvements | 10,411 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 1,485 | |||||
Carrying Amount of Buildings and Improvements | [1] | 10,411 | ||||
Total Carrying Amount | [2] | 11,896 | ||||
Accumulated Depreciation | $ 521 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 121 Spring St Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 5,380 | |||||
Initial Cost to Company of Buildings and Improvements | 31,707 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 5,380 | |||||
Carrying Amount of Buildings and Improvements | [1] | 31,707 | ||||
Total Carrying Amount | [2] | 37,087 | ||||
Accumulated Depreciation | $ 1,585 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | 8833 Beverly Blvd West Hollywood, CA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 14,423 | |||||
Initial Cost to Company of Buildings and Improvements | 8,314 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 14,423 | |||||
Carrying Amount of Buildings and Improvements | [1] | 8,314 | ||||
Total Carrying Amount | [2] | 22,737 | ||||
Accumulated Depreciation | $ 382 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Williamsburg Portfolio Brooklyn, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 31,500 | |||||
Initial Cost to Company of Buildings and Improvements | 60,720 | |||||
Increase (Decrease) in Net Investments | 2,334 | |||||
Carrying Amount of Land | 31,500 | |||||
Carrying Amount of Buildings and Improvements | [1] | 63,054 | ||||
Total Carrying Amount | [2] | 94,554 | ||||
Accumulated Depreciation | $ 2,861 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Core Portfolio | Henderson Portfolio Dallas, TX | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 27,086 | |||||
Initial Cost to Company of Buildings and Improvements | 41,823 | |||||
Increase (Decrease) in Net Investments | 4,537 | |||||
Carrying Amount of Land | 27,086 | |||||
Carrying Amount of Buildings and Improvements | [1] | 46,360 | ||||
Total Carrying Amount | [2] | 73,446 | ||||
Accumulated Depreciation | $ 2,321 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund II | City Point Brooklyn, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 137,485 | |||||
Initial Cost to Company of Land | 0 | |||||
Initial Cost to Company of Buildings and Improvements | 100,316 | |||||
Increase (Decrease) in Net Investments | 571,784 | |||||
Carrying Amount of Land | 0 | |||||
Carrying Amount of Buildings and Improvements | [1] | 672,100 | ||||
Total Carrying Amount | [2] | 672,100 | ||||
Accumulated Depreciation | $ 135,588 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund III | 640 Broadway Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 33,000 | |||||
Initial Cost to Company of Land | 27,831 | |||||
Initial Cost to Company of Buildings and Improvements | 27,291 | |||||
Increase (Decrease) in Net Investments | 939 | |||||
Carrying Amount of Land | 27,831 | |||||
Carrying Amount of Buildings and Improvements | [1] | 28,230 | ||||
Total Carrying Amount | [2] | 56,061 | ||||
Accumulated Depreciation | $ 1,365 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 210 Bowery Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,875 | |||||
Initial Cost to Company of Buildings and Improvements | 5,625 | |||||
Increase (Decrease) in Net Investments | (6,514) | |||||
Carrying Amount of Land | 518 | |||||
Carrying Amount of Buildings and Improvements | [1] | 468 | ||||
Total Carrying Amount | [2] | 986 | ||||
Accumulated Depreciation | $ 242 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 27 E. 61st Street Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 7,473 | |||||
Initial Cost to Company of Land | 4,813 | |||||
Initial Cost to Company of Buildings and Improvements | 14,438 | |||||
Increase (Decrease) in Net Investments | 3,358 | |||||
Carrying Amount of Land | 3,523 | |||||
Carrying Amount of Buildings and Improvements | [1] | 19,086 | ||||
Total Carrying Amount | [2] | 22,609 | ||||
Accumulated Depreciation | $ 3,130 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 17 E. 71st Street Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 7,391 | |||||
Initial Cost to Company of Buildings and Improvements | 20,176 | |||||
Increase (Decrease) in Net Investments | 388 | |||||
Carrying Amount of Land | 7,391 | |||||
Carrying Amount of Buildings and Improvements | [1] | 20,564 | ||||
Total Carrying Amount | [2] | 27,955 | ||||
Accumulated Depreciation | $ 4,901 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 1035 Third Ave Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 13,725 | |||||
Initial Cost to Company of Land | 12,759 | |||||
Initial Cost to Company of Buildings and Improvements | 37,431 | |||||
Increase (Decrease) in Net Investments | 5,852 | |||||
Carrying Amount of Land | 14,099 | |||||
Carrying Amount of Buildings and Improvements | [1] | 41,943 | ||||
Total Carrying Amount | [2] | 56,042 | ||||
Accumulated Depreciation | $ 10,791 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 801 Madison Avenue Manhattan, NY | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 15,002 | |||||
Initial Cost to Company of Land | 4,178 | |||||
Initial Cost to Company of Buildings and Improvements | 28,470 | |||||
Increase (Decrease) in Net Investments | (4,667) | |||||
Carrying Amount of Land | 2,922 | |||||
Carrying Amount of Buildings and Improvements | [1] | 25,059 | ||||
Total Carrying Amount | [2] | 27,981 | ||||
Accumulated Depreciation | $ 4,522 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 2208-2216 Fillmore Street San Francisco, CA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 5,308 | |||||
Initial Cost to Company of Land | 3,027 | |||||
Initial Cost to Company of Buildings and Improvements | 6,376 | |||||
Increase (Decrease) in Net Investments | 217 | |||||
Carrying Amount of Land | 3,027 | |||||
Carrying Amount of Buildings and Improvements | [1] | 6,593 | ||||
Total Carrying Amount | [2] | 9,620 | ||||
Accumulated Depreciation | $ 1,368 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 2207 Fillmore Street San Francisco, CA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 1,120 | |||||
Initial Cost to Company of Land | 1,498 | |||||
Initial Cost to Company of Buildings and Improvements | 1,735 | |||||
Increase (Decrease) in Net Investments | 125 | |||||
Carrying Amount of Land | 1,498 | |||||
Carrying Amount of Buildings and Improvements | [1] | 1,860 | ||||
Total Carrying Amount | [2] | 3,358 | ||||
Accumulated Depreciation | $ 408 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 1964 Union Street San Francisco, CA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 1,356 | |||||
Initial Cost to Company of Land | 563 | |||||
Initial Cost to Company of Buildings and Improvements | 1,688 | |||||
Increase (Decrease) in Net Investments | 2,071 | |||||
Carrying Amount of Land | 563 | |||||
Carrying Amount of Buildings and Improvements | [1] | 3,759 | ||||
Total Carrying Amount | [2] | 4,322 | ||||
Accumulated Depreciation | $ 602 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | Restaurants at Fort Point - Boston, MA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 1,041 | |||||
Initial Cost to Company of Buildings and Improvements | 10,905 | |||||
Increase (Decrease) in Net Investments | 81 | |||||
Carrying Amount of Land | 1,041 | |||||
Carrying Amount of Buildings and Improvements | [1] | 10,986 | ||||
Total Carrying Amount | [2] | 12,027 | ||||
Accumulated Depreciation | $ 2,204 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 717 N. Michigan Avenue, Chicago, IL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 46,000 | |||||
Initial Cost to Company of Land | 72,591 | |||||
Initial Cost to Company of Buildings and Improvements | 35,440 | |||||
Increase (Decrease) in Net Investments | (25,344) | |||||
Carrying Amount of Land | 48,920 | |||||
Carrying Amount of Buildings and Improvements | [1] | 33,767 | ||||
Total Carrying Amount | [2] | 82,687 | ||||
Accumulated Depreciation | $ 411 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 18 E. Broughton St. Savannah, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 1,545 | |||||
Initial Cost to Company of Land | 609 | |||||
Initial Cost to Company of Buildings and Improvements | 1,513 | |||||
Increase (Decrease) in Net Investments | 62 | |||||
Carrying Amount of Land | 609 | |||||
Carrying Amount of Buildings and Improvements | [1] | 1,575 | ||||
Total Carrying Amount | [2] | 2,184 | ||||
Accumulated Depreciation | $ 213 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 20 E. Broughton St. Savannah, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 1,008 | |||||
Initial Cost to Company of Land | 588 | |||||
Initial Cost to Company of Buildings and Improvements | 937 | |||||
Increase (Decrease) in Net Investments | 12 | |||||
Carrying Amount of Land | 588 | |||||
Carrying Amount of Buildings and Improvements | [1] | 949 | ||||
Total Carrying Amount | [2] | 1,537 | ||||
Accumulated Depreciation | $ 127 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 25 E. Broughton St. Savannah, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 3,178 | |||||
Initial Cost to Company of Land | 1,324 | |||||
Initial Cost to Company of Buildings and Improvements | 2,459 | |||||
Increase (Decrease) in Net Investments | 383 | |||||
Carrying Amount of Land | 1,324 | |||||
Carrying Amount of Buildings and Improvements | [1] | 2,842 | ||||
Total Carrying Amount | [2] | 4,166 | ||||
Accumulated Depreciation | $ 491 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 109 W. Broughton St. Savannah, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 6,466 | |||||
Initial Cost to Company of Land | 2,343 | |||||
Initial Cost to Company of Buildings and Improvements | 6,560 | |||||
Increase (Decrease) in Net Investments | 904 | |||||
Carrying Amount of Land | 2,343 | |||||
Carrying Amount of Buildings and Improvements | [1] | 7,464 | ||||
Total Carrying Amount | [2] | 9,807 | ||||
Accumulated Depreciation | $ 1,063 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 204-206 W. Broughton St. Savannah, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 910 | |||||
Initial Cost to Company of Land | 547 | |||||
Initial Cost to Company of Buildings and Improvements | 439 | |||||
Increase (Decrease) in Net Investments | 32 | |||||
Carrying Amount of Land | 547 | |||||
Carrying Amount of Buildings and Improvements | [1] | 471 | ||||
Total Carrying Amount | [2] | 1,018 | ||||
Accumulated Depreciation | $ 74 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 216-218 W. Broughton St. Savannah, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 2,663 | |||||
Initial Cost to Company of Land | 1,160 | |||||
Initial Cost to Company of Buildings and Improvements | 2,736 | |||||
Increase (Decrease) in Net Investments | 1,944 | |||||
Carrying Amount of Land | 1,160 | |||||
Carrying Amount of Buildings and Improvements | [1] | 4,680 | ||||
Total Carrying Amount | [2] | 5,840 | ||||
Accumulated Depreciation | $ 820 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 220 W. Broughton St. Savannah, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 1,863 | |||||
Initial Cost to Company of Land | 619 | |||||
Initial Cost to Company of Buildings and Improvements | 1,799 | |||||
Increase (Decrease) in Net Investments | 985 | |||||
Carrying Amount of Land | 619 | |||||
Carrying Amount of Buildings and Improvements | [1] | 2,784 | ||||
Total Carrying Amount | [2] | 3,403 | ||||
Accumulated Depreciation | $ 496 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 223 W. Broughton St. Savannah, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 910 | |||||
Initial Cost to Company of Land | 465 | |||||
Initial Cost to Company of Buildings and Improvements | 688 | |||||
Increase (Decrease) in Net Investments | 33 | |||||
Carrying Amount of Land | 465 | |||||
Carrying Amount of Buildings and Improvements | [1] | 721 | ||||
Total Carrying Amount | [2] | 1,186 | ||||
Accumulated Depreciation | $ 97 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 226-228 W. Broughton St. Savannah, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 660 | |||||
Initial Cost to Company of Buildings and Improvements | 1,900 | |||||
Increase (Decrease) in Net Investments | 34 | |||||
Carrying Amount of Land | 660 | |||||
Carrying Amount of Buildings and Improvements | [1] | 1,934 | ||||
Total Carrying Amount | [2] | 2,594 | ||||
Accumulated Depreciation | $ 260 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 309/311 W. Broughton St. Savannah, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 2,345 | |||||
Initial Cost to Company of Land | 1,160 | |||||
Initial Cost to Company of Buildings and Improvements | 2,695 | |||||
Increase (Decrease) in Net Investments | 193 | |||||
Carrying Amount of Land | 1,160 | |||||
Carrying Amount of Buildings and Improvements | [1] | 2,888 | ||||
Total Carrying Amount | [2] | 4,048 | ||||
Accumulated Depreciation | $ 365 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 230-240 W. Broughton St. Savannah, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 5,052 | |||||
Initial Cost to Company of Land | 2,185 | |||||
Initial Cost to Company of Buildings and Improvements | 9,597 | |||||
Increase (Decrease) in Net Investments | 6 | |||||
Carrying Amount of Land | 2,185 | |||||
Carrying Amount of Buildings and Improvements | [1] | 9,603 | ||||
Total Carrying Amount | [2] | 11,788 | ||||
Accumulated Depreciation | $ 861 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund IV | 102 E. Broughton St. Savannah, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 0 | |||||
Initial Cost to Company of Buildings and Improvements | 514 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 0 | |||||
Carrying Amount of Buildings and Improvements | [1] | 514 | ||||
Total Carrying Amount | [2] | 514 | ||||
Accumulated Depreciation | $ 46 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Plaza Santa Fe Santa Fe, NM | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 22,893 | |||||
Initial Cost to Company of Land | 0 | |||||
Initial Cost to Company of Buildings and Improvements | 28,214 | |||||
Increase (Decrease) in Net Investments | 2,005 | |||||
Carrying Amount of Land | 0 | |||||
Carrying Amount of Buildings and Improvements | [1] | 30,219 | ||||
Total Carrying Amount | [2] | 30,219 | ||||
Accumulated Depreciation | $ 5,587 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Hickory Ridge - Hickory, NC | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 27,546 | |||||
Initial Cost to Company of Land | 7,852 | |||||
Initial Cost to Company of Buildings and Improvements | 29,998 | |||||
Increase (Decrease) in Net Investments | 5,041 | |||||
Carrying Amount of Land | 7,852 | |||||
Carrying Amount of Buildings and Improvements | [1] | 35,039 | ||||
Total Carrying Amount | [2] | 42,891 | ||||
Accumulated Depreciation | $ 7,177 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | New Towne Plaza - Canton, MI | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 16,334 | |||||
Initial Cost to Company of Land | 5,040 | |||||
Initial Cost to Company of Buildings and Improvements | 17,391 | |||||
Increase (Decrease) in Net Investments | 587 | |||||
Carrying Amount of Land | 4,719 | |||||
Carrying Amount of Buildings and Improvements | [1] | 18,299 | ||||
Total Carrying Amount | [2] | 23,018 | ||||
Accumulated Depreciation | $ 3,497 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Fairlane Green Allen Park, MI | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 32,260 | |||||
Initial Cost to Company of Land | 18,121 | |||||
Initial Cost to Company of Buildings and Improvements | 37,143 | |||||
Increase (Decrease) in Net Investments | 3,991 | |||||
Carrying Amount of Land | 18,121 | |||||
Carrying Amount of Buildings and Improvements | [1] | 41,134 | ||||
Total Carrying Amount | [2] | 59,255 | ||||
Accumulated Depreciation | $ 6,809 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Trussville Promenade Birmingham, AL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 28,472 | |||||
Initial Cost to Company of Land | 7,587 | |||||
Initial Cost to Company of Buildings and Improvements | 34,285 | |||||
Increase (Decrease) in Net Investments | 77 | |||||
Carrying Amount of Land | 7,587 | |||||
Carrying Amount of Buildings and Improvements | [1] | 34,362 | ||||
Total Carrying Amount | [2] | 41,949 | ||||
Accumulated Depreciation | $ 5,451 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Elk Grove Commons Elk Grove, CA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 40,247 | |||||
Initial Cost to Company of Land | 6,204 | |||||
Initial Cost to Company of Buildings and Improvements | 48,008 | |||||
Increase (Decrease) in Net Investments | 1,884 | |||||
Carrying Amount of Land | 6,204 | |||||
Carrying Amount of Buildings and Improvements | [1] | 49,892 | ||||
Total Carrying Amount | [2] | 56,096 | ||||
Accumulated Depreciation | $ 7,200 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Hiram Pavilion Hiram, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 27,667 | |||||
Initial Cost to Company of Land | 13,029 | |||||
Initial Cost to Company of Buildings and Improvements | 25,446 | |||||
Increase (Decrease) in Net Investments | 625 | |||||
Carrying Amount of Land | 13,029 | |||||
Carrying Amount of Buildings and Improvements | [1] | 26,071 | ||||
Total Carrying Amount | [2] | 39,100 | ||||
Accumulated Depreciation | $ 4,412 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Palm Coast Landing Palm Coast, FL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 25,862 | |||||
Initial Cost to Company of Land | 7,066 | |||||
Initial Cost to Company of Buildings and Improvements | 27,299 | |||||
Increase (Decrease) in Net Investments | 789 | |||||
Carrying Amount of Land | 7,066 | |||||
Carrying Amount of Buildings and Improvements | [1] | 28,088 | ||||
Total Carrying Amount | [2] | 35,154 | ||||
Accumulated Depreciation | $ 4,033 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Lincoln Commons Lincoln, RI | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 38,134 | |||||
Initial Cost to Company of Land | 14,429 | |||||
Initial Cost to Company of Buildings and Improvements | 34,417 | |||||
Increase (Decrease) in Net Investments | 6,169 | |||||
Carrying Amount of Land | 14,429 | |||||
Carrying Amount of Buildings and Improvements | [1] | 40,586 | ||||
Total Carrying Amount | [2] | 55,015 | ||||
Accumulated Depreciation | $ 5,438 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Landstown Commons Virginia Beach, VA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 59,795 | |||||
Initial Cost to Company of Land | 10,222 | |||||
Initial Cost to Company of Buildings and Improvements | 69,005 | |||||
Increase (Decrease) in Net Investments | 7,200 | |||||
Carrying Amount of Land | 10,222 | |||||
Carrying Amount of Buildings and Improvements | [1] | 76,205 | ||||
Total Carrying Amount | [2] | 86,427 | ||||
Accumulated Depreciation | $ 8,949 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Canton Marketplace Canton, GA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 36,000 | |||||
Initial Cost to Company of Land | 11,883 | |||||
Initial Cost to Company of Buildings and Improvements | 34,902 | |||||
Increase (Decrease) in Net Investments | 1,204 | |||||
Carrying Amount of Land | 11,883 | |||||
Carrying Amount of Buildings and Improvements | [1] | 36,106 | ||||
Total Carrying Amount | [2] | 47,989 | ||||
Accumulated Depreciation | $ 2,476 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Monroe Marketplace Selinsgrove, PA | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 29,150 | |||||
Initial Cost to Company of Land | 8,755 | |||||
Initial Cost to Company of Buildings and Improvements | 35,452 | |||||
Increase (Decrease) in Net Investments | 482 | |||||
Carrying Amount of Land | 8,755 | |||||
Carrying Amount of Buildings and Improvements | [1] | 35,934 | ||||
Total Carrying Amount | [2] | 44,689 | ||||
Accumulated Depreciation | $ 2,623 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Midstate Mall East Brunswick, NJ | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 42,400 | |||||
Initial Cost to Company of Land | 13,062 | |||||
Initial Cost to Company of Buildings and Improvements | 43,290 | |||||
Increase (Decrease) in Net Investments | 3,241 | |||||
Carrying Amount of Land | 13,062 | |||||
Carrying Amount of Buildings and Improvements | [1] | 46,531 | ||||
Total Carrying Amount | [2] | 59,593 | ||||
Accumulated Depreciation | $ 2,808 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Cypress Creek Tampa, FL | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 32,200 | |||||
Initial Cost to Company of Land | 25,313 | |||||
Initial Cost to Company of Buildings and Improvements | 39,637 | |||||
Increase (Decrease) in Net Investments | 54 | |||||
Carrying Amount of Land | 0 | |||||
Carrying Amount of Buildings and Improvements | [1] | 65,004 | ||||
Total Carrying Amount | [2] | 65,004 | ||||
Accumulated Depreciation | $ 841 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
Opportunity Funds | Fund V | Maple Tree Place Williston, VT | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to Company of Land | 17,597 | |||||
Initial Cost to Company of Buildings and Improvements | 49,404 | |||||
Increase (Decrease) in Net Investments | 0 | |||||
Carrying Amount of Land | 17,597 | |||||
Carrying Amount of Buildings and Improvements | [1] | 49,404 | ||||
Total Carrying Amount | [2] | 67,001 | ||||
Accumulated Depreciation | $ 121 | |||||
Life on which Depreciation in Latest Statement of Operations is Compared | [1] | 40 years | ||||
[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. The aggregate gross cost of property included above for Federal income tax purposes was approximately $ 4.6 billion as of December 31, 2023 . |
SCHEDULE III - REAL ESTATE AN_3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Balance at beginning of year | $ 4,253,010 | $ 4,071,607 | $ 4,011,326 | |
Improvements and other | 75,668 | 50,696 | 32,070 | |
Property acquisitions | 131,952 | 234,557 | 172,558 | |
Property dispositions or held for sale assets | (21,425) | (125,933) | (134,422) | |
Consolidation of previously unconsolidated investments | 0 | 55,394 | 0 | |
Impairment charges | (3,686) | (33,311) | (9,925) | |
Balance at end of year | $ 4,435,519 | [1] | $ 4,253,010 | $ 4,071,607 |
[1] The aggregate gross cost of property included above for Federal income tax purposes was approximately $ 4.6 billion as of December 31, 2023 . |
SCHEDULE III - REAL ESTATE AN_4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Balance at beginning of year | $ 725,143 | $ 648,461 | $ 573,364 |
Depreciation related to real estate | 100,300 | 98,414 | 90,456 |
Property dispositions or held for sale assets | (2,004) | (21,732) | (15,359) |
Balance at end of year | $ 823,439 | $ 725,143 | $ 648,461 |
SCHEDULE IV - MORTGAGE LOANS _2
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Loans On Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Mortgage Loans on Real Estate [Line Items] | ||||||
Face Amount of Notes Receivable | $ 127,237 | |||||
Notes receivable | [1] | 126,228 | ||||
Allowance for credit losses | (1,279) | [1] | $ (898) | $ (5,752) | $ (1,218) | |
Net carrying amount of notes receivable | 124,949 | [1] | $ 123,903 | |||
Principal amount of loans subject to delinquent principal or interest | $ 17,801 | |||||
First Mortgage Loan, 6.00% Loan, Due 4/1/2020 | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Effective Interest Rate | 6% | |||||
Face Amount of Notes Receivable | $ 17,810 | |||||
Notes receivable | [1] | 17,801 | ||||
Principal amount of loans subject to delinquent principal or interest | $ 17,801 | |||||
Mezzanine Loan, 9.25% Loan, Due 1/9/2024 | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Effective Interest Rate | 9.25% | |||||
Face Amount of Notes Receivable | $ 54,000 | |||||
Notes receivable | [1] | $ 54,000 | ||||
First Mortgage Loan, 6.56% Loan, Due 9/17/2024 | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Effective Interest Rate | 6.56% | |||||
Face Amount of Notes Receivable | $ 43,000 | |||||
Notes receivable | [1] | $ 42,000 | ||||
Other, 6.50% Loan, Due 9/27/2024 | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Effective Interest Rate | 6.50% | |||||
Face Amount of Notes Receivable | $ 1,427 | |||||
Notes receivable | [1] | $ 1,427 | ||||
Other, 4.65% Loan, Due 4/12/2026 | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Effective Interest Rate | 4.65% | |||||
Face Amount of Notes Receivable | $ 6,000 | |||||
Notes receivable | [1] | $ 6,000 | ||||
Mezzanine Loan, 8.00% Loan, Due 12/11/2027 | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Effective Interest Rate | 8% | |||||
Face Amount of Notes Receivable | $ 5,000 | |||||
Notes receivable | [1] | $ 5,000 | ||||
[1] The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2023 . |
SCHEDULE IV - MORTGAGE LOANS _3
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Loans On Real Estate (Parenthetical) (Details) $ in Thousands | Dec. 31, 2023 USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | ||
Notes receivable | $ 126,228 | [1] |
[1] The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2023 . |
SCHEDULE IV - MORTGAGE LOANS _4
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Reconciliation of Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at beginning of year | $ 123,903 | ||
Total | 124,949 | $ 123,903 | |
Reconciliation of Loans on Real Estate | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at beginning of year | 124,801 | 159,638 | $ 102,100 |
Additions | 1,427 | 0 | 58,000 |
Repayments | 0 | (29,531) | 0 |
Conversion of OP Units | 0 | 0 | (462) |
Conversion to real estate through receipt of deed or through foreclosure | 0 | (5,306) | 0 |
Total | 126,228 | 124,801 | 159,638 |
Allowance for credit loss | (1,279) | (898) | (5,752) |
Balance at end of year | $ 124,949 | $ 123,903 | $ 153,886 |