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NOTES AND BONDS PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2024
Notes and Bonds Payable [Abstract]  
Schedule of Long-term Debt Instruments
As of December 31, 2024 and 2023, the Company’s notes and bonds payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands):
 Book Value as of
December 31, 2024		Book Value as of
December 31, 2023
Contractual Interest Rate as of December 31, 2024 (1)
Interest Rate at December 31, 2024 (1)
Payment Type (2)
Maturity Date (3)
Series B Bonds (4)
$127,486 $321,724 4.18%4.18%
(4)
01/31/2026
Series C Bonds (4)
39,049 99,461 9.00%9.00%
(4)
06/30/2026
Series D Bonds (4)
161,436 — 9.75%9.75%
(4)
02/28/2029
Crown Pointe Mortgage Loan54,738 54,738 
SOFR + 2.30%
6.83%Interest Only
04/1/2025 (5)
Georgia 400 Center Mortgage Loan (6)
39,662 40,184 
SOFR + 2.75%
7.28%Principal & Interest
03/22/2025 (5)
PORT Mortgage Loan 134,967 34,967 4.74%4.74%Interest Only10/01/2025
PORT Mortgage Loan 210,523 10,523 4.72%4.72%Interest Only03/01/2026
PORT MetLife Loan 1 (6)
56,368 59,091 3.90%3.90%Interest Only04/10/2026
PORT MetLife Loan 2 (6)
89,671 93,388 3.99%3.99%Interest Only04/10/2026
Lincoln Court Mortgage Loan (6)
31,325 33,310 
SOFR + 3.25%
7.78%Interest Only
08/07/2025 (5)
Madison Square Mortgage Loan (6)
20,722 17,962 
SOFR + 3.00%
7.53%Interest Only
01/07/2025 (5)
Bank of America Mortgage Loan (7)
156,836 175,234 
SOFR + 2.75%
7.28%Principal & Interest
09/01/2026 (5)
Richardson Office Mortgage Loan (8)
12,018 12,209 
SOFR +3.50% (8)
8.03%Principal & Interest
04/30/2025 (5)
Q&C Hotel Mortgage Loan (8)
21,966 24,579 
SOFR +3.50% (8)
8.03%Principal & Interest
04/30/2025 (5)
Eight and Nine Corporate Centre Mortgage Loan20,000 — 
SOFR + 4.90% (9)
9.43%Interest Only
02/09/2026 (5)
Lofts at NoHo Commons Mortgage Loan— 68,451 
(10)
(10)
(10)
(10)
Total Notes and Bonds Payable principal outstanding876,767 1,045,821 
Deferred financing costs and debt discount and premium, net (11)
(11,475)(17,138)
Total Notes and Bonds Payable, net$865,292 $1,028,683 
_____________________
(1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2024. Effective interest rate was calculated as the actual interest rate in effect as of December 31, 2024 (consisting of the contractual interest rate and contractual floor rates), using Secured Overnight Financing Rate (“SOFR”) as of December 31, 2024, where applicable.
(2) Represents the payment type required under these loans as of December 31, 2024. Certain future monthly payments due under these loans also include amortizing principal payments.
(3) Represents the initial maturity date or the maturity date as extended as of December 31, 2024. For more information of the Company’s contractual obligations under its notes and bonds payable, see five-year maturity table, below.
(4) See “Israeli Bond Financings” below for additional details on the Company’s bonds.
(5) Subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown. Subsequent to December 31, 2024, the Company extended the Madison Square Mortgage Loan to April 8, 2025. As of the filing date of this Annual Report on Form 10-K, the Company was in refinancing negotiations with the lender for the Georgia 400 Center Mortgage Loan.
(6) The Company’s notes and bonds payable are generally non-recourse. These mortgage loans have guarantees over certain balances whereby the Company would be required to make the remaining payments in the event that the Company turned the property over to the lender. As of December 31, 2024, the guaranteed amount in the aggregate was $204.0 million.
(7) This loan was cross-collateralized by the associated properties: Park Centre, 1180 Raymond, The Marq, and Oakland City Center and the Company made a principal repayment of $10.0 million on this loan on December 1, 2024.
(8) During the year ended December 31, 2024, the Company refinanced these loans and are cross-collateralized by the Richardson Office and Q&C Hotel properties. The effective interest rate is at the higher of one-month SOFR plus 3.50% or 7.50%.
(9) The effective interest rate is at the higher of one-month SOFR plus 4.90% or 8.90%.
(10) In September 2024, in connection with the disposition of the Lofts at NoHo Commons, the Company repaid the $68.5 million outstanding principal balance due under the Lofts at NoHo Commons Mortgage Loan.
(11) Represents the unamortized premium/discount on notes and bonds payable due to the above- and below-market interest rates when the debt was assumed. The discount/premium is amortized over the remaining life of the notes and bonds payable.
Schedule of Maturities of Long-term Debt
The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of December 31, 2024 (in thousands):
2025$244,464 
2026470,867 
202753,812 
202853,812 
202953,812 
$876,767