Investments in Unconsolidated Entities

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities

Investments in Unconsolidated Entities

As of August 28, 2024, the Company no longer had an investment in any unconsolidated entities. The Company, through its subsidiary GRT VAO OP, LLC (“GRT VAO Sub”), previously invested a combined $184.2 million for an approximately 49% interest in a joint venture (“Galaxy REIT, LLC” or the “Office Joint Venture”), through which it owned indirectly an approximate 49% interest in a 46-property office portfolio (the “JV Office Portfolio”). Following the impairment of the JV Office Portfolio as of September 30, 2023, the Company no longer recorded any equity income or losses related to the Office Joint Venture. On August 28, 2024, GRT VAO Sub transferred all of its ownership interest in the Office Joint Venture to the other members of the Office Joint Venture. Rule 3-09 of Regulation S-X requires the Company to present the summarized

financial statements of the Office Joint Venture below as of December 31, 2024 and for the three and nine months ended September 30, 2024 for comparative periods.

The table below presents the condensed balance sheet for the unconsolidated Office Joint Venture:

	December 31, 2024 (1)
Assets
Real estate properties, net	$	1,060,234
Other assets	244,075
Total Assets	$	1,304,309
Liabilities
Mortgages payable, net	$	1,066,023
Other liabilities	81,635
Total Liabilities	$	1,147,658

(1)Due to the reporting of the Office Joint Venture on a one quarter lag, amounts are as August 27, 2024, the date through which information was available prior to the Company’s transfer of its entire ownership interest in the Office Joint Venture on August 28, 2024.

The table below presents condensed statements of operations of the unconsolidated Office Joint Venture:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024 (1)		2024 (2)
Total revenues	$	39,437	$	132,824
Expenses:
Operating expenses	(16,950)		(53,470)
General and administrative	(1,949)		(5,244)
Depreciation and amortization	(14,601)		(60,158)
Interest expense	(28,848)		(89,567)
Other income, net	1,113		1,854
Total Expenses	(61,235)		(206,585)
Net Loss	$	(21,798)	$	(73,761)

(1)Amounts represent the period of April 1 to June 30 due to the recording of the Office Joint Venture’s activity on a one quarter lag.

(2)Amounts represent the period of October 1 to June 30 due to the recording of the Office Joint Venture’s activity on a one quarter lag.