XML 43 R26.htm IDEA: XBRL DOCUMENT v3.25.3
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
For all periods presented, (a) OP Units were excluded from the dilutive earnings per share computation because they were not dilutive, and (b) using the treasury stock method, Unvested Restricted Shares were excluded from dilutive earnings per share because the inclusion would have been anti-dilutive or insignificant to the potential dilutive effect of the computation.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Unvested Restricted Shares(1)
274,163 257,064 398,654 462,136 
(1)    Unvested Restricted Shares that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to either the two-class method or treasury stock method, as applicable.
Schedule of Restrictions on Cash and Cash Equivalents The table below summarizes the Company’s restricted cash:
Balance as of
September 30, 2025December 31, 2024
Cash reserves$6,718 $4,092 
Restricted lockbox1,387 3,604 
Total restricted cash$8,105 $7,696 
Schedule of Discontinued Operations and Related and Unrealized Gains (Losses)
Below is a summary of assets and liabilities related to the Office Discontinued Operations Properties as of September 30, 2025 and December 31, 2024:
Office Discontinued Operations Properties
ASSETSSeptember 30, 2025December 31, 2024
Land$38,149 $108,515 
Building and improvements403,273 943,456 
In-place lease intangible assets
107,590 239,406 
Construction in progress— 55 
Total real estate549,012 1,291,432 
Less: accumulated depreciation(145,473)(296,280)
Total real estate, net403,539 995,152 
Above-market lease and other intangible assets, net11,756 25,614 
Deferred rent receivable22,429 37,413 
Deferred leasing costs, net5,030 8,852 
Right-of-use lease assets31,427 32,212 
Other assets1,705 2,113 
Total real estate and other assets held for sale$475,886 $1,101,356 
LIABILITIES
Below-market lease and other intangible liabilities, net
$4,564 $7,144 
Right-of-use lease liabilities46,316 46,143 
Accrued expenses and other liabilities15,376 14,939 
Liabilities of real estate assets held for sale$66,256 $68,226 
The following table summarizes income (loss) from Office Discontinued Operations Properties for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue:
Rental income$25,225 $28,229 $82,030 $83,570 
Expenses:
Property operating expense3,207 3,432 9,614 9,273 
Property tax expense1,384 1,676 5,464 5,755 
Real estate impairment provision(1)
25,604 — 345,492 — 
Depreciation and amortization7,135 12,012 30,218 35,465 
Total expenses37,330 17,120 390,788 50,493 
Interest expense(2)
(1,178)(1,527)(4,360)(4,545)
Other income, net34 34 
Extinguishment of debt(3)
(705)— (705)— 
(Loss) income from discontinued operations
(13,954)9,583 (313,789)28,533 
Gain from disposition of assets(1)
24,767 — 23,456 — 
Net income (loss) from discontinued operations
$10,813 $9,583 $(290,333)$28,533 
(1)Refer to Note 3, Real Estate for further details.
(2)Interest expense is directly related to the portion of the Company’s BOA II Loan that is secured by certain Office Discontinued Operations Properties as described in Note 5, Debt.
(3)Refer to Note 5, Debt for further details.