Investments in Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Balance Sheet and Statements of Operations for Unconsolidated Office Joint Venture

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.