XML 69 R58.htm IDEA: XBRL DOCUMENT v3.25.3
Investments in Unconsolidated Joint Ventures - Summary of Financial Information of Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Schedule Of Equity Method Investments [Line Items]          
Rental revenue $ 164,687 $ 184,235 $ 511,741 $ 543,636  
Other income 4,148 3,888 11,913 10,220  
Total revenues 172,959 194,899 537,023 571,184  
Operating 79,392 80,316 232,326 226,248  
Depreciation and amortization 57,766 60,071 176,707 182,920  
Total expenses 163,479 157,301 477,985 459,949  
Interest and other income 3,112 3,517 10,953 26,830  
Interest and debt expense (44,419) (43,805) (129,903) (124,078)  
(Loss) income before income taxes (31,113) (3,584) (57,438) 10,996  
Income tax expense 831 (619) 1,430 (1,328)  
Net (loss) income attributable to common stockholders (28,947) (9,688) (58,758) (7,642)  
Unconsolidated Joint Ventures [Member]          
Schedule Of Equity Method Investments [Line Items]          
Real estate, net 1,383,558   1,383,558   $ 1,567,771
Cash and cash equivalents and restricted cash 124,488   124,488   154,669
Intangible assets, net 35,474   35,474   42,672
For-sale residential condominium units [1] 175,089   175,089   195,113
Deferred rent receivable 32,724   32,724   42,128
Other assets 29,351   29,351   26,813
Total assets 1,780,684   1,780,684   2,029,166
Notes and mortgages payable, net 1,412,745   1,412,745   1,783,587
Accounts payable and accrued expenses 42,324   42,324   59,860
Intangible liabilities, net 1,682   1,682   2,480
Other liabilities 67,961   67,961   73,129
Total liabilities 1,524,712   1,524,712   1,919,056
Equity 255,972   255,972   110,110
Total liabilities and equity 1,780,684   1,780,684   $ 2,029,166
Rental revenue 24,985 35,374 84,209 106,557  
Other income [2] 11,368 2,188 39,701 20,432  
Total revenues 36,353 37,562 123,910 126,989  
Operating [3] 22,717 23,985 72,630 80,345  
Depreciation and amortization 8,207 12,464 29,094 38,232  
Total expenses 30,924 36,449 101,724 118,577  
Interest and other income 1,788 1,855 5,334 4,351  
Interest and debt expense (8,536) (14,782) (42,673) (44,729)  
Gain on extinguishment of debt [4]     162,517    
Gain on settlement of interest rate swap   2,498   2,498  
(Loss) income before income taxes (1,319) (9,316) 147,364 (29,468)  
Income tax expense   (1) (29) (26)  
Net (loss) income attributable to common stockholders $ (1,319) $ (9,317) $ 147,335 $ (29,494)  
[1] Represents residential condominium units at One Steuart Lane that are available for sale.
[2] Includes proceeds from the sale of residential condominium units at One Steuart Lane.
[3] Includes cost of sales relating to residential condominium units sold at One Steuart Lane.
[4] Represents gain on extinguishment of debt related to Market Center. In December 2023, we wrote off our investment in Market Center to zero and discontinued the equity method of accounting for this joint venture. Accordingly, the gain on extinguishment of debt did not have an impact on our consolidated financial statements.