REAL ESTATE INVESTMENTS

6 Months Ended

Jun. 30, 2024

Real Estate [Abstract]

REAL ESTATE INVESTMENTS

3. REAL ESTATE INVESTMENTS

As of June 30, 2024 and December 31, 2023, the gross carrying value of the Properties, reflected in the line item “Operating properties” in the Company's consolidated balance sheets, was as follows (in thousands):

	June 30, 2024		December 31, 2023
Land	$	393,439	$	394,669
Building and improvements	2,673,390		2,671,024
Tenant improvements	479,773		476,539
Total	$	3,546,602	$	3,542,232

Impairment

For the quarter ended June 30, 2024, the Company recognized impairment losses totaling $6.4 million on office properties located in the Austin, Texas segment. The resulting impairment charge reflects a shortened expected holding period for the properties and reduction in the carrying value of the properties to their estimated fair value based on a non-binding purchase offer for the properties from a third party, which is considered a Level 3 measurement, as defined in Accounting Standards Codification 820 “Fair Value Measurements and Disclosures.”