DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

In late 2019, the Company announced that its Board of Directors had determined to sell the Company’s entire Office Portfolio, including both the suburban and waterfront office portfolios. As the decision to sell the Office Portfolio represented a strategic shift in the Company’s operations, the results of certain of these properties that were disposed of or classified as held for sale are being classified as discontinued operations for all periods presented.

The last property in the suburban office portfolio, a 350,000 square foot office property, was sold in October of 2023.

During the third quarter of 2023, the Company identified one additional land parcel as discontinued operations.

The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Total revenues	$	2,421	$	29,631	$	21,983	$	106,973
Operating and other expenses	(1,346)		(13,316)		(12,373)		(36,843)
Property impairments	—		(84,509)		—		(84,509)
Depreciation and amortization	(104)		(6,701)		(5,486)		(21,787)
Interest expense	—		(3,318)		(822)		(9,703)
Income (loss) from discontinued operations	971		(78,213)		3,302		(45,869)
Loss from extinguishment of debt, net	—		—		(12)		(6,289)
Realized income (loss) on disposition of rental property	423		(5,100)		(2,286)		(7,704)
Realized income (loss), net	423		(5,100)		(2,298)		(13,993)
Total discontinued operations, net	$	1,394	$	(83,313)	$	1,004	$	(59,862)