SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Selected Results of Operations and Asset Information

In 2024, the Company classified and sold its last remaining non-strategic office asset as discontinued operations (dollars in thousands):

	Total Company
Total revenues:
2023	260,295
2022	213,355
Total operating and interest expenses (a):
2023	290,165
2022	223,801
Equity in earnings (loss) of unconsolidated joint ventures:
2023	3,102
2022	1,200
Net operating income (loss) (b):
2023	(26,768)
2022	(9,246)
Total assets:
2023	3,241,046
Total long-lived assets (c):
2023	3,011,815
Total investments in unconsolidated joint ventures:
2023	117,954

(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; property management; general and administrative, transaction-related costs and interest expense, net of interest and other investment income and other income (expense), net.

(b)Net operating income (loss) represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the periods.

(c)Long-lived assets are comprised of net investment in rental property and unbilled rents receivable.

Schedule of Reconciliation of Net Operating Income (Loss) to Net Income Available to Common Shareholders

The following schedule reconciles net operating income (loss) to net income (loss) available to common shareholders (dollars in thousands):

	Year Ended December 31,
	2023		2022
Net operating income (loss)	$	(26,768)	$	(9,246)
Add (deduct):
Depreciation and amortization	(86,235)		(77,903)
Land and other impairments, net	(9,324)		(9,368)
Gain (loss) on disposition of developable land	7,068		57,262
Gain (loss) from extinguishment of debt, net	(5,606)		(129)
Income (loss) from continuing operations before income tax expense	(120,865)		(39,384)
Provision for income taxes	(492)		—
Loss from continuing operations after income tax expense	(121,357)		(39,384)
Discontinued operations
Income (loss) from discontinued operations	(32,686)		(64,854)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net	41,682		69,353
Total discontinued operations, net	8,996		4,499
Net income (loss)	(112,361)		(34,885)
Noncontrolling interests in consolidated joint ventures	2,319		3,079
Noncontrolling interests in Operating Partnership of loss (income) from continuing operations	11,174		5,688
Noncontrolling interests in Operating Partnership in discontinued operations	(779)		(414)
Redeemable noncontrolling interests	(7,618)		(25,534)
Net income (loss) available to common shareholders	$	(107,265)	$	(52,066)

The following schedule reconciles net operating income (loss) to net income (loss) available to common unitholders (dollars in thousands):

	Year Ended December 31,
	2023		2022
Net operating income (loss)	$	(26,768)	$	(9,246)
Add (deduct):
Depreciation and amortization	(86,235)		(77,903)
Land and other impairments, net	(9,324)		(9,368)
Gain (loss) on disposition of developable land	7,068		57,262
Gain (loss) from extinguishment of debt, net	(5,606)		(129)
Income (loss) from continuing operations before income tax expense	(120,865)		(39,384)
Provision for income taxes	(492)		—
Income (loss) from continuing operations after income tax expense	(121,357)		(39,384)
Discontinued operations
Income (loss) from discontinued operations	(32,686)		(64,854)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net	41,682		69,353
Total discontinued operations, net	8,996		4,499
Net income (loss)	(112,361)		(34,885)
Noncontrolling interests in consolidated joint ventures	2,319		3,079
Redeemable noncontrolling interests	(7,618)		(25,534)
Net income (loss) available to common unitholders	$	(117,660)	$	(57,340)