Disclosure About Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets, Liabilities and Noncontrolling Interests

The following table sets forth our assets and liabilities and the Company’s noncontrolling interests in the Operating Partnership that are measured or disclosed at fair value within the fair value hierarchy:

			Level 1		Level 2		Level 3
	Total		Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs		Significant Unobservable Inputs
Fair Value as of September 30, 2025:
Assets:
Mortgages and notes receivable, at fair value (1)	$	6,211	$	—	$	6,211	$	—
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)	1,682		1,682		—		—
Impaired real estate assets	19,600		—		—		19,600
Total Assets	$	27,493	$	1,682	$	6,211	$	19,600
Noncontrolling Interests in the Operating Partnership	$	65,042	$	65,042	$	—	$	—
Liabilities:
Mortgages and notes payable, net, at fair value (1)	$	3,307,978	$	—	$	3,307,978	$	—
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)	1,682		1,682		—		—
Total Liabilities	$	3,309,660	$	1,682	$	3,307,978	$	—

Fair Value as of December 31, 2024:
Assets:
Mortgages and notes receivable, at fair value (1)	$	11,064	$	—	$	11,064	$	—
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)	2,295		2,295		—		—
Impaired real estate assets	26,740		—		—		26,740
Total Assets	$	40,099	$	2,295	$	11,064	$	26,740
Noncontrolling Interests in the Operating Partnership	$	65,791	$	65,791	$	—	$	—
Liabilities:
Mortgages and notes payable, net, at fair value (1)	$	3,097,323	$	—	$	3,097,323	$	—
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)	2,295		2,295		—		—
Total Liabilities	$	3,099,618	$	2,295	$	3,097,323	$	—

__________

(1)    Amounts are not recorded at fair value on our Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024.

The Level 3 impaired real estate assets measured at a fair value of $19.6 million in the third quarter of 2025 consisted of two non-core, out-of-service assets at Century Center in Atlanta.

For one of the Century Center assets, the impairment resulted from a change in our assumptions about the use of the asset. During the third quarter of 2025, we determined that the highest and best use of this asset is residential and that the existing out-of-service office building will ultimately be demolished, either by us or an eventual buyer of the site. We estimated the fair value of this asset by using the sales comparison method, net of estimated demolition costs from construction bids received, as observable inputs were not available.

For the other Century Center asset, the impairment resulted from a decrease in our estimate of fair value based on the market approach, as observable inputs were not available.