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Segment Reporting | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting Segment information is prepared on the same basis that our chief operating decision maker (CODM) reviews information to assess performance and make resource allocation decisions. Our CODM is our CEO. We operate in two business segments: (i) the acquisition, development, ownership and management of office real estate and (ii) the acquisition, development, ownership and management of multifamily real estate. The services for our office segment primarily include rental of office space and other tenant services, including parking and storage space rental. The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level. The table below presents the operating activity of our reportable segments:
(In thousands) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Office Segment |  |  |  |  |  |  |
Total office revenues | $ | 201,059 |  |  | $ | 202,661 |  |  | $ | 605,966 |  |  | $ | 599,838 |
Office expenses | (74,065) |  |  | (78,026) |  |  | (223,677) |  |  | (212,387) |
Office segment profit | 126,994 |  |  | 124,635 |  |  | 382,289 |  |  | 387,451 |
Multifamily Segment |  |  |  |  |  |  |
Total multifamily revenues | 49,521 |  |  | 48,092 |  |  | 148,583 |  |  | 141,661 |
Multifamily expenses | (17,117) |  |  | (16,740) |  |  | (49,902) |  |  | (48,557) |
Multifamily segment profit | 32,404 |  |  | 31,352 |  |  | 98,681 |  |  | 93,104 |
Total profit from all segments | $ | 159,398 |  |  | $ | 155,987 |  |  | $ | 480,970 |  |  | $ | 480,555 |
The table below presents a reconciliation of the net (loss) income attributable to common stockholders to the total profit from all segments:
(In thousands) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net (loss) income attributable to common stockholders | $ | (10,854) |  |  | $ | 4,618 |  |  | $ | 23,111 |  |  | $ | 24,405 |
Net loss attributable to noncontrolling interests | (10,341) |  |  | (4,878) |  |  | (14,790) |  |  | (9,303) |
Net (loss) income | (21,195) |  |  | (260) |  |  | 8,321 |  |  | 15,102 |
General and administrative expenses | 10,773 |  |  | 10,109 |  |  | 34,514 |  |  | 33,168 |
Depreciation and amortization | 101,203 |  |  | 97,180 |  |  | 300,762 |  |  | 288,441 |
Other income | (4,359) |  |  | (7,298) |  |  | (14,070) |  |  | (21,772) |
Other expenses | 167 |  |  | 96 |  |  | 433 |  |  | 290 |
Income from unconsolidated Fund | — |  |  | (664) |  |  | — |  |  | (1,785) |
Interest expense | 72,809 |  |  | 56,824 |  |  | 198,222 |  |  | 167,111 |
Gain from consolidation of JV | — |  |  | — |  |  | (47,212) |  |  | — |
Total profit from all segments | $ | 159,398 |  |  | $ | 155,987 |  |  | $ | 480,970 |  |  | $ | 480,555 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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