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Investment in Unconsolidated Fund

9 Months Ended

Sep. 30, 2025

Real Estate Investments, Net [Abstract]

Investment in Unconsolidated Fund

Investment in Unconsolidated Fund

Partnership X, a JV through which we and another investor own two Class A office properties totaling 0.4 million square feet, was consolidated on January 1, 2025. See Note 3. Before January 1, 2025, Partnership X was accounted for using the equity method. From January 1, 2024 until February 28, 2024 we owned 53.8% in Partnership X. On February 29, 2024, we purchased an additional 20.2% equity interest in Partnership X which increased our equity interest to 74.0%.

Partnership X pays us fees and reimburses us for certain expenses related to property management and other services we provide. For the nine months ended September 30, 2025, the respective transactions are eliminated in consolidation. For the nine months ended September 30, 2024, when we accounted for our investment in Partnership X using the equity method, those amounts are included in Other income on our consolidated statements of operations.

We also receive distributions based on invested capital and on any profits that exceed certain specified cash returns to the investors. For the nine months ended September 30, 2025, the respective transactions are eliminated in consolidation. For the nine months ended September 30, 2024, when we accounted for our investment in Partnership X using the equity method, we received operating and capital distributions of $899 thousand and $197 thousand, respectively.

Summarized Financial Information for Partnership X

The tables below present selected financial information for Partnership X before January 1, 2025 (when we accounted for our investment in Partnership X using the equity method). The amounts presented reflect 100% (not our pro-rata share) of the amounts related to Partnership X, and are based upon historical book value:

(In thousands)			December 31, 2024
Total assets			$	145,626
Total liabilities			$	118,825
Total equity			$	26,801

			Nine Months Ended September 30,
(In thousands)			2024
Total revenues			$	13,289
Operating income			$	3,196
Net income			$	1,917

X

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478156/740-323-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 323
-Publisher FASB
-URI https://asc.fasb.org/323/tableOfContent

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X

- References

No definition available.

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