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Investments in and Advances to Unconsolidated Affiliates (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Equity Method Investments | The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):
|  |  |  | Ownership Interest |  | September 30, |  |  | December 31, |
Portfolio |  | Property |  | September 30, 2025 |  | 2025 |  |  | 2024 |
REIT: |  | Renaissance Portfolio (a) |  | 68% |  | $ | — |  |  | $ | 28,250 |
|  | Gotham Plaza |  | 49% |  |  | 30,393 |  |  |  | 30,561 |
|  | Georgetown Portfolio (b) |  | 50% |  |  | 3,792 |  |  |  | 4,214 |
|  | 1238 Wisconsin Avenue (b, c) |  | 80% |  |  | 18,194 |  |  |  | 19,048 |
|  | 840 N. Michigan Avenue (d, e) |  | 94.35% |  |  | 31,188 |  |  |  | 28,111 |
|  |  |  |  |  |  | 83,567 |  |  |  | 110,184 |
Investment Management: |  |  |  |  |  |  |  |  |  |
Fund IV: (i) |  | Fund IV Other Portfolio (j) |  | 90% |  |  | 432 |  |  |  | 5,291 |
|  | 650 Bald Hill Road (k) |  | 90% |  |  | 5,823 |  |  |  | 9,220 |
|  |  |  |  |  |  | 6,255 |  |  |  | 14,511 |
Fund V: (i) |  | Family Center at Riverdale (d) |  | 89.42% |  |  | 650 |  |  |  | 1,832 |
|  | Tri-City Plaza |  | 90% |  |  | 6,070 |  |  |  | 6,914 |
|  | Frederick County Acquisitions (f) |  | 90% |  |  | 4,879 |  |  |  | 4,375 |
|  | Wood Ridge Plaza |  | 90% |  |  | 8,179 |  |  |  | 9,313 |
|  | La Frontera Village |  | 90% |  |  | 10,519 |  |  |  | 13,389 |
|  | Shoppes at South Hills |  | 90% |  |  | 9,203 |  |  |  | 10,139 |
|  | Mohawk Commons |  | 90% |  |  | 9,897 |  |  |  | 12,350 |
|  |  |  |  |  |  | 49,397 |  |  |  | 58,312 |
Other: |  | Shops at Grand |  | 5% |  |  | 2,360 |  |  |  | 2,452 |
|  | Walk at Highwoods Preserve |  | 20% |  |  | 1,899 |  |  |  | 2,279 |
|  | LINQ Promenade |  | 15% |  |  | 15,934 |  |  |  | 16,508 |
|  |  |  |  |  |  | 20,193 |  |  |  | 21,239 |
Various: |  | Due from Related Parties |  |  |  |  | 1,480 |  |  |  | 446 |
|  | Other (g) |  |  |  |  | 3,511 |  |  |  | 4,540 |
|  | Investments in and advances to unconsolidated affiliates |  |  |  | $ | 164,403 |  |  | $ | 209,232 |
REIT: |  | Crossroads (h) |  | 49% |  | $ | 17,119 |  |  | $ | 16,514 |
|  | Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  |  | $ | 17,119 |  |  | $ | 16,514 |
(a) On January 23, 2025, the Company acquired an additional 48% economic ownership interest, and increased its existing 20% interest to 68%, in the Renaissance Portfolio primarily located in Washington D.C. Prior to the acquisition, the Company accounted for its 20% interest under the equity method of accounting. Due to the Company gaining a controlling financial interest as a result of this acquisition, the Company concluded that the entity is a variable interest entity (“VIE”) and that it is the primary beneficiary, and it should consolidate its investment within its REIT Portfolio segment effective January 23, 2025. Accordingly, the Company recognized a loss on change in control of $9.6 million (Note 2). (b) Represents a VIE for which the Company is not the primary beneficia ry (Note 15). (c) Includes the amounts advanced against a $12.8 million construction commitment from the Company to the venture that holds its investment in 1238 Wisconsin. As of September 30, 2025 and December 31, 2024 the related party note receivable had a principal balance o f $12.8 million, net of a $0.1 m illion allowance for each period. The loan is secured by the venture members’ equity interest in the entity that owns the 1238 Wisconsin development property, bears interest at Prime + 1.0% (subject to a 4.5% floor), and matures on December 28, 2027. The Company recognized interest income of $0.1 million for each of the three and nine month periods ended September 30, 2025 and 2024, respectively, related to this note receivable. (d) Represents a tenancy-in-common interest. (e) In February 2025, the Company acquired an additional 2.5% interest in the 840 North Michigan Avenue venture increasing its ownership interest from 91.85% to 94.35%. The note receivable from the 840 North Michigan Avenue venture partners had a balan ce of $1.6 million and $2.3 million as of September 30, 2025 and December 31, 2024, respectively and matures in July 2025 (Note 3). (f) On September 25, 2024 the venture which Fund V holds a 90% interest in sold a 300,000 square foot property, Frederick Crossing, in Frederick County, Maryland. Fund V maintains its 90% interest in the venture which retains its interest in the remaining Frederick County Square property of the Frederick County Acquisitions portfolio. (g) Includes cost-method investment in Fifth Wall. The Company recorded an impairmen t charge of $0.2 million and $0.6 million for the three and nine months e nded September 30, 2025, which is included in Realized and unrealized holding gains (losses) on investments and other in the Company’s Condensed Consolidated Statements of Operations. (h) Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity. (i) The Company owns 23.12% and 20.10% in Funds IV and V, respectively (Note 1). For the ventures within these funds, the ownership interest percentage represents the Fund’s ownership interest and not the Company’s proportionate share. (j) As of September 30, 2025, the investment balance relates to undistributed proceeds from the disposition of the Eden Square property. (k) As of September 30, 2025, the venture recognized an impairment charge of $3.5 million on the property due to a shortened hold period. The Company’s proportionate share of $0.7 million was recorded through Equity in (losses) earnings of unconsolidated affiliates in the Company’s Condensed Consolidated Statements of Operations. The Company continues to monitor its investment in 650 Bald Hill and has not identified any additional indicators of other than temporary impairment at the reporting date.
Schedule of Condensed Balance Sheet | The following Combined and Condensed Balance Sheets and Statements of Operations, in each period, summarized the financial information of the Company’s investments in unconsolidated affiliates that were held as of September 30, 2025 (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Combined and Condensed Balance Sheets |  |  |  |  |  |
Assets: |  |  |  |  |  |
Rental property, net |  | $ | 905,140 |  |  | $ | 1,016,229 |
Other assets |  |  | 125,202 |  |  |  | 162,713 |
Total assets |  | $ | 1,030,342 |  |  | $ | 1,178,942 |
Liabilities and partners’ equity: |  |  |  |  |  |
Mortgage notes payable |  | $ | 631,956 |  |  | $ | 815,045 |
Other liabilities |  |  | 130,437 |  |  |  | 140,743 |
Partners’ equity |  |  | 267,949 |  |  |  | 223,154 |
Total liabilities and partners’ equity |  | $ | 1,030,342 |  |  | $ | 1,178,942 |
Company's share of accumulated equity |  | $ | 128,152 |  |  | $ | 131,793 |
Basis differential |  |  | 8,958 |  |  |  | 50,851 |
Deferred fees, net of portion related to the Company's interest |  |  | 5,232 |  |  |  | 5,400 |
Amounts receivable/payable by the Company |  |  | 1,480 |  |  |  | 446 |
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 143,822 |  |  |  | 188,490 |
Investments carried at cost |  |  | 3,462 |  |  |  | 4,228 |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 17,119 |  |  |  | 16,514 |
Investments in and advances to unconsolidated affiliates |  | $ | 164,403 |  |  | $ | 209,232 |
Schedule of Condensed Income Statement |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Combined and Condensed Statements of Operations |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 29,073 |  |  | $ | 27,792 |  |  | $ | 90,215 |  |  | $ | 83,977 |
Operating and other expenses |  |  | (10,911 | ) |  |  | (9,488 | ) |  |  | (34,141 | ) |  |  | (29,624 | )
Interest expense |  |  | (9,780 | ) |  |  | (9,895 | ) |  |  | (31,944 | ) |  |  | (30,514 | )
Depreciation and amortization |  |  | (11,946 | ) |  |  | (10,266 | ) |  |  | (38,420 | ) |  |  | (32,062 | )
Gain on extinguishment of debt (a) |  |  | 971 |  |  |  | 952 |  |  |  | 2,893 |  |  |  | 2,963 |
Impairment of real estate (c) |  |  | (3,480 | ) |  |  | — |  |  |  | (3,480 | ) |  |  | — |
Gain (loss) on disposition of properties (b) |  |  | — |  |  |  | 12,849 |  |  |  | (1,030 | ) |  |  | 21,368 |
Net (loss) income attributable to unconsolidated affiliates |  | $ | (6,073 | ) |  | $ | 11,944 |  |  | $ | (15,907 | ) |  | $ | 16,108 |
Company’s share of equity in net (losses) earnings of unconsolidated affiliates |  | $ | (3,596 | ) |  | $ | 12,028 |  |  | $ | (9,304 | ) |  | $ | 16,684 |
Basis differential amortization |  |  | (98 | ) |  |  | (244 | ) |  |  | (294 | ) |  |  | (732 | )
Company’s equity in (losses) earnings of unconsolidated affiliates |  | $ | (3,694 | ) |  | $ | 11,784 |  |  | $ | (9,598 | ) |  | $ | 15,952 |
(a) Includes the gain on debt extinguishment related to the restructuring at 840 N. Michigan Avenue for the three and nine months ended September 30, 2025 and 2024. (b) Includes the loss on the sale of Eden Square for the nine months ended September 30, 2025. Includes the gain on sale of the Frederick Crossing property for the three and nine ended September 30, 2024, and the gain on the sale of the Paramus Plaza property for the nine months ended September 30, 2024. (c) The impairment charge for the three and nine months ended September 30, 2025 is related to the 650 Bald Hill Road property.

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- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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