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Redeemable Non-controlling Interest | 12 Months Ended
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Dec. 31, 2024
Noncontrolling Interest [Abstract] |
Redeemable Non-controlling Interest | Redeemable Non-controlling Interest Redeemable Preferred Units of the Operating Partnership As of December 31, 2024 and 2023, there were 392,598 Series A preferred units of partnership interest in the operating partnership, or Series A preferred units, which are not owned by the Company. These Series A preferred units are entitled to preferential distributions at a rate of 6.25% per annum on the liquidation preference of $25.00 per unit. The units are convertible at the option of the holder into common units or redeemable into cash or, at the Company’s election, exchangeable for registered shares of common stock. Redeemable Non-controlling Interest in Consolidated Real Estate Entities On March 1, 2018, the Company entered into a joint venture agreement with Macerich to form the HPP-MAC JV. On August 31, 2018, Macerich contributed Westside Pavilion to the HPP-MAC JV. The Company has a 75% interest in the joint venture that owns the One Westside and Westside Two properties. The Company has a put right, after a specified time, to sell its interest at fair market value. Macerich has a put right, after a specified time, to sell its interest at fair market value, which is a redemption right that is not solely within the control of the Company. Therefore, the non-controlling interest related to this joint venture is included as temporary equity. The put right is not probable of becoming redeemable. The One Westside and Westside Two properties were sold on December 27, 2023. On October 9, 2018, the Company entered into a joint venture with Allianz to purchase the Ferry Building property. The Company has a 55% interest in the joint venture that owns the Ferry Building property. The Company has a put right, if certain events occur, to sell its interest at fair market value. Allianz has a put right, if certain events occur, to sell its interest at fair market value, which is a redemption right that is not solely within the control of the Company. Therefore, the non-controlling interest related to this joint venture is included as temporary equity. The put right is not currently redeemable. The following table reconciles the beginning and ending balances of redeemable non-controlling interests:
|  | Series A Redeemable Preferred Units |  | Consolidated Real Estate Entities
Balance, December 31, 2023 |  | $ | 9,815 |  |  | $ | 57,182 |
Contributions |  | — |  |  | 88 |
Distributions |  | — |  |  | (3,932) |
Declared dividend |  | (612) |  |  | — |
Net income (loss) |  | 612 |  |  | (4,059) |
Balance, December 31, 2024 |  | $ | 9,815 |  |  | $ | 49,279 |

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