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Redeemable Non-Controlling Interest | 3 Months Ended
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Mar. 31, 2025
Temporary Equity Disclosure [Abstract] |
Redeemable Non-Controlling Interest | Redeemable Non-controlling Interest Redeemable Preferred Units of the Operating Partnership As of March 31, 2025 and December 31, 2024, there were 335,768 and 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, respectively. During the three months ended March 31, 2025, 56,830 units were redeemed for cash consideration of $1.4 million. 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 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:
| Three Months Ended March 31, 2025 |  |
| Series A Redeemable Preferred Units |  | Consolidated Real Estate Entities |  |  |  |
BEGINNING OF PERIOD | $ | 9,815 |  |  | $ | 49,279 |  |  |  |  |
Declared dividend | (146) |  |  | — |  |  |  |  |
Net income (loss) | 146 |  |  | (902) |  |  |  |  |
Redemption of preferred units | (1,421) |  |  | — |  |  |  |  |
END OF PERIOD | $ | 8,394 |  |  | $ | 48,377 |  |  |  |  |

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