XML 29 R16.htm IDEA: XBRL DOCUMENT v3.25.2

Investment in Real Estate

6 Months Ended

Jun. 30, 2025

Real Estate [Abstract]

Investment in Real Estate

Investment in Real Estate

The following table summarizes the Company’s investment in real estate, at cost as of:

			June 30, 2025						December 31, 2024
Land			$	1,225,230					$	1,235,974
Building and improvements			6,201,663						6,101,787
Tenant improvements			727,451						728,186
Furniture and fixtures			5,842						5,895
Property under development			51,292						161,444
INVESTMENT IN REAL ESTATE, AT COST			$	8,211,478					$	8,233,286

Acquisitions of Real Estate

The Company had no acquisitions of real estate during the six months ended June 30, 2025.

Dispositions of Real Estate

The following table summarizes information on dispositions completed during the six months ended June 30, 2025. These properties were considered non-strategic to the Company’s portfolio:

Property						Segment						Date of Disposition						Square Feet (unaudited)						Sales Price(1) (in millions)						(Loss) Gain on Sale(2) (in millions)
Maxwell						Office						1/22/2025						102,963						$	46.0					$	(2.2)
Foothill Research Center						Office						3/4/2025						195,121						$	23.0					$	12.2
625 Second						Office						5/30/2025						138,354						$	28.0					$	—

__________________ 

1.Represents gross sales price before certain credits, prorations and closing costs.

2.Included within (loss) gain on sale of real estate, net on the Consolidated Statements of Operations.

The Company had no dispositions of real estate during the six months ended June 30, 2024.

Impairment of Long-Lived Assets

During the six months ended June 30, 2025, the Company recorded an impairment charge of $18.4 million related to the real estate assets of its 625 Second office property. The impairment charge reflects a shortened expected holding period for the property and a reduction in the carrying value of the property to its estimated fair value based on the contractual sales price, which is considered a Level 2 measurement. The impairment charge is recorded within impairment loss on the Consolidated Statement of Operations. The property was classified as held for sale as of March 31, 2025 and was subsequently sold on May 30, 2025.

The Company had no impairments of real estate during the six months ended June 30, 2024.

X

- References

No definition available.

+ Details

Name:	us-gaap_RealEstateAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 974
-SubTopic 720
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477728/974-720-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 976
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/976/tableOfContent

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 978
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/978/tableOfContent

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 970
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/970/tableOfContent

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 972
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/972/tableOfContent

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 974
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/974/tableOfContent

+ Details

Name:	us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration