Redeemable Non-Controlling Interest

9 Months Ended

Sep. 30, 2025

Temporary Equity Disclosure [Abstract]

Redeemable Non-controlling Interest

Redeemable Preferred Units of the Operating Partnership

As of September 30, 2025 and December 31, 2024, there were 111,777 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. 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 for cash or, at the Company’s election, exchangeable for registered shares of common stock.

During the three months ended September 30, 2025, 123,991 units were redeemed for cash consideration of $3.1 million. During the nine months ended September 30, 2025, 280,821 units were redeemed for cash consideration of $7.0 million.

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 September 30, 2025				Nine Months Ended September 30, 2025
	Series A Redeemable Preferred Units		Consolidated Real Estate Entities		Series A Redeemable Preferred Units		Consolidated Real Estate Entity
BEGINNING OF PERIOD	$	5,894	$	48,890	$	9,815	$	49,279
Contributions	—		1,350		—		2,765
Distributions	—		—		—		(7)
Declared dividend	(53)		—		(320)		—
Net income (loss)	53		(974)		320		(2,771)
Redemption of preferred units	(3,099)		—		(7,020)		—
END OF PERIOD	$	2,795	$	49,266	$	2,795	$	49,266