v3.25.4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2025
Accounting Policies [Abstract] |
Summary of Properties Owned | A summary of the properties owned by us is as follows:
Retail
Carmel Country Plaza | Gateway Marketplace | Hassalo on Eighth - Retail
Carmel Mountain Plaza | Geary Marketplace |
South Bay Marketplace | The Shops at Kalakaua |
Lomas Santa Fe Plaza | Waikele Center |
Solana Beach Towne Centre | Alamo Quarry Market |
Office
La Jolla Commons | First & Main | Timber Springs
Torrey Point | Lloyd Portfolio | Coastal Collection at Torrey Reserve (formerly known as Torrey Reserve Campus)
Solana Crossing | City Center Bellevue
The Landmark at One Market | 14Acres |
One Beach Street | Timber Ridge
Multifamily
Loma Palisades | Hassalo on Eighth - Multifamily |
Imperial Beach Gardens | Genesee Park |
Mariner's Point |  |
Santa Fe Park RV Resort |  |
Pacific Ridge Apartments |  |
Mixed-Use |  |
Waikiki Beach Walk Retail and Embassy Suites™ Hotel |
Held for Development and Construction in Progress
Solana Crossing – Land |  |
Lloyd Portfolio – Construction in Progress |  |
A summary of our real estate investments is as follows (in thousands):
| Retail |  | Office |  | Multifamily |  | Mixed-Use |  | Total
December 31, 2025 |  |  |  |  |  |  |  |  |
Land | $ | 226,899 |  |  | $ | 297,947 |  |  | $ | 99,793 |  |  | $ | 76,635 |  |  | $ | 701,274 |
Buildings | 449,400 |  |  | 1,525,289 |  |  | 446,092 |  |  | 131,884 |  |  | 2,552,665 |
Land improvements | 44,162 |  |  | 19,526 |  |  | 9,947 |  |  | 2,606 |  |  | 76,241 |
Tenant improvements | 82,203 |  |  | 263,064 |  |  | — |  |  | 2,729 |  |  | 347,996 |
Furniture, fixtures, and equipment | 789 |  |  | 7,693 |  |  | 12,972 |  |  | 13,142 |  |  | 34,596 |
Construction in progress (1) | 3,449 |  |  | 42,382 |  |  | 4,272 |  |  | 752 |  |  | 50,855 |
| 806,902 |  |  | 2,155,901 |  |  | 573,076 |  |  | 227,748 |  |  | 3,763,627 |
Accumulated depreciation | (337,169) |  |  | (568,585) |  |  | (166,913) |  |  | (71,592) |  |  | (1,144,259) |
Net real estate | $ | 469,733 |  |  | $ | 1,587,316 |  |  | $ | 406,163 |  |  | $ | 156,156 |  |  | $ | 2,619,368 |
December 31, 2024 |  |  |  |  |  |  |  |  |
Land | $ | 226,899 |  |  | $ | 297,947 |  |  | $ | 72,668 |  |  | $ | 76,635 |  |  | $ | 674,149 |
Buildings | 446,775 |  |  | 1,407,244 |  |  | 407,297 |  |  | 130,594 |  |  | 2,391,910 |
Land improvements | 40,658 |  |  | 16,779 |  |  | 8,515 |  |  | 2,606 |  |  | 68,558 |
Tenant improvements | 78,126 |  |  | 240,099 |  |  | — |  |  | 3,020 |  |  | 321,245 |
Furniture, fixtures, and equipment | 629 |  |  | 6,241 |  |  | 12,273 |  |  | 13,019 |  |  | 32,162 |
Construction in progress (1) | 3,302 |  |  | 132,742 |  |  | 1,685 |  |  | 611 |  |  | 138,340 |
| 796,389 |  |  | 2,101,052 |  |  | 502,438 |  |  | 226,485 |  |  | 3,626,364 |
Accumulated depreciation | (318,352) |  |  | (503,594) |  |  | (151,422) |  |  | (65,510) |  |  | (1,038,878) |
Net real estate (2) | $ | 478,037 |  |  | $ | 1,597,458 |  |  | $ | 351,016 |  |  | $ | 160,975 |  |  | $ | 2,587,486 |
(1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. (2) Excludes net real estate assets held for sale
Summary of Consolidated Statements of Cash Flows - Supplemental Disclosures | The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Supplemental cash flow information |  |  |  |  |
Total interest costs incurred | $ | 79,550 |  |  | $ | 82,030 |  |  | $ | 72,479 |
Interest capitalized | $ | 1,430 |  |  | $ | 7,503 |  |  | $ | 7,773 |
Interest expense, net | $ | 78,120 |  |  | $ | 74,527 |  |  | $ | 64,706 |
Cash paid for interest, net of amounts capitalized | $ | 79,272 |  |  | $ | 64,413 |  |  | $ | 62,003 |
Cash paid for income taxes | $ | 934 |  |  | $ | 1,247 |  |  | $ | 1,427 |
Supplemental schedule of noncash investing and financing activities |  |  |  |  |
Accounts payable and accrued liabilities for construction in progress | $ | 19,874 |  |  | $ | 14,396 |  |  | $ | 16,103 |
Accrued leasing commissions | $ | 4,014 |  |  | $ | 2,197 |  |  | $ | 1,726 |

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