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REAL ESTATE INVESTMENTS | 6 Months Ended
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Jun. 30, 2024
Real Estate [Abstract] |
REAL ESTATE INVESTMENTS | 3. REAL ESTATE INVESTMENTS As of June 30, 2024 and December 31, 2023, the gross carrying value of the Properties, reflected in the line item “Operating properties” in the Company's consolidated balance sheets, was as follows (in thousands):
| June 30, 2024 |  | December 31, 2023
Land | $ | 393,439 |  |  | $ | 394,669 |
Building and improvements | 2,673,390 |  |  | 2,671,024 |
Tenant improvements | 479,773 |  |  | 476,539 |
Total | $ | 3,546,602 |  |  | $ | 3,542,232 |
Impairment For the quarter ended June 30, 2024, the Company recognized impairment losses totaling $6.4 million on office properties located in the Austin, Texas segment. The resulting impairment charge reflects a shortened expected holding period for the properties and reduction in the carrying value of the properties to their estimated fair value based on a non-binding purchase offer for the properties from a third party, which is considered a Level 3 measurement, as defined in Accounting Standards Codification 820 “Fair Value Measurements and Disclosures.”

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- 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
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