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REAL ESTATE INVESTMENTS

9 Months Ended

Sep. 30, 2025

Real Estate [Abstract]

REAL ESTATE INVESTMENTS

3. REAL ESTATE INVESTMENTS

As of September 30, 2025 and December 31, 2024, 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):

			September 30, 2025						December 31, 2024
Land			$	344,569					$	361,861
Building and improvements			2,435,968						2,551,089
Tenant improvements			484,873						461,830
Total			$	3,265,410					$	3,374,780

Dispositions

During the three months ended September 30, 2025, the Company sold a 222,580 square foot office property located in the Austin, Texas segment for a gross sales price of $55.1 million. The property was previously classified as held for sale on the consolidated balance sheets as of June 30, 2025. During the three months ended June 30, 2025, the Company recognized a $15.9 million impairment loss, inclusive of costs to sell. No additional gains or losses were recognized in connection with the sale during the three months ended September 30, 2025.

On October 6, 2025, the Company sold a parcel of land in Richmond, Virginia for a gross sales price of $4.6 million.

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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

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