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REAL ESTATE INVESTMENTS | 6 Months Ended
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Jun. 30, 2026
Real Estate [Abstract] |
REAL ESTATE INVESTMENTS | 3. REAL ESTATE INVESTMENTS As of June 30, 2026 and December 31, 2025, 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, 2026 |  | December 31, 2025
Land | $ | 344,482 |  |  | $ | 337,459 |
Building and improvements | 2,728,274 |  |  | 2,925,483 |
Tenant improvements | 454,373 |  |  | 490,838 |
Operating properties | $ | 3,527,129 |  |  | $ | 3,753,780 |
Assets held for sale - real estate investments | 232,921 |  |  | — |
Total | $ | 3,760,050 |  |  | $ | 3,753,780 |
Purchase of Land On June 23, 2026, the company purchased the fee title to the 3025 JFK site, located in Philadelphia, Pennsylvania, by buying out the ground lease for $1.7 million and reclassified our prepaid ground lease and intangible assets to operating properties on the consolidated balance sheets as a result of the purchase. Dispositions During the three months ended June 30, 2026, the Company sold a 116,174 square foot office property located in the Pennsylvania Suburbs segment to an unaffiliated third party for a sales price of $15.5 million. Upon the completion of the sale, the Company recognized a $0.1 million gain during the second quarter. Held-for-use Impairment For the quarter ended June 30, 2026, the Company did not recognize any impairment losses. Held-for-sale As of June 30, 2026, the Company was under an agreement to sell an office building and its above ground parking garage located in the Austin, Texas segment to an unaffiliated third party for $151.0 million and has classified the properties as held-for-sale on the consolidated balance sheet as of June 30, 2026. The properties were sold on July 9, 2026, and the Company will record a gain on sale of real estate in the third quarter of 2026. As of June 30, 2026, the Company was under an agreement to sell an office building located in the Pennsylvania Suburbs segment to an unaffiliated third party for $41.5 million and has classified the property as held-for-sale on the consolidated balance sheet as of June 30, 2026. The property was sold on July 1, 2026 and the Company will record a gain on sale of real estate in the third quarter of 2026. As of June 30, 2026, the Company was under an agreement to sell two office buildings and a parking garage located in the Other segment to an unaffiliated third party for $97.1 million and has classified the properties as held-for-sale on the consolidated balance sheet. The following is a summary of the properties classified as held for sale as of June 30, 2026 (in thousands):
| Held for Sale Property
| June 30, 2026
ASSETS HELD FOR SALE |
Real estate investments: |
Operating properties | $ | 267,195 |
Accumulated depreciation | (67,732) |
Right of use asset - operating leases | 5,243 |
Operating real estate investments, net | 204,706 |
Construction-in-progress | 69 |
Total real estate investments, net | 204,775 |
Deferred costs, net | 11,838 |
Accrued Rent Receivable | 15,589 |
Other Assets | $ | 719 |
Total assets held for sale, net | $ | 232,921 |
LIABILITIES HELD FOR SALE |
Lessee Lease Obligation | $ | 6,775 |
Total liabilities held for sale | $ | 6,775 |

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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 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 6: 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 + Details
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