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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | 6 Months Ended
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Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | 4. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES As of June 30, 2026, the Company held ownership interests in seven unconsolidated real estate ventures, with a net aggregate investment balance of $336.9 million. As of June 30, 2026, four of the real estate ventures owned properties (directly or through leasehold interests) that contained an aggregate of approximately 4.1 million net rentable square feet of office space; one of the real estate ventures directly owned one property with 341 rentable residential units; and two of the real estate ventures owned 1.4 acres of land held for development. The Company accounts for its interests in the unconsolidated real estate ventures, which ownership interests range, as of June 30, 2026, from 20% to 85%, using the equity method of accounting. Certain of the unconsolidated real estate ventures are subject to specified priority allocations of distributable cash, including cash from operations and cash from capital events, such as sales of properties. The Company earned management fees from the unconsolidated real estate ventures of $0.8 million and $1.2 million for the three months ended June 30, 2026 and 2025, respectively, and $1.6 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively. The Company earned leasing commissions from the unconsolidated real estate ventures of $0.5 million and $0.6 million for the three months ended June 30, 2026 and 2025, respectively, and $1.6 million and $2.1 million for the six months ended June 30, 2026 and 2025, respectively. The Company had outstanding accounts receivable balances from the unconsolidated real estate ventures of $0.8 million and $0.5 million as of June 30, 2026 and December 31, 2025, respectively. The amounts reflected in the following tables (except for the Company’s share of equity in income) are based on the financial information of the individual unconsolidated real estate ventures. The following is a summary of the financial position of the unconsolidated real estate ventures in which the Company held interests as of June 30, 2026 and December 31, 2025 (in thousands):
| June 30, 2026 |  | December 31, 2025 |
Net property | $ | 1,160,998 |  |  | $ | 1,164,117 |  |
Other assets | 187,010 |  |  | 179,663 |  |
Other liabilities | 80,414 |  |  | 85,524 |  |
Debt, net | 570,199 |  |  | 583,062 |  |
Equity (a) | 697,395 |  |  | 675,194 |  |
(a)This amount does not include the effect of the basis difference between the Company’s historical cost basis and the basis recorded at the real estate venture level, which is amortized over the life of the related assets and liabilities. Basis differentials occur from the impairment of investments, purchases of third-party interests in existing real estate ventures and upon the transfer of assets that were previously owned by the Company into a real estate venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the real estate venture level. The following is a summary of the results of operations of the unconsolidated real estate ventures in which the Company held interests during the three and six-month periods ended June 30, 2026 and 2025 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Revenue | $ | 34,670 |  |  | $ | 38,731 |  |  | $ | 69,952 |  |  | $ | 81,282 |
Operating expenses | (16,433) |  |  | (16,295) |  |  | (32,362) |  |  | (32,957) |
Interest expense, net | (11,420) |  |  | (14,787) |  |  | (22,880) |  |  | (29,695) |
Depreciation and amortization | (14,866) |  |  | (15,003) |  |  | (30,748) |  |  | (32,270) |
Gain on property disposition | — |  |  | (474) |  |  | 1,053 |  |  | (474) |
Net loss | $ | (8,049) |  |  | $ | (7,828) |  |  | $ | (14,985) |  |  | $ | (14,114) |
Company's share of net loss | $ | (8,781) |  |  | $ | (15,234) |  |  | $ | (17,591) |  |  | $ | (25,540) |
Basis adjustments and other | 43 |  |  | 402 |  |  | 151 |  |  | 197 |
Equity in loss of unconsolidated real estate ventures | $ | (8,738) |  |  | $ | (14,832) |  |  | $ | (17,440) |  |  | $ | (25,343) |
One Uptown Ventures On May 1, 2026, both One Uptown Ventures entered into extension options for their loans with the existing lender. The maturity of the One Uptown - Multi-family loan was extended until July 29, 2027, and the total maximum loan capacity was reduced from $85.0 million to $76.5 million. The maturity of the One Uptown Office loan was extended until July 29, 2028, and the total loan capacity was reduced from $121.7 million to $108.9 million.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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