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Investments in and Advances to Joint Ventures, net (Tables)
 9 Months Ended
Sep. 30, 2025
Schedule of Equity Method Investments [Line Items]  
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments Condensed combined financial information of the Company’s unconsolidated joint ventures is as follows (in thousands):

 

September 30, 2025

 

 

December 31, 2024

 

Condensed Combined Balance Sheets

 

 

 

 

 

Land

$

159,567

 

 

$

159,567

 

Buildings

 

497,011

 

 

 

494,062

 

Fixtures and tenant improvements

 

67,710

 

 

 

64,022

 

 

 

724,288

 

 

 

717,651

 

Less: Accumulated depreciation

 

(184,957

)

 

 

(169,726

)

 

 

539,331

 

 

 

547,925

 

Construction in progress and land

 

15

 

 

 

352

 

Real estate, net

 

539,346

 

 

 

548,277

 

Cash and restricted cash

 

33,950

 

 

 

25,750

 

Receivables, net

 

9,279

 

 

 

9,660

 

Other assets, net

 

9,850

 

 

 

12,519

 

 

$

592,425

 

 

$

596,206

 

 

 

 

 

 

 

Mortgage debt

$

428,656

 

 

$

426,462

 

Notes and accrued interest payable to the Company

 

1,999

 

 

 

1,894

 

Other liabilities

 

30,344

 

 

 

32,533

 

 

 

460,999

 

 

 

460,889

 

Accumulated equity

 

131,426

 

 

 

135,317

 

 

$

592,425

 

 

$

596,206

 

 

 

 

 

 

 

Company's share of accumulated equity

$

25,039

 

 

$

26,016

 

Basis differentials

 

2,355

 

 

 

2,521

 

Amounts payable to the Company

 

1,999

 

 

 

1,894

 

Investments in and advances to joint ventures, net

$

29,393

 

 

$

30,431

 
Unconsolidated Joint Ventures [Member]  
Schedule of Equity Method Investments [Line Items]  
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

 

Three Months

 

 

Nine Months

 

 

Ended September 30,

 

 

Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Condensed Combined Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

Revenues from operations

$

19,545

 

 

$

19,364

 

 

$

61,099

 

 

$

62,667

 

Expenses from operations:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

4,824

 

 

 

4,846

 

 

 

14,910

 

 

 

16,320

 

Depreciation and amortization

 

6,826

 

 

 

6,383

 

 

 

19,210

 

 

 

20,313

 

Interest expense

 

8,152

 

 

 

7,751

 

 

 

24,240

 

 

 

23,924

 

Other expense, net

 

1,382

 

 

 

1,367

 

 

 

4,164

 

 

 

5,311

 

 

 

21,184

 

 

 

20,347

 

 

 

62,524

 

 

 

65,868

 

Loss before gain on disposition of real estate

 

(1,639

)

 

 

(983

)

 

 

(1,425

)

 

 

(3,201

)

Gain on disposition of real estate, net

 

—

 

 

 

1,968

 

 

 

1

 

 

 

10,365

 

Net (loss) income attributable to unconsolidated joint ventures

$

(1,639

)

 

$

985

 

 

$

(1,424

)

 

$

7,164

 

Company's share of equity in net income (loss) of joint ventures

$

(483

)

 

$

338

 

 

$

(481

)

 

$

(885

)

Basis differential adjustments(A)

 

(16

)

 

 

(10

)

 

 

(47

)

 

 

1,291

 

Equity in net (loss) income of joint ventures

$

(499

)

 

$

328

 

 

$

(528

)

 

$

406

 

 

(A) The difference between the Company’s share of net (loss) income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, the recognition of deferred gains and differences in gain (loss) on sale of certain assets recognized due to the basis differentials.