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Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
We engage in certain services and business transactions with related parties, including but not limited to, the rent of office space, leasing services, asset management, administrative services, and the acquisition and dispositions of real estate. Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to our business and may include terms, conditions and agreements that are not necessarily beneficial to, or in our best interest.
Pillar and Regis are wholly owned by a subsidiary of May Realty Holdings, Inc. ("MRHI"), which owns approximately 90.8% of the Company. Pillar is compensated for advisory services in accordance with an advisory agreement and is compensated for development and construction services in accordance with project specific development agreements. Regis receives property management fees and leasing commissions in accordance with the terms of its property-level management agreements. In addition, Regis is entitled to receive real estate brokerage commissions in accordance with the terms of a non-exclusive brokerage agreement.
Rental income includes $146 and $159 for the three months ended September 30, 2025 and 2024, respectively, and $435 and $495 for the nine months ended September 30, 2025 and 2024, respectively, for office space leased to Pillar and Regis.
Property operating expense includes $90 and $87 for the three months ended September 30, 2025 and 2024, respectively, and $264 and $253 for the nine months ended September 30, 2025 and 2024, respectively, for management fees on commercial properties payable to Regis.
General and administrative expense includes $997 and $899 for the three months ended September 30, 2025 and 2024, respectively, and $3,056 and $2,748 for the nine months ended September 30, 2025 and 2024, respectively, for employee compensation and other reimbursable costs payable to Pillar.
Advisory fees paid to Pillar were $2,203 and $1,971 for the three months ended September 30, 2025 and 2024, respectively, and $6,714 and $5,910 for the nine months ended September 30, 2025 and 2024, respectively. Development fees paid to Pillar were $47 and $525 for the three months ended September 30, 2025 and 2024, respectively, and $1,265 and $1,501 for the nine months ended September 30, 2025 and 2024, respectively.
Notes receivable include amounts held by UHF (See Note 9 – Notes Receivable). UHF is deemed to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable. In addition, we have a related party receivable from Pillar ("Pillar Receivable"), which represents amounts advanced to Pillar net of unreimbursed fees, expenses and costs as provided above. The Pillar Receivable bears interest at SOFR as of the last day of the preceding calendar quarter. Interest income on the UHF notes and the Pillar Receivable was $1,891 and $2,299 for the three months ended September 30, 2025 and 2024, respectively, and $5,682 and $6,872 for the nine months ended September 30, 2025 and 2024, respectively.