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INVESTMENTS IN REAL ESTATE | 6 Months Ended
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Jun. 30, 2025
Real Estate [Abstract] |
INVESTMENTS IN REAL ESTATE | 3. INVESTMENTS IN REAL ESTATE Investments in real estate consist of the following (in thousands):
|  | June 30, 2025 |  | December 31, 2024
Land |  | $ | 175,682 |  |  | $ | 175,682 |
Land improvements |  | 5,595 |  |  | 5,863 |
Buildings and improvements |  | 651,269 |  |  | 636,525 |
Furniture, fixtures, and equipment |  | 12,221 |  |  | 12,844 |
Tenant improvements |  | 16,038 |  |  | 26,942 |
Work in progress |  | 28,315 |  |  | 36,929 |
Investments in real estate |  | 889,120 |  |  | 894,785 |
Accumulated depreciation |  | (184,345) |  |  | (185,591) |
Net investments in real estate |  | $ | 704,775 |  |  | $ | 709,194 |
For both the three months ended June 30, 2025 and 2024, the Company recorded depreciation expense of $5.8 million. For both the six months ended June 30, 2025 and 2024, the Company recorded depreciation expense of $11.7 million. Impairment—The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its investments in real estate may not be recoverable. See Note 2 for a discussion of the Company’s accounting policies regarding impairment of investments in real estate. During both the three and six months ended June 30, 2025, one office property in Austin, Texas, with a carrying value of $2.1 million, was deemed to be impaired and its carrying value was reduced to an estimated fair value of $1.9 million, resulting in impairment charges of $221,000, which were recorded in the consolidated statement of operations. The Company recorded no impairment charges during the three and six months ended June 30, 2024. See Note 2 for a discussion of the Company’s policies regarding impairment of real estate assets. See Note 13 for a further discussion regarding these impairment charges during the three and six months ended June 30, 2025. 2025 and 2024 Transactions and Assets Held for Sale—There were no acquisitions or dispositions during the six months ended June 30, 2025 and 2024.

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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 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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