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INVESTMENTS IN REAL ESTATE | 9 Months Ended
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Sep. 30, 2025
Real Estate [Abstract] |
INVESTMENTS IN REAL ESTATE | 3. INVESTMENTS IN REAL ESTATE Investments in real estate consist of the following (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Land |  | $ | 175,201 |  |  | $ | 175,682 |
Land improvements |  | 5,595 |  |  | 5,863 |
Buildings and improvements |  | 651,912 |  |  | 636,525 |
Furniture, fixtures, and equipment |  | 20,022 |  |  | 12,844 |
Tenant improvements |  | 16,681 |  |  | 26,942 |
Work in progress |  | 23,198 |  |  | 36,929 |
Investments in real estate |  | 892,609 |  |  | 894,785 |
Accumulated depreciation |  | (189,938) |  |  | (185,591) |
Net investments in real estate |  | $ | 702,671 |  |  | $ | 709,194 |
For the three months ended September 30, 2025 and 2024, the Company recorded depreciation expense of $6.9 million and $5.9 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company recorded depreciation expense of $18.6 million and $17.5 million, respectively. 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 the nine months ended months ended September 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 $0 and $221,000 during the three and nine months ended September 30, 2025, respectively. The Company recorded no impairment charges during the three and nine months ended September 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 nine months ended September 30, 2025. 2025 and 2024 Transactions and Assets Held for Sale—In July 2025, the Company sold a vacant land parcel adjacent to its multifamily property at 1150 Clay Street in Oakland, California (“1150 Clay”). The Company received proceeds of $1.2 million, net of transaction costs of $89,000, and recorded a gain on the sale of $679,000 during the three and nine months ended September 30, 2025. In connection with the sale, the Company used a portion of the proceeds to make a repayment of $696,000 under the mortgage loan at 1150 Clay. There were no acquisitions or dispositions during the nine months ended September 30, 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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