Investment in Real Estate |
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| Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in Real Estate | Investment in Real Estate The following table summarizes the Company’s investment in real estate, at cost as of:
Acquisitions of Real Estate The Company had no acquisitions of real estate during the three months ended March 31, 2025. Dispositions of Real Estate The following table summarizes information on dispositions completed during the three months ended March 31, 2025. These properties were considered non-strategic to the Company’s portfolio:
__________________ 1.Represents gross sales price before certain credits, prorations and closing costs. 2.Included within gain on sale of real estate, net on the Consolidated Statement of Operations. Held for Sale As of March 31, 2025, the Company classified its 138,354 square-foot (unaudited) 625 Second office property as held for sale. The property was identified as non-strategic to the Company’s portfolio. The following table summarizes the components of assets and liabilities associated with real estate held for sale as of March 31, 2025:
Impairment of Long-Lived Assets During the three months ended March 31, 2025, the Company recorded an impairment charge of $18.4 million related to the real estate assets of its 625 Second office property. The impairment charge reflects a shortened expected holding period for the property and a reduction in the carrying value of the property to its estimated fair value based on the contractual sales price, which is considered a Level 2 measurement. The impairment charge is recorded within impairment loss on the Consolidated Statement of Operations. The Company had no impairments of real estate during the three months ended March 31, 2024.
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