v3.25.4
Owned Real Estate, Net (Tables)
12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Asset Acquisition The
following table presents the owned real estate assets that were acquired during the year ended December 31, 2025 ($ in
thousands):
Acquisition Date
Location
Property Type
Acquisition Date Fair Value
February 2025
Chicago, IL
Office
$45,045
September 2025
Atlanta, GA
Office
132,974
September 2025
New York, NY
Hospitality
228,253
November 2025
Denver, CO
Office
114,748
December 2025
New York, NY
Office
133,313
$654,333
Real Estate Owned Assets The following table presents the assets and liabilities related to owned real estate held for investment included in our
consolidated balance sheets ($ in thousands):
December 31, 2025
December 31, 2024
Assets
Building and building improvements
$708,097
$410,546
Land and land improvements
461,585
181,083
Total
$1,169,682
$591,629
Less: accumulated depreciation
(34,707)
(3,444)
Owned Real Estate, net
$1,134,975
$588,185
Intangible real estate assets
$161,690
$83,253
Less: accumulated amortization
(44,601)
(5,964)
Intangible real estate assets, net(1)
$117,089
$77,289
Liabilities
Intangible real estate liabilities
$3,985
$1,422
Less: accumulated amortization
(570)
(1)
Intangible real estate liabilities, net(2)
$3,415
$1,421
(1)Included within other assets on our consolidated balance sheets. Refer to Note 6 for further information.
(2)Included within other liabilities on our consolidated balance sheets. Refer to Note 6 for further information.
Schedule of Revenue and Expenses From Real Estate Owned Revenue and expenses from owned real estate consisted of the following ($ in thousands):
Year Ended December 31,
2025
2024
Rental revenue
$66,216
$8,789
Hospitality revenue
96,244
2,245
Other operating revenue
22,520
2,006
Revenue from owned real estate
$184,980
$13,040
Operating expense
$146,738
$12,846
Depreciation and amortization expense
68,840
9,214
Total expenses from owned real estate
$215,578
$22,060
Loss from owned real estate
$(30,598)
$(9,020)
Schedule of Undiscounted Future Minimum Rental Income The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of
December 31, 2025. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not
included ($ in thousands):
Future Minimum Rents
2026
$74,643
2027
63,398
2028
54,959
2029
46,910
2030
39,835
Thereafter
116,118
Total
$395,863
Below Market Lease, Future Amortization Income The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands):
In-place lease intangibles
Above-market lease
intangibles
Below-market lease
intangibles
2026
$30,117
$6,171
$(424)
2027
18,395
4,251
(254)
2028
13,143
3,415
(173)
2029
9,933
2,521
(78)
2030
7,378
2,164
(132)
Thereafter
14,500
5,101
(2,354)
Total
$93,466
$23,623
$(3,415)
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands):
In-place lease intangibles
Above-market lease
intangibles
Below-market lease
intangibles
2026
$30,117
$6,171
$(424)
2027
18,395
4,251
(254)
2028
13,143
3,415
(173)
2029
9,933
2,521
(78)
2030
7,378
2,164
(132)
Thereafter
14,500
5,101
(2,354)
Total
$93,466
$23,623
$(3,415)