v3.26.1
REAL ESTATE (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Real Estate Investments The following table summarizes the Company’s investments in real estate held for investment as of December 31, 2025 (in thousands):
PropertyDate AcquiredCityStateProperty Type
Total Real Estate, at Cost (1)
Accumulated Depreciation and Amortization (1)
Total Real Estate, Net (1)
Town Center03/27/2012PlanoTXOffice$147,694 $(65,259)$82,435 
Gateway Tech Center05/09/2012Salt Lake CityUTOffice37,935 (15,826)22,109 
60 South Sixth01/31/2013MinneapolisMNOffice88,241 (1,448)86,793 
Accenture Tower12/16/2013ChicagoILOffice580,977 (208,066)372,911 
Ten Almaden12/05/2014San JoseCAOffice131,720 (50,073)81,647 
Towers at Emeryville12/23/2014EmeryvilleCAOffice128,576 (1,260)127,316 
3003 Washington Boulevard12/30/2014ArlingtonVAOffice154,908 (53,735)101,173 
201 17th Street06/23/2015AtlantaGAOffice105,854 (42,313)63,541 
515 Congress 08/31/2015Austin TXOffice139,164 (45,668)93,496 
The Almaden09/23/2015San JoseCAOffice103,357 (1,230)102,127 
3001 Washington Boulevard11/06/2015ArlingtonVAOffice61,048 (18,518)42,530 
Carillon01/15/2016CharlotteNCOffice181,992 (55,873)126,119 
$1,861,466 $(559,269)$1,302,197 
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(1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets.
Schedules of Concentration of Risk, by Risk Factor
As of December 31, 2025, the following property represented more than 10% of the Company’s total assets:
PropertyLocationRentable Square FeetTotal Real Estate, Net
(in thousands)		Percentage of Total Assets
Annualized Base Rent (in thousands) (1)
Occupancy
Accenture TowerChicago, IL1,457,724 $372,911 23.9 %$36,952 88.7 %
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(1) Annualized base rent represents annualized contractual base rental income as of December 31, 2025, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
Schedule of Future Minimum Rental Income for Company's Properties
As of December 31, 2025, the future minimum rental income from the Company’s properties held for investment under its non-cancelable operating leases was as follows (in thousands):
2026$151,284 
2027138,859 
2028123,157 
2029100,601 
203085,772 
Thereafter298,773 
$898,446 
Schedule Of Revenue And Expenses / Assets and Liabilities of Real Estate For Non Sale Disposition The following table summarizes the revenues and expenses related to 201 Spear Street for the years ended December 31, 2024 and 2023, respectively (in thousands).
Years Ended December 31,
20242023
Revenues
Rental income (1)
$197 $7,930 
Other operating income9 507 
Total revenues$206 $8,437 
Expenses
Operating, maintenance, and management$52 $3,773 
Real estate taxes and insurance69 2,701 
Asset management fees to affiliate26 789 
General and administrative expenses93 113 
Depreciation and amortization— 3,941 
Interest expense419 10,001 
Impairment charge— 45,459 
Total expenses$659 $66,777 
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(1) For the year ended December 31, 2023, rental income includes a reserve for straight-line rent for a lease at 201 Spear Street.
The following table summarizes certain revenues and expenses related to the Company’s real estate properties that were sold during the years ended December 31, 2025 and 2024, which were included in continuing operations (in thousands):
Years Ended December 31,
202520242023
Revenues
Rental income$18,468 $47,277 $50,548 
Other operating income1,455 3,604 3,663 
Total revenues$19,923 $50,881 $54,211 
Expenses
Operating, maintenance, and management$5,401 $11,869 $12,655 
Real estate taxes and insurance3,590 7,668 9,583 
Asset management fees to affiliate1,191 2,890 3,291 
General and administrative expenses (1)
(414)— — 
Depreciation and amortization5,032 17,275 18,121 
Interest expense (2)
3,284 5,028 4,923 
Total expenses$18,084 $44,730 $48,573 
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(1) General and administrative expenses include a reversal of a deferred tax liability related to Park Place Village.
(2) Interest expense includes interest expense incurred related to the Park Place Village Mortgage Loan. Upon the sale of Park Place Village in September 2025, the borrower under the Park Place Village Mortgage Loan paid off the outstanding principal and accrued interest due under the Park Place Village Mortgage Loan. Interest expense incurred on portfolio loans is not allocated to the individual properties that serve as collateral for these portfolio loans and therefore, interest expense incurred for the properties sold in February 2024, November 2024 and July 2025 is not shown in this table. The office property sold in February 2024 had served as collateral for the Modified Portfolio Revolving Loan Facility. The property sold in November 2024 and the property sold in July 2025 had served as collateral for the Amended and Restated Portfolio Loan Facility. Upon the sale of the office property in February 2024, $46.2 million of the outstanding principal of the Modified Portfolio Revolving Loan Facility was repaid. Upon the sale of the office property in November 2024, $140.4 million of the outstanding principal of the Amended and Restated Portfolio Loan Facility was repaid. Upon the sale of the office property in July 2025, $87.7 million of the net sale proceeds from the sale of the property was applied to reduce the outstanding principal of the Amended and Restated Portfolio Loan Facility. See Note 8, “Notes Payable – Recent Financing Transactions – Amended and Restated Portfolio Loan Facility.”
The following summary presents the major components of assets and liabilities related to real estate held for sale (in thousands).
December 31,
 20252024
Assets related to real estate held for sale:
Total real estate, at cost$— $184,921 
Accumulated depreciation and amortization— (53,450)
Real estate held for sale, net— 131,471 
Other assets— 15,209 
Total assets related to real estate held for sale$— $146,680 
Liabilities related to real estate held for sale:
Notes payable related to real estate held for sale, net$— $152,445 
Other liabilities— 2,999 
Total liabilities related to real estate held for sale$— $155,444