NOTES PAYABLE (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt Instruments | As of December 31, 2025 and 2024, the Company’s notes payable consisted of the following (dollars in thousands):
_____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2025. Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2025, consisting of the contractual interest rate and using interest rate indices as of December 31, 2025, where applicable. For information regarding the Company’s derivative instruments, see Note 9, “Derivative Instruments.” (2) Represents the maturity date as of December 31, 2025; subject to certain conditions, the maturity dates of certain loans may be extended beyond the dates shown. See below. (3) Beginning January 1, 2024, the borrower under The Almaden Mortgage Loan is required to make a monthly principal payment in the amount of $130,000. Subsequent to December 31, 2025, the borrower under The Almaden Mortgage Loan entered into an amendment to the loan agreement with the lender and extended the maturity date of The Almaden Mortgage Loan to May 1, 2026 with an option to further extend the maturity date of The Almaden Mortgage Loan to August 1, 2026 upon satisfaction of certain terms and conditions set forth in the loan documents. (4) See below, “– Recent Financing Transactions – Carillon Mortgage Loan.” (5) Secured Overnight Financing Rate (“Term SOFR”). (6) Beginning June 1, 2024, the borrowers under the Modified Portfolio Revolving Loan Facility are required to make a quarterly principal payment in the amount of $880,900. As of December 31, 2025, $3.8 million of the holdbacks on the Modified Portfolio Revolving Loan Facility are available for future disbursement, subject to certain terms and conditions contained in the loan documents. The Modified Portfolio Revolving Loan Facility is secured by 515 Congress, Gateway Tech Center and 201 17th Street. Subsequent to December 31, 2025, the borrowers under the Modified Portfolio Revolving Loan Facility entered into a loan modification agreement with the lenders to extend the maturity date of the Modified Portfolio Revolving Loan Facility to March 25, 2026 with an option to further extend the maturity date of the Modified Portfolio Revolving Loan Facility to April 15, 2026. Each extension is subject to the satisfaction of certain terms and conditions contained in the loan modification agreement, some of which conditions are not in the sole control of the Company, including the Company’s taking identified actions relating to its portfolio. The failure of the Company to satisfy certain of these conditions will result in the maturity date of March 1, 2026 being reinstated. For more information on the Modified Portfolio Revolving Loan Facility, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 14, 2025 (“2024 Annual Report”) and Note 14, “Subsequent Events – Fourth Modification of the Modified Portfolio Revolving Loan Facility” herein. (7) The 3001 & 3003 Washington Mortgage Loan is secured by 3001 Washington Boulevard and 3003 Washington Boulevard. For more information on this loan, see the 2024 Annual Report. (8) As of December 31, 2025, the outstanding principal balance of the Accenture Tower Loan was $317.4 million and $4.6 million of new funding was available for future disbursement, subject to certain terms and conditions contained in the loan documents. As of December 31, 2025, the Accenture Tower Loan has one 12-month extension option available pursuant to the loan agreement, subject to certain terms and conditions contained in the loan documents. For more information on this loan, see the 2024 Annual Report. (9) The borrower under the Credit Facility (the “Credit Facility Borrower”) is required to meet each of the following milestones: (a) on or prior to December 31, 2025, the Credit Facility Borrower will cause the sale of one of the Company’s properties and pay down the outstanding principal balance of the Credit Facility in an amount equal to the net sales proceeds therefrom up to $25.4 million and reduce the outstanding principal balance of the Credit Facility to no greater than $37.5 million; (b) on or prior to September 30, 2026, the Credit Facility Borrower will cause the sale of one of the Company’s properties and use 50% of the net sales proceeds therefrom to pay down the Credit Facility Borrower’s obligations under the Credit Facility and reduce the outstanding principal balance of the Credit Facility to no greater than $27.5 million; and (c) on or prior to September 30, 2027, the Credit Facility Borrower will cause the sale of three of the Company’s properties and use 100% of the net sales proceeds to pay all remaining obligations of the Credit Facility Borrower under the Credit Facility. On September 23, 2025, in connection with the disposition of Park Place Village, the Credit Facility Borrower paid down the outstanding principal balance of the Credit Facility by $25.4 million, reducing the outstanding principal balance of the Credit Facility to $37.5 million. For more information on this loan, see the 2024 Annual Report. (10) See below, “– Recent Financing Transactions – Amended and Restated Portfolio Loan Facility.” (11) On September 23, 2025, in connection with the disposition of Park Place Village, 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.
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| Schedule of Maturities Including Principal Amortization Payments, for All Notes Payable Outstanding | The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of December 31, 2025 (in thousands):
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