v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Segment information is prepared on the same basis that our chief operating decision maker (CODM) reviews information to assess performance and make resource allocation decisions. Our CODM is our CEO.  We operate in two business segments: (i) the acquisition, development, ownership and management of office real estate and (ii) the acquisition, development, ownership and management of multifamily real estate.  The services for our office segment primarily include rental of office space and other tenant services, including parking and storage space rental.  The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources.  Therefore, depreciation and amortization expense is not allocated among segments.  General and administrative expenses and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level.

The table below presents the operating activity of our reportable segments:

(In thousands)Three Months Ended March 31,
20262025
Office Segment
Total office revenues$200,520 $202,097 
Office expenses(74,476)(73,053)
Office segment profit126,044 129,044 
Multifamily Segment
Total multifamily revenues50,439 49,438 
Multifamily expenses(16,559)(16,555)
Multifamily segment profit33,880 32,883 
Total profit from all segments$159,924 $161,927 


The table below presents a reconciliation of the net (loss) income attributable to common stockholders to the total profit from all segments:

(In thousands)Three Months Ended March 31,
 20262025
Net (loss) income attributable to common stockholders$(2,498)$39,800 
Net loss (income) attributable to noncontrolling interests(10,111)4,779 
Net (loss) income(12,609)44,579 
General and administrative expenses13,576 11,460 
Depreciation and amortization97,407 97,840 
Other income(2,991)(4,923)
Other expenses— 105 
Interest expense64,541 60,078 
Gain from consolidation of JV— (47,212)
Total profit from all segments$159,924 $161,927