v3.26.1
Real Estate Properties
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Real Estate Properties Real Estate Properties
As of December 31, 2025, our 122 wholly owned properties contained approximately 17,113,000 rentable square feet, with an undepreciated carrying value of $3,676,695. We also had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties containing approximately 346,000 rentable square feet. We generally lease space at our properties on a gross lease, modified gross lease or net lease basis pursuant to fixed term contracts expiring between 2026 and 2044. Some of our leases generally require us to pay all or some property operating expenses and to provide all or most property management services. During the year ended December 31, 2025, we entered into 46 leases for approximately 974,000 rentable square feet for a weighted (by rentable square feet) average lease term of 6.7 years and we made commitments of $27,854 for leasing related costs. As of December 31, 2025, we had estimated unspent leasing related obligations of $55,076.
Disposition Activities
The sales completed during the years ended December 31, 2025 and 2024, as presented in the tables below, do not represent a strategic shift in our business. As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss).
2025 Disposition Activities
During the year ended December 31, 2025, we sold six properties containing approximately 406,000 rentable square feet for an aggregate sales price of $40,088, excluding closing costs.
Date of SaleNumber of Properties LocationRentable Square Feet
Gross
 Sales Price (1)
Gain (Loss) on Sale of Real Estate
Loss on Impairment of Real Estate
February 20251
Parsippany, NJ
100,000 $5,750 $(4,641)$— 
February 20252Santa Clara, CA149,000 21,150 42 — 
July 20251Detroit, MI56,000 2,150 27 (2,048)
December 20252Tempe, AZ101,000 11,038 5,488 — 
6406,000 $40,088 $916 $(2,048)
(1)Gross sales price is the gross contract price, excluding closing costs.
2024 Disposition Activities
During the year ended December 31, 2024, we sold 24 properties containing approximately 2,789,000 rentable square feet for an aggregate sales price of $199,351, excluding closing costs.
Date of SaleNumber of Properties LocationRentable Square Feet
Gross
 Sales Price (1)
Gain (Loss) on Sale of Real EstateLoss on Impairment of Real Estate
March 20241
Chicago, IL
248,000 $38,500 $(2,448)$— 
July 20241Malden, MA126,000 7,800 (10)(13,973)
August 20243Indianapolis, IN434,000 10,100 729 (50,851)
September 20241Atlanta, GA126,000 17,610 8,690 — 
September 20241San Jose, CA64,000 10,800 (954)(819)
November 20241Colorado Springs, CO156,000 26,164 12,962 — 
November 20241Rocklin, CA19,000 2,627 1,084 — 
November 20243Lakewood, CO213,000 8,100 (9,132)— 
December 20245Atlanta, GA379,000 18,100 79 (21,937)
December 20241Florence, KY168,000 3,250 (6,966)— 
December 20241Sacramento, CA338,000 21,000 (6,502)(33,902)
December 20241Reston, VA131,000 7,200 (869)(18,540)
December 20241Kansas City, MO87,000 8,000 32 (4,370)
December 20241Westford, MA175,000 5,100 (6,481)(3,554)
December 20242Provo, UT125,000 15,000 2,376 — 
242,789,000 $199,351 $(7,410)$(147,946)
(1)Gross sales price is the gross contract price, excluding closing costs.
Unconsolidated Joint Venture
As of December 31, 2025, we owned an interest in one joint venture that owned two properties. We accounted for this investment under the equity method of accounting.
As of December 31, 2025 and 2024, our investment in our unconsolidated joint venture consisted of the following:
OPI OwnershipOPI Carrying Value of Investments at December 31, Number of PropertiesLocationRentable Square Feet
Joint Venture20252024
Prosperity Metro Plaza51%$16,965 $17,370 2Fairfax, VA346
The following table provides a summary of the mortgage debt of our unconsolidated joint venture as of December 31, 2025 and 2024:
Principal Balance at December 31,
Joint Venture
 Interest Rate (1)
Maturity Date
2025 (2)
2024 (2)
Prosperity Metro Plaza4.09%12/1/2029$49,106 $50,000 
(1)Includes the effect of mark to market purchase accounting.
(2)Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interest in the joint venture we did not own. None of the debt is recourse to us.
The filing of the Chapter 11 Cases constituted an event of default under the mortgage note secured by the properties owned by the Prosperity Metro Plaza joint venture. The Prosperity Metro Plaza joint venture remains current on debt service under this mortgage note and continues to own, operate and lease the collateral properties.
As of December 31, 2025, the unamortized basis difference of our joint venture of $645 was primarily attributable to the difference between the amount we paid to purchase our interest in the joint venture, including transaction costs, and the historical carrying value of the net assets of the joint venture. The difference is being amortized over the remaining useful life of the related property and the resulting amortization expense is included in equity in net losses of investees in our consolidated statements of comprehensive income (loss).
During the year ended December 31, 2024, our former 1750 H Street, NW joint venture did not have sufficient cash flow to pay its monthly debt service resulting in an event of default under the mortgage, and the non-recourse mortgage lender to this joint venture completed a foreclosure of the property, after which, the joint venture ceased to have an economic interest in the property. We wrote off our full investment in this joint venture as of December 31, 2023 and did not make capital contributions to this joint venture during the year ended December 31, 2024.