v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments Segments
 
The Company operates its business in two reportable segments: (i) retail real estate and (ii) office real estate. Refer to Note 1 for the composition of properties within each property segment.

Net operating income ("NOI") is the primary measure used by the Company’s CODM to assess segment performance. NOI is calculated as segment revenues less segment expenses. Segment revenues include rental revenues and segment expenses include rental expenses and real estate taxes for the property segments. NOI is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s retail and office real estate businesses. 
The following tables set forth financial information by segment for the three and six months ended June 30, 2026 and 2025 (in thousands) and includes a reconciliation of the primary measure of segment profit (NOI) to net income (loss):

For the Three Months Ended June 30, 2026
Retail Real EstateOffice Real Estate
Other(1)
Total
Revenues
Rental revenues$24,388 $24,676 $3,484 $52,548 
Total revenues24,388 24,676 3,484 52,548 
Expenses
Rental expenses(2)
4,150 7,084 1,206 12,440 
Real estate taxes2,254 2,151 392 4,797 
Total segment operating expenses6,404 9,235 1,598 17,237 
Segment net operating income17,984 15,441 1,886 35,311 
Depreciation and amortization(7,652)(8,788)(1,462)(17,902)
General and administrative expenses— — (5,002)(5,002)
Acquisition, development, and other pursuit costs— — (16)(16)
Impairment charges(3)
— — (1,894)(1,894)
Loss on real estate dispositions, net(330)(370)(13)(713)
Interest income9 — 225 234 
Interest expense(4)
(7,088)(6,783)(251)(14,122)
Equity in (loss) income of unconsolidated real estate entities(17)350 1 334 
Loss on extinguishment of debt(274)(112)(137)(523)
Change in fair value of derivatives and other340 278 — 618 
Unrealized credit loss provision— — (96)(96)
Other income (expense), net— — 3 3 
Income (loss) from continuing operations
$2,972 $16 $(6,756)$(3,768)
Discontinued operations(5)
Loss from discontinued operations— — (14,271)(14,271)
Income tax provision from discontinued operations— — (2,996)(2,996)
Loss from discontinued operations$— $— $(17,267)$(17,267)
Net income (loss)$2,972 $16 $(24,023)$(21,035)
____________________________
(1) Other consists of items not directly related to the Company’s retail and office real estate operations, including the operations of Smith's Landing, parking garages, and general corporate expenses. General and administrative expenses include corporate personnel salaries and benefits, bank charges, accounting and legal fees, and other corporate office costs.
(2) Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance, and utilities.
(3) Management determined that certain prospective development projects no longer met the Company's investment and strategic criteria and ceased pursuit of these opportunities. As a result, the Company recorded an impairment charge of $1.8 million to write off capitalized predevelopment, planning, and pursuit costs associated with these projects during the three months ended June 30, 2026.
(4) Interest expense is allocated by first allocating secured debt to the relevant properties. Unsecured debt is then allocated using the total value of unencumbered income producing property, and allocating to the retail and office segments based on property classification.
(5) The segments previously reported as general contracting and real estate services, multifamily, and real estate financing are now presented as discontinued operations. Income from discontinued operations excludes revenues and expenses for the three months ended June 30, 2026 related to intercompany construction contracts of $0.9 million and $0.9 million, respectively, which are eliminated in consolidation.
For the Three Months Ended June 30, 2025
Retail Real EstateOffice Real Estate
Other(1)
Total
Revenues
Rental revenues$24,147 $23,219 $3,354 $50,720 
Total revenues24,147 23,219 3,354 50,720 
Expenses
Rental expenses(2)
4,121 6,011 997 11,129 
Real estate taxes2,253 2,294 509 5,056 
Total segment operating expenses6,374 8,305 1,506 16,185 
Segment net operating income17,773 14,914 1,848 34,535 
Depreciation and amortization(7,420)(8,428)(813)(16,661)
General and administrative expenses(26)(64)(4,130)(4,220)
Acquisition, development, and other pursuit costs— — (29)(29)
Interest income9 (12)266 263 
Interest expense(3)
(7,287)(7,850)(145)(15,282)
Equity in (loss) income of unconsolidated real estate entities(33)212 — 179 
Gain on consolidation of real estate entities150 — 3,770 3,920 
Change in fair value of derivatives and other369 278 41 688 
Unrealized credit loss release— — 242 242 
Other income (expense), net5 — (2)3 
Net income (loss) from continuing operations$3,540 $(950)$1,048 $3,638 
Discontinued operations(4)
Income from discontinued operations— — 2,512 2,512 
Income tax benefit from discontinued operations— — 567 567 
Income from discontinued operations$— $— $3,079 $3,079 
Net income (loss)$3,540 $(950)$4,127 $6,717 
____________________________
(1) Other consists of items not directly related to the Company’s retail and office real estate operations, including the operations of Smith's Landing, parking garages, and general corporate expenses. General and administrative expenses include corporate personnel salaries and benefits, bank charges, accounting and legal fees, and other corporate office costs.
(2) Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance, and utilities.
(3) Interest expense is allocated by first allocating secured debt to the relevant properties. Unsecured debt is then allocated using the total value of unencumbered income producing property, and allocating to the retail and office segments based on property classification.
(4) The segments previously reported as general contracting and real estate services, multifamily, and real estate financing are now presented as discontinued operations. Income from discontinued operations excludes revenues and expenses for the three months ended June 30, 2025 related to intercompany construction contracts of $4.3 million and $4.2 million, respectively, which are eliminated in consolidation.
For the Six Months Ended June 30, 2026
Retail Real EstateOffice Real Estate
Other(1)
Total
Revenues
Rental revenues$48,885 $48,596 $7,384 $104,865 
Total revenues48,885 48,596 7,384 104,865 
Expenses
Rental expenses(2)
8,772 14,257 2,268 25,297 
Real estate taxes4,588 4,273 671 9,532 
Total segment operating expenses13,360 18,530 2,939 34,829 
Segment net operating income35,525 30,066 4,445 70,036 
Depreciation and amortization(15,609)(17,691)(2,843)(36,143)
General and administrative expenses— — (9,718)(9,718)
Acquisition, development, and other pursuit costs— — (16)(16)
Impairment charges(3)
— — (1,894)(1,894)
Loss on real estate dispositions, net(330)(370)(154)(854)
Interest income17 — 279 296 
Interest expense(4)
(12,939)(12,765)(2,200)(27,904)
Equity in (loss) income of unconsolidated real estate entities(23)599 1 577 
Loss on extinguishment of debt(274)(112)(137)(523)
Change in fair value of derivatives and other1,105 857 — 1,962 
Unrealized credit loss provision— — (96)(96)
Other income (expense), net1 4 11 16 
Net income (loss) from continuing operations$7,473 $588 $(12,322)$(4,261)
Discontinued operations(5)
Loss from discontinued operations
$— $— $(43,797)$(43,797)
Income tax provision from discontinued operations
— — (3,359)(3,359)
Loss from discontinued operations
$— $— $(47,156)$(47,156)
Net income (loss)$7,473 $588 $(59,478)$(51,417)
____________________________
(1) Other consists of items not directly related to the Company’s retail and office real estate operations, including the operations of Smith's Landing, parking garages, and general corporate expenses. General and administrative expenses include corporate personnel salaries and benefits, bank charges, accounting and legal fees, and other corporate office costs.
(2) Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance, and utilities.
(3) Management determined that certain prospective development projects no longer met the Company's investment and strategic criteria and ceased pursuit of these opportunities. As a result, the Company recorded an impairment charge of $1.8 million to write off capitalized predevelopment, planning, and pursuit costs associated with these projects during the six months ended June 30, 2026.
(4) Interest expense is allocated by first allocating secured debt to the relevant properties. Unsecured debt is then allocated using the total value of unencumbered income producing property, and allocating to the retail and office segments based on property classification.
(5) The segments previously reported as general contracting and real estate services, multifamily, and real estate financing are now presented as discontinued operations. Income from discontinued operations excludes revenues and expenses for the six months ended June 30, 2026 related to intercompany construction contracts of $1.6 million and $1.6 million, respectively, which are eliminated in consolidation.
For the Six Months Ended June 30, 2025
Retail Real EstateOffice Real Estate
Other(1)
Total
Revenues
Rental revenues$48,111 $46,234 $6,557 $100,902 
Total revenues48,111 46,234 6,557 100,902 
Expenses
Rental expenses(2)
8,447 12,156 1,895 22,498 
Real estate taxes4,555 4,519 699 9,773 
Total segment operating expenses13,002 16,675 2,594 32,271 
Segment net operating income35,109 29,559 3,963 68,631 
Depreciation and amortization(15,766)(17,587)(2,338)(35,691)
General and administrative expenses(59)(141)(11,175)(11,375)
Acquisition, development, and other pursuit costs— — (83)(83)
Interest income21 (12)483 492 
Interest expense(3)
(12,963)(14,309)(447)(27,719)
Equity in (loss) income of unconsolidated real estate entities(142)(1,094)— (1,236)
Gain on consolidation of real estate entities150 — 3,770 3,920 
Change in fair value of derivatives and other(102)— 41 (61)
Unrealized credit loss release— — 242 242 
Other income (expense), net5 — (91)(86)
Net income (loss) from continuing operations$6,253 $(3,584)$(5,635)$(2,966)
Discontinued operations(4)
Income from discontinued operations
$— $— $4,963 $4,963 
Income tax benefit from discontinued operations— — 377 377 
Income from discontinued operations$— $— $5,340 $5,340 
Net income (loss)$6,253 $(3,584)$(295)$2,374 
____________________________
(1) Other consists of items not directly related to the Company’s retail and office real estate operations, including the operations of Smith's Landing, parking garages, and general corporate expenses. General and administrative expenses include corporate personnel salaries and benefits, bank charges, accounting and legal fees, and other corporate office costs.
(2) Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance, and utilities.
(3) Interest expense is allocated by first allocating secured debt to the relevant properties. Unsecured debt is then allocated using the total value of unencumbered income producing property, and allocating to the retail and office segments based on property classification.
(4) The segments previously reported as general contracting and real estate services, multifamily, and real estate financing are now presented as discontinued operations. Income from discontinued operations excludes revenues and expenses for the six months ended June 30, 2025 related to intercompany construction contracts of $7.1 million and $7.0 million, respectively, which are eliminated in consolidation.
The following table summarizes key balance sheet data by segment (in thousands):

Retail Real Estate
Office Real Estate
Other
Total
June 30, 2026
Real estate investments, at cost
$813,579 $790,751 $194,246 $1,798,576 
Equity method investments
2,057 56,387 — 58,444 
December 31, 2025
Real estate investments, at cost$838,426 $787,222 $194,342 1,819,990 
Equity method investments1,687 46,239 — 47,926