v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2026202520262025
Office Segment
Total office revenues$206,034 $202,810 $406,554 $404,907 
Office expenses(77,597)(76,559)(152,073)(149,612)
Office segment profit128,437 126,251 254,481 255,295 
Multifamily Segment
Total multifamily revenues50,514 49,624 100,953 99,062 
Multifamily expenses(16,827)(16,230)(33,386)(32,785)
Multifamily segment profit33,687 33,394 67,567 66,277 
Total profit from all segments$162,124 $159,645 $322,048 $321,572 


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 June 30,Six Months Ended June 30,
2026202520262025
Net (loss) income attributable to common stockholders$(2,681)$(5,835)$(5,179)$33,965 
Net loss attributable to noncontrolling interests(12,260)(9,228)(22,371)(4,449)
Net (loss) income(14,941)(15,063)(27,550)29,516 
General and administrative expenses12,482 12,281 26,058 23,741 
Depreciation and amortization99,297 101,719 196,704 199,559 
Other income(3,049)(4,788)(6,040)(9,711)
Other expenses80 161 80 266 
Interest expense68,255 65,335 132,796 125,413 
Gain from consolidation of JV— — — (47,212)
Total profit from all segments$162,124 $159,645 $322,048 $321,572