As of June 30, 2026 and December 31, 2025, there were 111,777 Series A preferred units of partnership interest in the operating partnership, or Series A preferred units, which are not owned by the Company. These Series A preferred units are entitled to preferential distributions at a rate of 6.25% per annum on the liquidation preference of $25.00 per unit. The units are convertible at the option of the holder into common units or redeemable for cash or, at the Company’s election, exchangeable for registered shares of common stock.

On October 9, 2018, the Company entered into a joint venture with PIMCO (formerly known as Allianz U.S. Private REIT LP) to purchase the Ferry Building property. The Company has a 55.0% interest in the joint venture that owns the Ferry Building property. The Company has a put right, if certain events occur, to sell its interest at fair market value. PIMCO has a put right, if certain events occur, to sell its interest at fair market value, which is a redemption right that is not solely within the control of the Company. Therefore, the non-controlling interest related to this joint venture is included as temporary equity. The put right is not currently redeemable.


	Three Months Ended June 30, 2026				Six Months Ended June 30, 2026
	Series A Redeemable Preferred Units		Consolidated Real Estate Entities		Series A Redeemable Preferred Units		Consolidated Real Estate Entity
BEGINNING OF PERIOD	$	2,795	$	49,880	$	2,795	$	50,581

Distributions	—		(7)		—		(7)
Declared dividend	(44)		—		(88)		—
Net income (loss)	44		(1,029)		88		(1,730)

END OF PERIOD	$	2,795	$	48,844	$	2,795	$	48,844