As of September 30, 2026, the Company held ownership interests in six unconsolidated real estate ventures, with a net aggregate investment balance of $306.7 million. As of September 30, 2026, four of the real estate ventures owned properties (directly or through leasehold interests) that contained an aggregate of approximately 4.1 million net rentable square feet of office space; and two of the real estate ventures owned 1.4 acres of land held for development.

The Company accounts for its interests in the unconsolidated real estate ventures, which ownership interests range, as of September 30, 2026, from 20% to 85%, using the equity method of accounting. Certain of the unconsolidated real estate ventures are subject to specified priority allocations of distributable cash, including cash from operations and cash from capital events, such as sales of properties.

The Company earned management fees from the unconsolidated real estate ventures of $0.9 million and $1.2 million for the three months ended September 30, 2026 and 2025, respectively, and $2.5 million and $3.8 million for the nine months ended September 30, 2026 and 2025, respectively.

The Company earned leasing commissions from the unconsolidated real estate ventures of $1.0 million and $0.8 million for the three months ended September 30, 2026 and 2025, respectively, and $2.7 million and $2.9 million for the nine months ended September 30, 2026 and 2025, respectively.

The Company had outstanding accounts receivable balances from the unconsolidated real estate ventures of $1.4 million and $0.5 million as of September 30, 2026 and December 31, 2025, respectively.

The amounts reflected in the following tables (except for the Company’s share of equity in income) are based on the financial information of the individual unconsolidated real estate ventures.

The following is a summary of the financial position of the unconsolidated real estate ventures in which the Company held interests as of September 30, 2026 and December 31, 2025 (in thousands):


	September 30, 2026		December 31, 2025
Net property	$	1,054,494	$	1,164,117
Other assets	174,218		179,663
Other liabilities	97,963		85,524
Debt, net	495,453		583,062
Equity (a)	635,296		675,194

(a)This amount does not include the effect of the basis difference between the Company’s historical cost basis and the basis recorded at the real estate venture level, which is amortized over the life of the related assets and liabilities. Basis differentials occur from the impairment of investments, purchases of third-party interests in existing real estate ventures and upon the transfer of assets that were previously owned by the Company into a real estate venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the real estate venture level.

The following is a summary of the results of operations of the unconsolidated real estate ventures in which the Company held interests during the three and nine-month periods ended September 30, 2026 and 2025 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue	$	35,086	$	36,980	$	105,038	$	118,262
Operating expenses	(15,756)		(18,222)		(48,118)		(51,179)
Interest expense, net	(11,521)		(15,722)		(34,401)		(45,417)
Depreciation and amortization	(14,424)		(17,216)		(45,172)		(49,486)

Gain on property disposition (a)	5,500		—		6,553		(474)

Loss on early extinguishment of debt (a)	(177)		—		(177)		—
Net loss	$	(1,292)	$	(14,180)	$	(16,277)	$	(28,294)
Ownership interest %	Various		Various		Various		Various
Company's share of net loss	$	(3,855)	$	(18,281)	$	(21,446)	$	(43,821)
Other-than-temporary impairment (a)	(10,559)		—		(10,559)		—
Basis adjustments and other	257		98		408		295
Equity in loss of unconsolidated real estate ventures	$	(14,157)	$	(18,183)	$	(31,597)	$	(43,526)

(a) - Represents a net loss of $5.3 million on the Company's investment in the One Uptown Multi-Family Venture during the third quarter. This net loss consists of a $5.5 million gain from the sale of real estate, partially offset by a $0.2 million loss on debt extinguishment, and further reduced by a $10.6 million other-

than-temporary impairment loss on the investment. The impairment loss reflects the write-down of the Company's remaining investment balance based on the residual proceeds attributable to the Company following repayment of the Venture's construction loan and payment to the Venture's preferred partner in settlement of its preferred interest.