Annual report [Section 13 and 15(d), not S-K Item 405]

DISCONTINUED OPERATIONS

v3.25.4
DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
The Company's sale of its former New Jersey office and hotel portfolio (collectively, the “Office Portfolio”) represented a strategic shift in the Company’s operations. As such, the results of these sold properties are classified as discontinued operations for all periods presented.
The following table summarizes income (loss) from discontinued operations and the related realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net, for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
Year Ended December 31,
2025 2024 2023
Total revenues $ (519) $ 2,255 $ 40,649
Operating and other (expenses) income, net (a) 4,634  (758) (27,967)
Property impairments —  —  (32,516)
Depreciation and amortization —  (635) (12,840)
Gain (loss) from extinguishment of debt, net —  —  (12)
Income (loss) from discontinued operations 4,115  862  (32,686)
Gain (loss) on disposition of developable land —  1,899  39,271 
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net —  1,548 2,411
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net —  3,447  41,682 
Total discontinued operations, net $ 4,115  $ 4,309  $ 8,996 
(a)Operating and other expenses, net reflects the successful resolution of real estate tax appeals related to formerly owned office properties during the the year ended December 31, 2025.