Office Properties Income Trust (OPI) 10-K 13 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 12, 2025	Jun. 28, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34364
Entity Registrant Name	OFFICE PROPERTIES INCOME TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-4273474
Entity Address, Address Line One	Two Newton Place,
Entity Address, Address Line Two	255 Washington Street,
Entity Address, Address Line Three	Suite 300,
Entity Address, City or Town	Newton,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	219-1440
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 100.3
Entity Common Stock, Shares Outstanding		69,824,743
Documents Incorporated by Reference	Certain information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for the 2025 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2024.
Entity Central Index Key	0001456772
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Shares
Document Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	OPI
Security Exchange Name	NASDAQ
6.375% Senior Notes Due 2050
Document Information [Line Items]
Title of 12(b) Security	6.375% Senior Notes due 2050
Trading Symbol	OPINL
Security Exchange Name	NASDAQ

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate properties:
Land	$ 711,039	$ 786,310
Buildings and improvements	2,946,520	3,279,369
Total real estate properties, gross	3,657,559	4,065,679
Accumulated depreciation	(618,650)	(650,179)
Total real estate properties, net	3,038,909	3,415,500
Assets of properties held for sale	32,199	37,310
Investments in unconsolidated joint ventures	17,370	18,128
Acquired real estate leases, net	193,739	263,498
Cash and cash equivalents	261,318	12,315
Restricted cash	13,847	14,399
Rents receivable	155,668	133,264
Deferred leasing costs, net	97,642	86,971
Other assets, net	11,594	8,284
Total assets	3,822,286	3,989,669
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured debt, net	662,277	2,400,478
Secured debt, net	1,872,357	172,131
Liabilities of properties held for sale	765	2,525
Accounts payable and other liabilities	118,689	140,166
Due to related persons	5,869	7,025
Assumed real estate lease obligations, net	9,525	11,665
Total liabilities	2,669,482	2,733,990
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized, 69,824,743 and 48,755,415 shares issued and outstanding, respectively	698	488
Additional paid in capital	2,656,548	2,621,493
Cumulative net (loss) income	(35,933)	100,174
Cumulative common distributions	(1,468,509)	(1,466,476)
Total shareholders’ equity	1,152,804	1,255,679
Total liabilities and shareholders’ equity	$ 3,822,286	$ 3,989,669

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized (in shares)	200,000,000	200,000,000
Common shares of beneficial interest, shares issued (in shares)	69,824,743	48,755,415
Common shares of beneficial interest, shares outstanding (in shares)	69,824,743	48,755,415

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Rental income	$ 501,979	$ 533,553
Expenses:
Real estate taxes	62,369	62,831
Utility expenses	27,467	26,778
Other operating expenses	107,400	109,883
Depreciation and amortization	194,737	209,254
Loss on impairment of real estate	181,578	11,299
Transaction related costs	1,144	31,816
General and administrative	21,128	22,731
Total expenses	595,823	474,592
(Loss) gain on sale of real estate	(7,410)	3,780
Interest and other income	3,668	1,039
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $13,463 and $9,209, respectively)	(163,745)	(110,647)
Gain on early extinguishment of debt	126,185	0
Loss before income tax expense and equity in net losses of investees	(135,146)	(46,867)
Income tax expense	(203)	(351)
Equity in net losses of investees	(758)	(3,031)
Loss on impairment of equity method investment	0	(19,183)
Net loss	$ (136,107)	$ (69,432)
Weighted average common shares outstanding (basic) (in shares)	51,806	48,389
Weighted average common shares outstanding (diluted) (in shares)	51,806	48,389
Per common share amounts (basic and diluted):
Net loss (basic) (in dollars per share)	$ (2.63)	$ (1.44)
Net loss (diluted) (in dollars per share)	$ (2.63)	$ (1.44)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net amortization of debt premiums, discounts and issuance costs	$ 13,463	$ 9,209

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid In Capital	Cumulative Net Income (Loss)	Cumulative Common Distributions
Balance beginning (in shares) at Dec. 31, 2022		48,565,644
Balance beginning at Dec. 31, 2022	$ 1,386,335	$ 486	$ 2,619,532	$ 169,606	$ (1,403,289)
Increase (Decrease) in Shareholders' Equity
Common share grants (in shares)		241,800
Common share grants	2,268	$ 2	2,266
Common share forfeitures and repurchases (in shares)		(52,029)
Common share forfeitures and repurchases	(305)		(305)
Net loss	(69,432)			(69,432)
Distributions to common shareholders	(63,187)				(63,187)
Balance ending (in shares) at Dec. 31, 2023		48,755,415
Balance ending at Dec. 31, 2023	1,255,679	$ 488	2,621,493	100,174	(1,466,476)
Increase (Decrease) in Shareholders' Equity
Issuance of common shares (in shares)		20,505,468
Issuance of common shares	33,796	$ 205	33,591
Common share grants (in shares)		649,198
Common share grants	1,661	$ 6	1,655
Common stock repurchases (in shares)		(85,338)
Common share repurchases	(192)	$ (1)	(191)
Net loss	(136,107)			(136,107)
Distributions to common shareholders	(2,033)				(2,033)
Balance ending (in shares) at Dec. 31, 2024		69,824,743
Balance ending at Dec. 31, 2024	$ 1,152,804	$ 698	$ 2,656,548	$ (35,933)	$ (1,468,509)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (136,107)	$ (69,432)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	118,710	107,460
Net amortization of debt premiums, discounts and issuance costs	13,463	9,209
Amortization of acquired real estate leases and assumed real estate lease obligations, net	64,636	92,805
Amortization of deferred leasing costs	12,990	10,063
Loss (gain) on sale of real estate	7,410	(3,780)
Loss on impairment of real estate	181,578	11,299
Gain on early extinguishment of debt	(138,603)	0
Straight line rental income	(31,102)	(26,194)
Other non-cash expenses, net	575	1,168
Equity in net losses of investees	758	3,031
Impairment loss on equity method investment	0	19,183
Change in assets and liabilities:
Rents receivable	5,999	(2,376)
Deferred leasing costs	(22,969)	(23,510)
Other assets	1,377	(1,495)
Accounts payable and other liabilities	(10,392)	13,739
Due to related persons	(1,156)	556
Net cash provided by operating activities	67,167	141,726
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	0	(2,785)
Real estate improvements	(123,376)	(229,004)
Proceeds from sale of property, net	189,986	42,181
Contributions to unconsolidated joint ventures	0	(5,213)
Net cash used in investing activities	66,610	(194,821)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of mortgage notes payable	0	(50,000)
Proceeds from issuance of mortgage notes payable	0	177,320
Repayment of senior unsecured notes	(350,242)	0
Proceeds from issuance of senior secured notes	338,986	0
Borrowings on revolving credit facility	452,000	240,000
Repayments on revolving credit facility	(332,000)	(230,000)
Borrowings on secured term loan	100,000	0
Payment of debt issuance costs	(91,845)	(6,279)
Repurchases of common shares	(192)	(294)
Distribution to common shareholders	(2,033)	(63,187)
Net cash provided by (used in) financing activities	114,674	67,560
Increase in cash, cash equivalents and restricted cash	248,451	14,465
Cash, cash equivalents and restricted cash at beginning of period	26,714	12,249
Cash, cash equivalents and restricted cash at end of period	275,165	26,714
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	145,326	107,645
Income taxes paid	361	478
NON-CASH INVESTING ACTIVITIES:
Real estate improvements accrued, not paid	16,767	32,231
Capitalized interest	969	7,634
NON-CASH FINANCING ACTIVITIES:
Extinguishment of unsecured senior notes in exchange for senior secured notes and common shares	(180,548)	0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents	261,318	12,315
Restricted cash	13,847	14,399
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 275,165	$ 26,714

Business

Business	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Office Properties Income Trust and its consolidated subsidiaries, or OPI, we, us or our, is a real estate investment trust, or REIT, formed in 2009 under Maryland law. As of December 31, 2024, our wholly owned properties were comprised of 128 properties containing approximately 17,763,000 rentable square feet and we had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties totaling approximately 346,000 rentable square feet. Going Concern Our portfolio has been adversely affected by shifts in office space utilization, including increased remote work arrangements and tenants consolidating their real estate footprint. Demand for office space continues to face headwinds and declining rents and increasing costs to relet space when tenants can be identified continue to impact the market. In addition, there are limited debt or equity financing alternatives available to us to refinance our debt and financing sources we have utilized have increased our cost of capital. The duration and ultimate impact of these factors on our properties and our business remains uncertain and subject to change; however, these conditions continue to have a significant negative impact on our results of operations, financial position and cash flows. As of February 13, 2025, our total available liquidity was comprised of $113,000 of cash and, in addition to long-term debt, our near-term obligations include outstanding lease obligations of $81,865 and principal debt repayments of $26,000 in 2025 and $291,488 in 2026. Given the limited alternatives available to us to obtain debt or equity to refinance our maturing debt, the illiquid nature of our real estate assets and our ability to incur additional debt while maintaining compliance with the financial covenants in our existing debt agreements, we continue to work with our financial advisor, Moelis & Company LLC, to evaluate strategies to address our upcoming debt obligations, including through asset sales, future debt exchanges or equity issuances. However, we are not able to conclude that it is probable that these strategies will allow us to satisfy our upcoming debt obligations and maturities. If we are unable to consummate transactions allowing us to refinance our maturing debt, our Board of Trustees may consider a reorganization in a bankruptcy court. As a result of the foregoing, we have concluded that there is substantial doubt about our ability to continue as a going concern. The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are wholly owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Real Estate Properties. We record our properties at cost and provide depreciation on real estate investments on a straight line basis over estimated useful lives generally ranging from 7 to 40 years. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate the purchase prices of our properties to land, buildings and improvements based on determinations of the relative fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. We allocate a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amounts over the estimated life of the relationships. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill. We amortize capitalized above market lease values (included in acquired real estate leases, net in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations, net in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in net increases to rental income of $402 and $252 during the years ended December 31, 2024 and 2023, respectively. We amortize the value of acquired in place leases (included in acquired real estate leases, net in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, amounted to $65,039 and $93,057 during the years ended December 31, 2024 and 2023, respectively. If a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease. As of December 31, 2024 and 2023, our acquired real estate leases and assumed real estate lease obligations, excluding properties classified as held for sale, were as follows: December 31, 2024 2023 Acquired real estate leases: Capitalized above market lease values $ 7,715 $ 14,758 Less: accumulated amortization (5,814) (10,876) Capitalized above market lease values, net 1,901 3,882 Lease origination value 433,347 572,766 Less: accumulated amortization (241,509) (313,150) Lease origination value, net 191,838 259,616 Acquired real estate leases, net $ 193,739 $ 263,498 Assumed real estate lease obligations: Capitalized below market lease values $ 14,177 $ 25,678 Less: accumulated amortization (4,652) (14,013) Assumed real estate lease obligations, net $ 9,525 $ 11,665 As of December 31, 2024, the weighted average amortization periods for capitalized above market leases, lease origination value and capitalized below market lease values were 4.0 years, 7.3 years and 12.0 years, respectively. Future amortization of net intangible lease assets and liabilities, to be recognized over the current terms of the associated leases as of December 31, 2024 are estimated to be $42,347 in 2025, $34,401 in 2026, $27,444 in 2027, $14,981 in 2028, $13,462 in 2029 and $51,579 thereafter. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining useful lives of our long lived assets. If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful lives. Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash. Restricted cash consists of amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts. Deferred Leasing Costs . Deferred leasing costs include brokerage costs and inducements associated with our entering leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction to rental income, on a straight line basis over the terms of the respective leases. Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income (loss). We recorded amortization of deferred leasing costs of $10,988 and $8,737, and reductions to rental income related to the amortization of inducements of $2,003 and $1,326 for the years ended December 31, 2024 and 2023, respectively. Deferred leasing costs, excluding properties classified as held for sale, totaled $127,095 and $113,433 at December 31, 2024 and 2023, respectively, and accumulated amortization of deferred leasing costs totaled $29,453 and $26,462 at December 31, 2024 and 2023, respectively. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2024 are estimated to be $12,751 in 2025, $11,948 in 2026, $11,203 in 2027, $10,520 in 2028, $9,637 in 2029 and $41,583 thereafter. Debt Issuance Costs . Costs related to the issuance or assumption of debt are capitalized and amortized to interest expense over the terms of the respective loans. Debt issuance costs, net of accumulated amortization, for our $325,000 secured revolving credit facility and our prior $750,000 unsecured revolving credit facility, or our prior revolving credit facility, are included in other assets in our consolidated balance sheets. As of December 31, 2024, debt issuance costs for our revolving credit facility were $7,838 and accumulated amortization of debt issuance costs for our revolving credit facility was $2,396. As of December 31, 2023, debt issuance costs for our prior revolving credit facility were $5,328 and accumulated amortization of debt issuance costs for our prior revolving credit facility was $5,240. Debt issuance costs, net of accumulated amortization, for our senior notes, term loan and mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2024 and 2023, debt issuance costs, net of accumulated amortization, for our senior notes, term loan and mortgage notes payable totaled $65,802 and $16,623, respectively. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility and term loan, senior notes and mortgage notes payable as of December 31, 2024 are estimated to be $22,519 in 2025, $22,192 in 2026, $10,086 in 2027, $7,310 in 2028, $4,268 in 2029 and $4,869 thereafter. Equity Method Investments. As of December 31, 2024, we had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties. The properties owned by the joint venture were encumbered by $50,000 of mortgage indebtedness. We did not control the activities that are most significant to the joint venture and, as a result, we accounted for our investment in the joint venture under the equity method of accounting. See Note 4 for more information regarding our unconsolidated joint ventures. We periodically evaluate our equity method investments for possible indicators of other than temporary impairment whenever events or changes in circumstances indicate the carrying amount of the investment might not be recoverable. These indicators may include the length of time and the extent to which the market value of our investment is below our carrying value, the financial condition of our investees, our intent and ability to be a long term holder of the investment and other considerations. If the decline in fair value is judged to be other than temporary, we record an impairment charge to adjust the basis of the investment to its estimated fair value. Revenue Recognition. We are a lessor of commercial office properties. Our leases provide our tenants with the contractual right to use and economically benefit from all of the physical space specified in the leases; therefore, we have determined to evaluate our leases as lease arrangements. Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. Allowances for bad debts are recognized as a direct reduction of rental income. Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have made the policy election to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply Accounting Standards Codification 842, Leases , to the combined component. Income derived by our leases is recorded in rental income in our consolidated statements of comprehensive income (loss). Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations. See Note 5 for more information regarding our leases. Income Taxes. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, accordingly, we generally will not be subject to federal income taxes provided we distribute our taxable income and meet certain other requirements to qualify for taxation as a REIT. We are, however, subject to certain state and local taxes. Per Common Share Amounts. We calculate basic earnings per common share using the two class method. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per share. Use of Estimates. Preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates. Significant estimates in the consolidated financial statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles. New Accounting Pronouncements. In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities, including those with a single reportable segment, to: (i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the chief operating decision maker, or the CODM, and included in each reported measure of segment profit or loss; (ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Accounting Standards Codification 280, Segment Reporting , in interim periods; and (iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. ASU No. 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments or applies the quantitative thresholds to determine its reportable segments. We adopted ASU No. 2023-07 effective December 31, 2024. As a result we have included additional information related to the required disclosures within Note 12 to our consolidated financial statements. In December 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statements Expenses , which requires public entities to provide disaggregated disclosure of certain income statement expense captions within the footnotes to the financial statements. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods after December 15, 2027, with early adoption permitted. We are currently evaluating the impact ASU 2024-03 will have on our consolidated financial statements.

Per Common Share Amounts

Per Common Share Amounts	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Per Common Share Amounts	Per Common Share Amounts The calculation of basic and diluted earnings per share is as follows (amounts in thousands, except per share data): Year Ended December 31, 2024 2023 Numerators: Net loss $ (136,107) $ (69,432) Income attributable to unvested participating securities (14) (305) Net loss used in calculating earnings per common share $ (136,121) $ (69,737) Denominators: Weighted average common shares outstanding - basic and diluted (1) 51,806 48,389 Net loss per common share - basic and diluted $ (2.63) $ (1.44) (1)

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties As of December 31, 2024, our wholly owned properties were comprised of 128 properties containing approximately 17,763,000 rentable square feet, with an undepreciated carrying value of $3,699,294, including $41,735 classified as held for sale. We also had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties containing approximately 346,000 rentable square feet. We generally lease space at our properties on a gross lease, modified gross lease or net lease basis pursuant to fixed term contracts expiring between 2025 and 2053. Some of our leases generally require us to pay all or some property operating expenses and to provide all or most property management services. During the year ended December 31, 2024, we entered into 52 leases for approximately 2,042,000 rentable square feet for a weighted (by rentable square feet) average lease term of 8.8 years and we made commitments of $95,935 for leasing related costs. As of December 31, 2024, we had estimated unspent leasing related obligations of $81,865. Acquisition Activities 2024 Acquisition Activities We did not acquire any properties during the year ended December 31, 2024. 2023 Acquisition Activities In December 2023, we acquired a vacant land parcel adjacent to a property we own in Irving, TX for $2,750, excluding acquisition related costs. Disposition Activities The sales completed during the years ended December 31, 2024 and 2023, as presented in the tables below, do not represent a strategic shift in our business. As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss). 2024 Disposition Activities During the year ended December 31, 2024, we sold 24 properties containing approximately 2,789,000 rentable square feet for an aggregate sales price of $199,351, excluding closing costs. Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate (Loss) on Impairment of Real Estate March 2024 1 Chicago, IL (2) 248,000 $ 38,500 $ (2,448) $ — July 2024 1 Malden, MA 126,000 7,800 (10) (13,973) August 2024 3 Indianapolis, IN 434,000 10,100 729 (50,851) September 2024 1 Atlanta, GA 126,000 17,610 8,690 — September 2024 1 San Jose, CA 64,000 10,800 (954) (819) November 2024 1 Colorado Springs, CO 156,000 26,164 12,962 — November 2024 1 Rocklin, CA 19,000 2,627 1,084 — November 2024 3 Lakewood, CO 213,000 8,100 (9,132) — December 2024 5 Atlanta, GA 379,000 18,100 79 (21,937) December 2024 1 Florence, KY 168,000 3,250 (6,966) — December 2024 1 Sacramento, CA 338,000 21,000 (6,502) (33,902) December 2024 1 Reston, VA 131,000 7,200 (869) (18,540) December 2024 1 Kansas City, MO 87,000 8,000 32 (4,370) December 2024 1 Westford, MA 175,000 5,100 (6,481) (3,554) December 2024 2 Provo, UT 125,000 15,000 2,376 — 24 2,789,000 $ 199,351 $ (7,410) $ (147,946) (1) Gross sales price is the gross contract price, excluding closing costs. (2) Property was classified as held for sale as of December 31, 2023. We recorded an $11,299 loss on impairment of real estate during the year ended December 31, 2023 to reduce the carrying value of this property to its estimated fair value less costs to sell as of December 31, 2023. As of December 31, 2024, we had six properties, that are under agreement to sell for an aggregate sales price of $54,763, excluding closing costs, five of which are classified as held for sale in our consolidated balance sheet, as summarized below: Date of Sale Agreement Number of Properties Location Rentable Square Feet Gross Sales Price (1) (Loss) on Impairment of Real Estate September 2024 2 Santa Clara, CA 149,000 $ 21,150 $ (11,041) October 2024 2 Tempe, AZ 101,000 10,738 — December 2024 1 Detroit, MI 56,000 4,750 (8,001) December 2024 1 Reston, VA (2) 275,000 18,125 — 6 581,000 $ 54,763 $ (19,042) (1) Gross sales price is the contract price, excluding closing costs. (2) Property did not meet held for sale criteria as of December 31, 2024. The pending sales in the preceding table are subject to conditions; accordingly, we cannot be sure that we will complete these sales or that these sales will not be delayed or the pricing will not change. See Note 10 for more information regarding our properties held for sale. We also recorded a $12,017 loss on impairment of real estate to reduce the carrying value of one property that was classified as held for sale to its estimated fair value, less costs to sell as of June 30, 2024. Subsequently, we removed this property from held for sale status due to a change of plan for sale and recorded an additional loss on impairment of $2,573 to reduce the carrying value of this property to its estimated fair value as of September 30, 2024. In February 2025, we sold one additional property with approximately 100,000 rentable square feet for a sale price of $5,750, excluding closing costs. This property previously secured our March 2027 Notes. Accordingly, we expect to use the net proceeds of this sale to redeem a portion of our March 2027 Notes in accordance with the terms of the indenture governing the March 2027 Notes. 2023 Disposition Activities During the year ended December 31, 2023, we sold eight properties containing approximately 553,000 rentable square feet for an aggregate sales price of $44,874, excluding closing costs. Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate January 2023 3 Richmond, VA (2) 89,000 $ 5,350 $ 2,548 April 2023 1 Phoenix, AZ 107,000 4,900 511 June 2023 1 Vernon Hills, IL 100,000 2,825 (2,816) September 2023 1 Windsor Mill, MD 80,000 10,500 244 October 2023 1 Santa Clara, CA 66,000 16,049 705 November 2023 1 Chelmsford, MA 111,000 5,250 2,588 8 properties 553,000 $ 44,874 $ 3,780 (1) Gross sales price is the gross contract price, excluding closing costs. (2) Properties were classified as held for sale as of December 31, 2022. Unconsolidated Joint Ventures As of December 31, 2024, we owned an interest in one joint venture that owned two properties. We accounted for this investment under the equity method of accounting. During the year ended December 31, 2024, our 1750 H Street, NW joint venture did not have sufficient cash flow to pay its monthly debt service resulting in an event of default under the mortgage, and the non-recourse mortgage lender to this joint venture completed a foreclosure of the property, after which, the joint venture ceased to have an economic interest in the property. We wrote off our full investment in this joint venture as of December 31, 2023 and did not make capital contributions to this joint venture during the year ended December 31, 2024. Accordingly, we did not record our proportionate share of operating results of the joint venture for the year ended December 31, 2024. As of December 31, 2024 and 2023, our investments in our unconsolidated joint ventures consisted of the following: OPI Ownership OPI Carrying Value of Investments at December 31, Number of Properties Location Rentable Square Feet Joint Venture 2024 2023 Prosperity Metro Plaza 51% $ 17,370 $ 18,128 2 Fairfax, VA 346,000 1750 H Street, NW 50% — — 1 Washington, D.C. 125,000 Total $ 17,370 $ 18,128 3 471,000 The following table provides a summary of the mortgage debt of our unconsolidated joint ventures as of December 31, 2024 and 2023: Principal Balance at December 31, Joint Venture Interest Rate (1) Maturity Date 2024 (2) 2023 (2) Prosperity Metro Plaza 4.09% 12/1/2029 $ 50,000 $ 50,000 1750 H Street, NW 3.69% 8/1/2027 — 32,000 Weighted Average / Total 3.93% $ 50,000 $ 82,000 (1) Includes the effect of mark to market purchase accounting. (2) Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interests in the joint ventures we did not own. None of the debt is recourse to us.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term once we have determined that the collectability of substantially all of the lease payments is probable. We increased rental income to record revenue on a straight line basis by $31,102 and $26,194 for the years ended December 31, 2024 and 2023, respectively. Rents receivable, excluding properties classified as held for sale, included $140,132 and $112,440 of straight line rent receivables at December 31, 2024 and 2023, respectively. We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $86,903 and $88,173 for the years ended December 31, 2024 and 2023, respectively, of which tenant reimbursements totaled $82,647 and $82,885, respectively. The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2053 as of December 31, 2024: Year Amount 2025 $ 318,530 2026 310,043 2027 291,562 2028 259,443 2029 249,250 Thereafter 1,296,713 Total $ 2,725,541 As of December 31, 2024, tenants representing approximately 1.2% of our total operating lease maturities had exercisable rights to terminate their leases before the stated terms of their leases expire. In 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2034, 2035, 2036, 2037 and 2040, early termination rights become exercisable by other tenants who represented an additional approximately 1.4%, 1.9%, 2.0%, 5.7%, 4.1%, 2.6%, 1.8%, 5.7%, 1.5%, 4.4%, 0.6%, 0.6% and 2.3% of our total operating lease maturities, respectively. In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis. As of December 31, 2024, five of our tenants had the right to terminate their leases if the respective legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its obligation. These five tenants represented approximately 2.8% of our total operating lease maturities as of December 31, 2024.
Leases	Leases Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term once we have determined that the collectability of substantially all of the lease payments is probable. We increased rental income to record revenue on a straight line basis by $31,102 and $26,194 for the years ended December 31, 2024 and 2023, respectively. Rents receivable, excluding properties classified as held for sale, included $140,132 and $112,440 of straight line rent receivables at December 31, 2024 and 2023, respectively. We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $86,903 and $88,173 for the years ended December 31, 2024 and 2023, respectively, of which tenant reimbursements totaled $82,647 and $82,885, respectively. The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2053 as of December 31, 2024: Year Amount 2025 $ 318,530 2026 310,043 2027 291,562 2028 259,443 2029 249,250 Thereafter 1,296,713 Total $ 2,725,541 As of December 31, 2024, tenants representing approximately 1.2% of our total operating lease maturities had exercisable rights to terminate their leases before the stated terms of their leases expire. In 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2034, 2035, 2036, 2037 and 2040, early termination rights become exercisable by other tenants who represented an additional approximately 1.4%, 1.9%, 2.0%, 5.7%, 4.1%, 2.6%, 1.8%, 5.7%, 1.5%, 4.4%, 0.6%, 0.6% and 2.3% of our total operating lease maturities, respectively. In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis. As of December 31, 2024, five of our tenants had the right to terminate their leases if the respective legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its obligation. These five tenants represented approximately 2.8% of our total operating lease maturities as of December 31, 2024.

Business and Property Managemen

Business and Property Management Agreements with RMR	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Business and Property Management Agreements with RMR	Business and Property Management Agreements with RMR We have no employees. The personnel and various services we require to operate our business are provided to us by The RMR Group LLC, or RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to our property level operations. Management Agreements with RMR . Our management agreements with RMR provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms: • Base Management Fee. The annual base management fee payable to RMR by us for each applicable period is equal to the lesser of: • the sum of (a) 0.5% of the average aggregate historical cost of the real estate assets acquired from a REIT to which RMR provided business management or property management services, or the Transferred Assets, plus (b) 0.7% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets up to $250,000, plus (c) 0.5% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets exceeding $250,000; and • the sum of (a) 0.7% of the average closing price per share of our common shares on the stock exchange on which such shares are principally traded during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $250,000, plus (b) 0.5% of our Average Market Capitalization exceeding $250,000. The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves. • Incentive Management Fee . The incentive management fee which may be earned by RMR for an annual period is calculated as follows: • An amount, subject to a cap based on the value of our common shares outstanding, equal to 12% of the product of: • our equity market capitalization on the last trading day of the year immediately prior to the relevant three • the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the applicable index, or the benchmark return per share, for the relevant measurement period. The MSCI U.S. REIT/Office REIT Index is the applicable benchmark index. For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (1) the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the last trading day of the year immediately before the first year of the applicable measurement period, or the initial share price, from (2) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period. • The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if we issue or repurchase our common shares, or if our common shares are forfeited, during the measurement period. • No incentive management fee is payable by us unless our total return per share during the measurement period is positive. • The measurement periods are three year • If our total return per share exceeds 12% per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable index for such measurement period and 12% per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the applicable index in any year by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the applicable index in any year, determined on a cumulative basis (i.e., between 200 basis points and 500 basis points per year multiplied by the number of years in the measurement period and below the applicable market index). • The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5% of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period. • Incentive management fees we paid to RMR for any period may be subject to “clawback” if our financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements. Business management fees are included in general and administrative expenses in our consolidated statements of comprehensive income (loss). We did not incur any incentive management fee pursuant to our business management agreement for the years ended December 31, 2024 or 2023. • Property Management and Construction Supervision Fees . The property management fees payable to RMR by us for each applicable period are equal to 3.0% of gross collected rents and the construction supervision fees payable to RMR by us for each applicable period are equal to 5.0% of construction costs. Property management fees are included in other operating expenses in our consolidated statements of net income (loss) and construction supervision fees are capitalized as building improvements in our consolidated balance sheets and are depreciated over the estimated useful lives of the related capital assets. • Expense Reimbursement . We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR’s centralized accounting personnel, our share of RMR’s costs for providing our internal audit function and as otherwise agreed. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR which are included in other operating expenses and general and administrative expense, as applicable, in our consolidated statements of comprehensive income (loss). • Term . Our management agreements with RMR have terms that end on December 31, 2044, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension. • Termination Rights . We have the right to terminate one or both of our management agreements with RMR: (i) at any time on 60 days’ written notice for convenience, (ii) immediately on written notice for cause, as defined therein, (iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein, and (iv) by written notice during the 12 months following a change of control of RMR, as defined therein. RMR has the right to terminate the management agreements for good reason, as defined therein. • Termination Fee . If we terminate one or both of our management agreements with RMR for convenience, or if RMR terminates one or both of our management agreements for good reason, we have agreed to pay RMR a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination, would be between 19 and 20 years. If we terminate one or both of our management agreements with RMR for a performance reason, we have agreed to pay RMR the termination fee calculated as described above, but assuming a 10-year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR for cause or as a result of a change of control of RMR. • Transition Services . RMR has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties under our property management agreement, as applicable. • Vendors . Pursuant to our management agreements with RMR, RMR may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter agreements with RMR and other companies to which RMR or its subsidiaries provide management services for the purpose of obtaining more favorable terms from such vendors and suppliers. • Investment Opportunities . Under our business management agreement with RMR, we acknowledge that RMR may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR. In January 2025, in connection with a $100,000 credit agreement and related security agreement entered into by RMR and certain of its subsidiaries with Citibank, N.A., or Citibank, and the other lenders party thereto, we consented to the pledge and assignment of RMR’s interest in our management agreements under the security agreement. Pursuant to the consent, we agreed, among other things, that upon notice that an event of default under the RMR credit agreement has occurred and is continuing, we will continue to make all payments under our management agreements in accordance with the instructions of Citibank, and that if there is an event of default by RMR under our management agreements that would allow us to terminate or suspend our obligations, we will not terminate or suspend without notice to Citibank and providing Citibank 30 days to cure the default on RMR’s behalf. The consent was approved by our Independent Trustees. For the years ended December 31, 2024 and 2023, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our consolidated financial statements were as follows: Year Ended December 31, 2024 2023 Pursuant to business management agreement: Business management fees (1) $ 13,145 $ 14,751 Pursuant to property management agreement: Property management fees (2) $ 13,584 $ 14,890 Construction supervision fees 2,872 8,390 $ 16,456 $ 23,280 Expense Reimbursement: Property level expenses $ 25,797 $ 25,872 (1) The net business management fees we recognized for the years ended December 31, 2024 and 2023 each reflect a reduction of $603 for the amortization of the liability we recorded in connection with our former investment in RMR Inc. (2) The net property management fees we recognized for the years ended December 31, 2024 and 2023 each reflect a reduction of $484 for the amortization of the liability we recorded in connection with our former investment in RMR Inc. Management Agreements between our Joint Venture and RMR . RMR provides management services to our unconsolidated joint venture. We are not obligated to pay management fees to RMR under our management agreement with RMR for the services it provides regarding the joint venture. The joint venture pays management fees directly to RMR.

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with RMR, RMR Inc. and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR is a majority owned subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., the chair of the board of directors, a managing director, the president and chief executive officer of RMR Inc. and an officer and employee of RMR. Jennifer Clark, our other Managing Trustee, is a managing director and the executive vice president, general counsel and secretary of RMR Inc., an officer and employee of RMR and an officer of ABP Trust. Each of our officers is also an officer and employee of RMR. Some of our Independent Trustees also serve as independent trustees of other public companies to which RMR or its subsidiaries provide management services. Mr. Portnoy serves as chair of the boards and as a managing trustee of these public companies. Other officers of RMR, including Ms. Clark, serve as managing trustees or officers of certain of these companies. Our Manager, RMR . We have two agreements with RMR to provide management services to us. RMR also provides management services to our unconsolidated joint venture. See Note 6 for more information regarding our and our unconsolidated joint venture’s management agreements with RMR. Leases with RMR . We lease office space to RMR in certain of our properties for RMR’s property management offices. Pursuant to our lease agreements with RMR, we recognized rental income from RMR for leased office space of $807 and $851 for the years ended December 31, 2024 and 2023, respectively. Our office space leases with RMR are terminable by RMR if our management agreements with RMR are terminated. Share Awards to RMR Employees . As described further in Note 11, we award shares to our officers and other employees of RMR annually. Generally, one fifth of these awards vest on the grant date and one fifth vests on each of the next four Sonesta . Prior to January 1, 2025, we leased 240,000 rentable square feet of a mixed-use property in Washington, D.C. pursuant to a lease with a subsidiary of Sonesta, or the Sonesta Lease. We terminated the Sonesta Lease, effective January 1, 2025. The Sonesta Lease commenced in August 2023 and was amended in September 2024 to expand the premises by 5,900 rentable square feet. Pursuant to the amended Sonesta Lease, Sonesta was required to pay us annual base rent of approximately $6,724 beginning February 2025, and the annual base rent would have increased by 10% every five years throughout the term. Sonesta was also obligated to pay its pro rata share of the operating costs for the property. We recognized rental income of $12,428 in 2024 under the Sonesta Lease. As of December 31, 2024, we had paid approximately $76,834 of tenant improvement costs for the build out of the hotel space pursuant to the Sonesta Lease. Effective January 1, 2025, we entered into a management agreement with Sonesta, or the Sonesta Management Agreement, to replace the Sonesta Lease. The Sonesta Management Agreement expires on December 31, 2040, and includes two 10-year renewal options. The Sonesta Management Agreement provides that we are paid an annual owner’s priority return if gross revenues of the hotels, after payment of hotel operating expenses and management and related fees (other than Sonesta’s incentive fee, if applicable), are sufficient to do so. The Sonesta Management Agreement further provides that we are paid an additional return of the operating profits, as defined therein, after paying the owner’s priority return, reimbursing owner or manager advances, funding furniture, fixtures and equipment, or FF&E, reserves and paying Sonesta’s incentive fee, if applicable. We do not have any security deposits or guarantees for this Sonesta hotel. The stated annual owner’s priority return is initially $7,500 and increases by 8.0% of our out-of-pocket capital expenditures and will increase annually to 102% of our prior year’s annual owner’s priority return. We are responsible for any capital expenditures in excess of available funds in the FF&E reserve. The Sonesta Management Agreement requires that 1.0% of gross revenues for 2025, 3.0% of gross revenues for 2026 and 4.0% of gross revenues for each calendar year thereafter be escrowed for future capital expenditures as FF&E reserves. Pursuant to the Sonesta Management Agreement, we are required to pay Sonesta, after payment of hotel operating expenses, a base management fee equal to 1.5% of gross revenues, as defined in the Sonesta Management Agreement, for 2025 and 3.0% of gross revenues each calendar year thereafter. Additionally, we are required to pay (i) an incentive fee equal to 20% of net operating profit, as defined in the Sonesta Management Agreement, in excess of the annual owner’s priority; (ii) a brand promotion fee of 1.75% of gross revenues for 2025 and 3.5% of gross revenues for each calendar year thereafter; and (iii) a loyalty fee of the greater of 1.0% of room revenues or 4.5% of qualified room revenues from guests participating in certain loyalty programs. Sonesta’s incentive management fee, but not its other fees, is earned only after our annual owner’s priority return is paid. The Sonesta Management Agreement also provides that the pro rata costs Sonesta incurs for advertising, marketing, promotional and public relations programs and campaigns, including its Rewards Program, for the benefit of this hotel are subject to reimbursement by us or are otherwise treated as hotel operating expenses. We are required to maintain working capital under the Sonesta Management Agreement and have advanced a fixed amount based on the number of rooms in the hotel to meet the cash needs for hotel operations. The Sonesta Management Agreement also provides that, prior to August 2, 2026, our approval is required for Sonesta to operate another Royal Sonesta Hotel in Washington D.C., other than the Royal Sonesta Washington Dupont Circle located at 2121 P Street, N.W., Washington D.C. In general, we and Sonesta may terminate the Sonesta Management Agreement for events of default and casualty and condemnation events. We also have the right to terminate the Sonesta Management Agreement if minimum performance thresholds are not met starting in 2027 for any two consecutive calendar years. Pursuant to the Sonesta Management Agreement, we or Sonesta may be obligated to pay the other party damages if the terminating party terminates the Sonesta Management Agreement due to the other party’s event of default. Mr. Portnoy is a director and controlling shareholder of Sonesta, and Ms. Clark is a director of Sonesta. Another officer and employee of RMR is a director and president and chief executive officer of Sonesta.

Concentration

Concentration	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Concentration	Concentration Tenant and Credit Concentration As of December 31, 2024 and 2023, the U.S. government and certain state and other government tenants combined were responsible for approximately 24.8% and 27.5%, respectively, of our annualized rental income. The U.S. government is our largest tenant by annualized rental income and represented approximately 17.0% and 19.5% of our annualized rental income as of December 31, 2024 and 2023, respectively. We define annualized rental income as the annualized contractual base rents from our tenants pursuant to our lease agreements as of the measurement date, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. Geographic Concentration As of December 31, 2024, our 128 wholly owned properties were located in 29 states and the District of Columbia. Properties located in Virginia, California, District of Columbia, Texas and Illinois were responsible for approximately 13.2%, 11.0%, 11.0%, 10.4%, and 10.1% of our annualized rental income as of December 31, 2024, respectively.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Indebtedness	Indebtedness As of December 31, 2024 and 2023, our outstanding indebtedness consisted of the following: December 31, 2024 2023 Unsecured revolving credit facility, due in 2024 $ — $ 205,000 Secured revolving credit facility, due in 2027 325,000 — Secured term loan, due in 2027 100,000 — Senior unsecured notes, 4.250% interest rate, due in 2024 (1) — 350,000 Senior unsecured notes, 4.500% interest rate, due in 2025 (2) 171,586 650,000 Senior unsecured notes, 2.650% interest rate, due in 2026 140,488 300,000 Senior unsecured notes, 2.400% interest rate, due in 2027 80,784 350,000 Senior secured notes, 3.250% interest rate, due in 2027 (3) 444,992 — Mortgage note payable, 8.272% interest rate, due in 2028 42,700 42,700 Mortgage note payable, 8.139% interest rate, due in 2028 26,340 26,340 Mortgage note payable, 7.671% interest rate, due in 2028 54,300 54,300 Senior secured notes, 9.000% interest rate, due in March 2029 (4) 300,000 — Senior secured notes, 9.000% interest rate, due in September 2029 (5) 609,999 — Senior unsecured notes, 3.450% interest rate, due in 2031 114,355 400,000 Mortgage note payable, 7.210% interest rate, due in 2033 30,680 30,680 Mortgage note payable, 7.305% interest rate, due in 2033 8,400 8,400 Mortgage note payable, 7.717% interest rate, due in 2033 14,900 14,900 Senior unsecured notes, 6.375% interest rate, due in 2050 162,000 162,000 2,626,524 2,594,320 Unamortized debt premiums, discounts and issuance costs (91,890) (21,711) $ 2,534,634 $ 2,572,609 (1) These senior notes were redeemed in March 2024. (2) Certain of these senior notes were redeemed through a series of exchange transactions during the year ended December 31, 2024. The remaining balance of $171,586 at December 31, 2024 was redeemed in cash in January 2025. (3) These senior notes were issued in December 2024. (4) These senior notes were issued in February 2024. (5) These senior notes were issued in June and October 2024. In January 2024, we entered into an amended and restated credit agreement, or our credit agreement, governing a new $325,000 secured revolving credit facility and a $100,000 secured term loan. Our credit agreement replaced our prior revolving credit facility, which had a maturity date of January 31, 2024. As collateral for all loans and other obligations under our credit agreement, certain of our subsidiaries pledged all of their respective equity interests in certain of our direct and indirect property owning subsidiaries, and our pledged subsidiaries provided first mortgage liens on 19 properties that had a gross book value of real estate assets of $1,030,889 as of December 31, 2024. We can borrow, repay and reborrow funds available under our revolving credit facility until maturity, and no principal repayments on borrowings under our credit agreement are due until maturity. The maturity date of our credit agreement is January 29, 2027 and, subject to the payment of an extension fee and meeting certain other requirements, we can extend the stated maturity date of our revolving credit facility by one year. Our credit agreement contains a number of covenants, including covenants that require us to maintain certain financial ratios, restrict our ability to incur additional debt in excess of calculated amounts and, subject to limited exceptions, restrict our ability to increase our distribution rate above the current level of $0.01 per common share per quarter and enter into share repurchases. Availability of borrowings under our credit agreement is subject to ongoing minimum performance and market values of the 19 collateral properties, our satisfying certain financial covenants and other credit facility conditions. Interest payable on borrowings under our credit agreement is at a rate of the secured overnight financing rate, or SOFR, plus a margin of 350 basis points. We are also required to pay an unused facility fee on the amount of total lending commitments, which was 25 basis points per annum at December 31, 2024. As of December 31, 2024, we were fully drawn on our $325,000 revolving credit facility and $100,000 was outstanding under our term loan. As of December 31, 2024, the annual interest rate payable on borrowings under our credit agreement was 7.9%. The weighted average annual interest rate for borrowings under our credit agreement for the year ended December 31, 2024 was 8.7%. Under our prior revolving credit facility, we were required to pay interest at a rate of SOFR plus a premium, which was 145 basis points per annum at December 31, 2023, on the amount outstanding under our prior revolving credit facility, as well as a facility fee on the total amount of lending commitments, which was 30 basis points per annum at December 31, 2023. As of December 31, 2023, the annual interest rate payable on borrowings under our prior revolving credit facility was 6.9%. The weighted average annual interest rate for borrowings under our prior revolving credit facility for the year ended December 31, 2023 was 6.5%. Our revolving credit facility is governed by a credit agreement with a syndicate of institutional lenders. Our credit agreement and senior notes indentures and their supplements provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes RMR, ceasing to act as our business and property manager. Our credit agreement and senior notes indentures and their supplements also contain covenants, including covenants that restrict our ability to incur debts, require us to comply with certain financial covenants and, in the case of our credit agreement, restrict our ability to increase our distribution rate above the current level of $0.01 per common share per quarter. We believe we were in compliance with the terms and conditions of the respective covenants under our credit agreement and senior notes indentures and their supplements at December 31, 2024. Senior Secured Notes Issuance In February 2024, we issued $300,000 in aggregate principal amount of 9.000% senior secured notes due March 2029, or the March 2029 Notes. The aggregate net proceeds from the offering of the March 2029 Notes were $270,712, after initial purchaser discounts and other offering expenses. The March 2029 Notes are fully and unconditionally guaranteed on a joint, several and senior secured basis by certain of our subsidiaries and secured by a pledge of all of the respective equity interests of the subsidiary guarantors and first mortgage liens on 17 properties with a gross book value of real estate assets of $621,506 as of December 31, 2024. The March 2029 Notes require semi-annual payments of interest only and are prepayable, at par plus accrued interest, after March 31, 2028. Senior Unsecured Notes Redemption In March 2024, we redeemed, at par plus accrued interest, all $350,000 of our 4.25% senior unsecured notes due 2024. As a result of this redemption, we recorded a loss on early extinguishment of debt of $425 during the year ended December 31, 2024, which represented the unamortized discounts related to these notes. Senior Notes Exchanges In June and October 2024, through two exchange transactions, we exchanged $609,999 in aggregate principal amount of new 9.000% senior secured notes due September 2029, or the September 2029 Notes, for an aggregate $895,373 of certain of our outstanding senior unsecured notes, or the Existing Notes, and an aggregate 1,406,952 of our common shares valued at $2.26 per share, and such transactions, the 2029 Senior Note Exchanges, as follows: Existing Notes Exchanged Aggregate Principal Amount of Existing Notes Accepted for Exchange Aggregate Principal Amount of September 2029 Notes Delivered Existing 4.50% 2025 Notes $ 181,000 $ 183,981 Existing 2.650% 2026 Notes 159,512 114,803 Existing 2.400% 2027 Notes 269,216 164,162 Existing 3.450% 2031 Notes 285,645 147,053 Total $ 895,373 $ 609,999 The September 2029 Notes are fully and unconditionally guaranteed on a joint, several and senior secured basis by certain of our subsidiaries and are secured by first mortgage liens on 19 properties with a gross book value of real estate assets of $721,375 as of December 31, 2024 and second mortgage liens on the 19 properties securing our credit agreement. The September 2029 Notes require semi-annual payments of interest only and are prepayable, at par plus accrued interest, after June 3, 2028. During the year ended December 31, 2024, we recorded a net gain on early extinguishment of debt of $212,735 as a result of the 2029 Senior Note Exchanges. In December 2024, through an exchange transaction, we exchanged $444,992 of new 3.250% senior secured notes due March 2027, or the March 2027 Notes, 11,532,794 of our common shares valued at $1.37 per share and cash premiums of $25,000 for $281,514 of 4.500% senior unsecured notes due 2025, or the 2025 Notes, and $58,486 in cash from certain existing noteholders. This transaction is referred to herein as the 2027 Senior Note Exchange. The March 2027 Notes require quarterly payments of interest and quarterly principal amortization payments of $6,500, and on or before March 1, 2026, require a mandatory principal payment of $125,000, which is subject to reduction for certain prior redemptions of the March 2027 Notes. The March 2027 Notes are fully and unconditionally guaranteed on a joint, several and senior secured basis by certain of our subsidiaries and are secured by first mortgage liens on 37 properties with a gross book value of real estate assets of $1,279,487 as of December 31, 2024 and second mortgage liens on the 19 properties securing the September 2029 Notes and they are fully and unconditionally guaranteed, on a joint, secured and senior unsecured basis by certain of our other subsidiaries. During the year ended December 31, 2024, we recorded a loss on early extinguishment of debt of $87,064 as a result of the 2027 Senior Note Exchange. We redeemed, at par plus accrued interest, the remaining $171,586 of the 2025 Notes in January 2025. During the year ended December 31, 2024, in a series of exchange transactions, we exchanged $15,900 in aggregate principal amount of the 2025 Notes for an aggregate amount of 7,565,722 of our common shares at a weighted average price of $2.07 per share. During the year ended December 31, 2024, we recorded a gain on early extinguishment of debt of $939 as a result of these exchanges. The gains we realized on early extinguishment of debt are considered cancellation of debt income, or CODI, for income tax purposes and part of our REIT taxable income. We do not expect that any special distribution will be required to maintain our qualification for taxation as a REIT as a result of generating CODI in 2024 as a result of offsetting losses from the sale of real estate and other tax strategies. On February 7, 2025, we commenced a series of exchange offers, or the Exchange Offers, pursuant to which we are offering to issue up to $175,000 in aggregate principal amount of new 8.000% senior guaranteed unsecured notes due 2030, or the New 2030 Notes, and related guarantees in exchange for our outstanding (i) 2.650% senior unsecured notes due 2026, (ii) 2.400% senior unsecured notes due 2027 and (iii) 3.450% senior unsecured notes due 2031. The Exchange Offers are being made subject to the terms and conditions set forth in an offering memorandum dated as of February 7, 2025. As of December 31, 2024, seven of our properties with an aggregate gross book value of real estate assets of $304,673 were encumbered by mortgage notes with an aggregate principal amount of $177,320. Our mortgage notes are non-recourse, subject to certain limited exceptions and do not contain any material financial covenants. The required principal payments due during the next five years and thereafter under all our outstanding consolidated debt as of December 31, 2024 were as follows: Year Principal Payment 2025 (1) $ 197,586 2026 291,488 2027 773,776 2028 123,487 2029 910,278 Thereafter 329,909 Total (2) $ 2,626,524 (1) Includes $171,586 aggregate principal of the 2025 Notes, which were redeemed in full in January 2025. (2) Total consolidated debt outstanding as of December 31, 2024, net of unamortized premiums, discounts and issuance costs totaling $91,890, was $2,534,634. None of our unsecured debt obligations require principal or sinking fund payments prior to their maturity dates.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities The following table presents certain of our assets measured at fair value at December 31, 2024, categorized by level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Fair Value at Reporting Date Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-recurring Fair Value Measurements Assets Assets of properties held for sale (1) $ 25,909 $ — $ 25,909 $ — (1) We recorded an impairment charge of $19,042 to reduce the carrying values of three properties that are classified as held for sale in our condensed consolidated balance sheet to their estimated fair values less estimated costs to sell of $739, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP). See Note 4 for more information. In addition to the assets described above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, accounts payable, a revolving credit facility, a term loan, senior notes, mortgage notes payable, amounts due to related persons, other accrued expenses and security deposits. At December 31, 2024 and 2023, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except as follows: As of December 31, 2024 As of December 31, 2023 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 4.25% interest rate, due in 2024 $ — $ — $ 349,144 $ 331,510 Senior unsecured notes, 4.50% interest rate, due in 2025 171,607 169,302 646,266 510,445 Senior unsecured notes, 2.650% interest rate, due in 2026 139,578 106,078 298,464 185,934 Senior unsecured notes, 2.400% interest rate, due in 2027 80,486 49,475 348,086 196,147 Senior secured notes, 3.250% interest rate, due in 2027 363,432 383,806 — — Senior secured notes, 9.000% interest rate, due in March 2029 275,632 293,100 — — Senior secured notes, 9.000% interest rate, due in September 2029 637,052 529,436 — — Senior unsecured notes, 3.450% interest rate, due in 2031 113,511 49,688 396,614 199,060 Senior unsecured notes, 6.375% interest rate, due in 2050 157,096 80,676 156,904 83,916 Mortgage notes payable 172,912 177,295 172,131 179,813 Total $ 2,111,306 $ 1,838,856 $ 2,367,609 $ 1,686,825 (1) Includes unamortized debt premiums, discounts and issuance costs totaling $90,218 and $21,711 as of December 31, 2024 and 2023, respectively. We estimated the fair values of our senior notes (except for our senior unsecured notes due 2050) using an average of the bid and ask price of the notes (Level 2 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair values of our senior unsecured notes due 2050 based on the closing price on Nasdaq (Level 1 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair values of our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates (Level 3 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. Because Level 3 inputs are unobservable, our estimated fair values may differ materially from the actual fair values.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Awards We have common shares available for issuance under the terms of our Amended and Restated 2009 Incentive Share Award Plan, or the 2009 Plan. During the years ended December 31, 2024 and 2023, we awarded to our officers and other employees of RMR annual share awards of 544,555 and 210,300 of our common shares, respectively, valued at $1,160 and $1,211, in aggregate, respectively. During the years ended December 31, 2024 and 2023, we awarded each of our nine Trustees, in accordance with our Trustee compensation arrangements, 11,627 and 3,500 of our common shares, respectively. These awards had aggregate values of $225 ( $25 per Trustee) and $249 ( $28 per Trustee) in 2024 and 2023, respectively. The values of the share awards were based upon the closing price of our common shares on Nasdaq on the date of award. The common shares awarded to our officers and certain other employees of RMR vest in five equal annual installments beginning on the date of award. The common shares awarded to our Trustees vest immediately. We recognize share forfeitures as they occur and include the value of awarded shares in general and administrative expenses ratably over the vesting period. A summary of shares awarded, forfeited, vested and unvested under the terms of the 2009 Plan for the years ended December 31, 2024 and 2023, is as follows: 2024 2023 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 288,681 $ 12.01 231,301 $ 21.47 Awarded 649,198 $ 2.14 241,800 $ 6.04 Forfeited — $ — (3,700) $ 17.31 Vested (346,000) $ 6.62 (180,720) $ 16.00 Unvested at end of year 591,879 $ 4.32 288,681 $ 12.01 The 591,879 unvested shares as of December 31, 2024 are scheduled to vest as follows: 176,976 shares in 2025, 162,596 shares in 2026, 143,675 shares in 2027 and 108,632 shares in 2028. As of December 31, 2024, the estimated future compensation expense for the unvested shares was $2,222. The weighted average period over which the compensation expense will be recorded is approximately 23 months. During the years ended December 31, 2024 and 2023, we recorded $1,662 and $2,257, respectively, of compensation expense related to the 2009 Plan. At December 31, 2024, 94,000 of our common shares remained available for issuance under the 2009 Plan. Share Purchases During the years ended December 31, 2024 and 2023, w e purchased 85,338 and 48,329 of o ur common shares, respectively, valued at weighted average sh are prices of $2.25 and $6.08 per c ommon share, respectively, from certain of our current and former Trustees and officers and certain current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of prior awards of our common shares. Distributions During the years ended December 31, 2024 and 2023, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distributions Characterization of Distributions Year Return of Capital Ordinary Income Qualified Dividend 2024 $ 0.04 $ 2,033 100.00% —% —% 2023 $ 1.30 $ 63,187 100.00% —% —% On January 16, 2025, we declared a quarterly cash distribution payable to common shareholders of record on January 27, 2025 in the amount of $0.01 per share, or approximately $698. We expect to pay this distribution on or about February 20, 2025.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We manage our business on a consolidated basis and therefore have one reportable segment: ownership and leasing of properties. The chief operating decision maker, or CODM, is our President and Chief Operating Officer. The CODM assesses performance, allocates resources and makes strategic decisions based on net income (loss) as shown in our consolidated statements of comprehensive income (loss). The CODM is also regularly provided with information on expenses related to our management agreements with RMR, which are detailed in Note 9. The accounting policies of our reportable segment are the same as those described in Note 2. The measure of segment assets is reported as total assets in our consolidated balance sheets.

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Properties Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original 445 Jan Davis Drive (8) Huntsville, AL 1 $ — $ 1,501 $ 1,492 $ — $ — $ 1,501 $ 1,492 $ 2,993 $ (239) 12/31/2018 2007 131 Clayton Street Montgomery, AL 1 — 920 9,084 528 — 920 9,612 10,532 (3,228) 6/22/2011 2007 4344 Carmichael Road Montgomery, AL 1 — 1,374 11,658 572 — 1,374 12,230 13,604 (3,453) 12/17/2013 2009 15451 North 28th Avenue (6) Phoenix, AZ 1 — 1,917 7,416 1,279 — 1,917 8,695 10,612 (2,310) 9/10/2014 1996 711 S 14th Avenue Safford, AZ 1 — 460 11,708 1,165 (4,440) 364 8,529 8,893 (2,036) 6/16/2010 1992 2544 Campbell Place (7) Carlsbad, CA 1 — 2,687 1,796 1,585 — 2,687 3,381 6,068 (939) 12/31/2018 2007 2548 Campbell Place (6) Carlsbad, CA 1 — 3,082 2,075 5,156 — 3,082 7,231 10,313 (2,461) 12/31/2018 2007 Folsom Corporate Center (5) Folsom, CA 1 — 2,904 5,583 1,587 — 2,904 7,170 10,074 (1,684) 12/31/2018 2008 Bayside Technology Park (7) Fremont, CA 1 — 10,784 648 269 — 10,784 917 11,701 (201) 12/31/2018 1990 10949 N. Mather Boulevard Rancho Cordova, CA 1 — 562 16,923 1,056 — 562 17,979 18,541 (5,186) 10/30/2013 2012 11020 Sun Center Drive Rancho Cordova, CA 1 — 1,466 8,797 1,996 — 1,466 10,793 12,259 (2,359) 12/20/2016 1983 100 Redwood Shores Parkway Redwood City, CA 1 — 14,454 7,721 — — 14,454 7,721 22,175 (1,285) 12/31/2018 1993 9815 Goethe Road (6) Sacramento, CA 1 — 1,450 9,465 3,537 — 1,450 13,002 14,452 (3,718) 9/14/2011 1992 Capitol Place (6) Sacramento, CA 1 — 2,290 35,891 9,997 — 2,290 45,888 48,178 (17,395) 12/17/2009 1988 4560 Viewridge Road (5) San Diego, CA 1 — 4,269 18,316 5,392 — 4,347 23,630 27,977 (15,662) 3/31/1997 1996 2115 O’Nel Drive (7) San Jose, CA 1 — 12,305 5,062 385 — 12,305 5,447 17,752 (945) 12/31/2018 1984 51 Rio Robles Drive San Jose, CA 1 — 7,416 4,782 571 — 7,416 5,353 12,769 (1,049) 12/31/2018 1984 77 Rio Robles Drive (6) San Jose, CA 1 — 8,362 5,393 9,932 — 8,362 15,325 23,687 (3,261) 12/31/2018 1984 145 Rio Robles Drive San Jose, CA 1 8,078 7,909 3,523 6,608 — 7,909 10,131 18,040 (1,686) 12/31/2018 1984 2500 Walsh Avenue (6) Santa Clara, CA 1 — 6,687 8,326 2,922 — 6,687 11,248 17,935 (1,426) 12/31/2018 1982 603 San Juan Avenue Stockton, CA 1 — 563 5,470 217 — 563 5,687 6,250 (1,771) 7/20/2012 2012 350 West Java Drive (6) Sunnyvale, CA 1 — 24,609 462 3,296 — 24,609 3,758 28,367 (334) 12/31/2018 1984 7958 South Chester Street Centennial, CO 1 — 6,682 7,153 2,881 — 6,682 10,034 16,716 (1,643) 12/31/2018 2000 12795 West Alameda Parkway Lakewood, CO 1 — 2,640 23,777 (7,662) (14,590) 585 3,580 4,165 (38) 1/15/2010 1988 11 Dupont Circle, NW (7) Washington, DC 1 — 28,255 44,743 24,474 — 28,255 69,217 97,472 (15,454) 10/2/2017 1974 1211 Connecticut Avenue, NW Washington, DC 1 — 30,388 24,667 4,407 — 30,388 29,074 59,462 (6,704) 10/2/2017 1967 1401 K Street, NW (7) Washington, DC 1 — 29,215 34,656 8,480 — 29,215 43,136 72,351 (11,067) 10/2/2017 1929 20 Massachusetts Avenue (7) Washington, DC 1 — 12,009 51,527 223,321 — 12,231 274,626 286,857 (60,247) 3/31/1997 1996 440 First Street, NW (5) Washington, DC 1 — 27,903 38,624 3,403 — 27,903 42,027 69,930 (7,549) 10/2/2017 1982 625 Indiana Avenue (7) Washington, DC 1 — 26,000 25,955 12,825 — 26,000 38,780 64,780 (14,278) 8/17/2010 1989 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Properties Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original 840 First Street, NE Washington, DC 1 — 42,727 73,278 2,913 — 42,727 76,191 118,918 (14,541) 10/2/2017 2003 10350 NW 112th Avenue (8) Miami, FL 1 — 4,798 2,757 2,413 — 4,798 5,170 9,968 (1,016) 12/31/2018 2002 7850 Southwest 6th Court (6) Plantation, FL 1 — 4,800 30,592 16,817 — 4,800 47,409 52,209 (11,433) 5/12/2011 1999 8900 Grand Oak Circle (7) Tampa, FL 1 — 1,100 11,773 1,788 — 1,100 13,561 14,661 (4,649) 10/15/2010 1994 180 Ted Turner Drive SW (5) Atlanta, GA 1 — 5,717 20,017 3,061 — 5,717 23,078 28,795 (6,623) 7/25/2012 2007 1224 Hammond Drive (6) Atlanta, GA 1 — 13,040 135,459 11,678 — 13,040 147,137 160,177 (15,612) 6/25/2021 2020 One Georgia Center (5) Atlanta, GA 1 — 10,250 27,933 22,005 — 10,250 49,938 60,188 (15,962) 9/30/2011 1968 One Primerica Parkway (4) Duluth, GA 1 26,156 6,927 22,951 2,268 — 6,927 25,219 32,146 (3,817) 12/31/2018 2013 4712 Southpark Boulevard (8) Ellenwood, GA 1 — 1,390 19,635 1,327 — 1,390 20,962 22,352 (6,311) 7/25/2012 2005 8305 NW 62nd Avenue Johnston, IA 1 — 2,649 7,997 — — 2,649 7,997 10,646 (1,330) 12/31/2018 2011 1185, 1249 & 1387 S. Vinnell Way (6) Boise, ID 3 — 3,390 29,026 1,520 — 3,390 30,546 33,936 (9,503) 9/11/2012 1996; 1997; 2002 2020 S. Arlington Heights (5) Arlington Heights, IL 1 — 1,450 13,588 2,156 — 1,450 15,744 17,194 (5,633) 12/29/2009 1988 1000 W. Fulton (5) Chicago, IL 1 — 42,935 252,914 1,035 — 42,935 253,949 296,884 (29,784) 6/24/2021 2015 HUB 1415 (8) Naperville, IL 1 — 12,333 20,586 26,551 — 12,333 47,137 59,470 (10,286) 12/31/2018 2001 7601 and 7635 Interactive Way Indianapolis, IN 2 — 3,337 14,522 34 — 3,337 14,556 17,893 (2,281) 12/31/2018 2003 251 Causeway Street (7) Boston, MA 3 — 26,851 36,756 6,426 — 26,848 43,185 70,033 (10,631) 8/17/2010 1987 330 Billerica Road (8) Chelmsford, MA 1 — 2,477 — 10,246 — 2,477 10,246 12,723 (2,743) 12/31/2018 1984 25 Newport Avenue (7) Quincy, MA 1 — 2,700 9,199 2,963 — 2,700 12,162 14,862 (4,054) 2/16/2011 1985 2009-2011 Commerce Park Drive (7) Annapolis, MD 1 — 1,580 3,825 4,097 1,581 7,921 9,502 (1,689) 10/2/2017 1989 2001-2003 Commerce Park Drive Annapolis, MD 1 — 2,477 3,840 1,204 — 2,476 5,045 7,521 (1,138) 10/2/2017 1989 4201 Patterson Avenue (7) Baltimore, MD 1 — 901 8,097 4,746 (85) 893 12,766 13,659 (7,833) 10/15/1998 1989 7001 Columbia Gateway Drive (7) Columbia, MD 1 — 5,642 10,352 4,209 — 5,642 14,561 20,203 (2,254) 12/31/2018 2008 6310 Hillside Center Columbia, MD 1 — 1,424 2,084 440 — 1,424 2,524 3,948 (631) 10/2/2017 2001 6315 Hillside Center (7) Columbia, MD 1 — 2,013 2,144 575 — 2,013 2,719 4,732 (712) 10/2/2017 2001 TenThreeTwenty (7) Columbia, MD 1 — 3,126 16,361 4,798 — 3,126 21,159 24,285 (4,279) 10/2/2017 1982 3300 75th Avenue Landover, MD 1 29,634 4,110 36,371 3,746 — 4,110 40,117 44,227 (14,846) 2/26/2010 1985 Redland 520/530 (7) Rockville, MD 3 — 12,714 61,377 8,166 — 12,714 69,543 82,257 (12,618) 10/2/2017 2008 Redland 540 (7) Rockville, MD 1 — 10,740 17,714 4,605 — 10,740 22,319 33,059 (5,698) 10/2/2017 2003 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Properties Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original 3550 Green Court Ann Arbor, MI 1 — 3,630 4,857 — — 3,630 4,857 8,487 (857) 12/31/2018 1998 Rosedale Corporate Plaza (8) Roseville, MN 1 — 672 6,045 2,896 — 672 8,941 9,613 (4,107) 12/1/1999 1987 2555 Grand Boulevard (5) Kansas City, MO 1 — 4,209 51,522 5,642 — 4,209 57,164 61,373 (10,135) 12/31/2018 2003 4241 NE 34th Street (7) Kansas City, MO 1 — 1,133 5,649 5,284 — 1,470 10,596 12,066 (5,834) 3/31/1997 1995 1220 Echelon Parkway Jackson, MS 1 14,528 440 25,458 2,239 — 440 27,697 28,137 (8,217) 7/25/2012 2009 2300 and 2400 Yorkmont Road (5) Charlotte, NC 2 — 1,334 19,075 4,444 — 1,334 23,519 24,853 (4,475) 12/31/2018 1995 18010 Burt Street (8) Omaha, NE 1 — 2,819 6,250 4,710 — 2,819 10,960 13,779 (982) 12/31/2018 2012 18020 Burt Street Omaha, NE 1 — 4,158 6,250 13 — 4,158 6,263 10,421 (1,039) 12/31/2018 2012 500 Charles Ewing Boulevard Ewing, NJ 1 42,354 4,808 26,002 1,846 — 4,808 27,848 32,656 (4,620) 12/31/2018 2012 299 Jefferson Road (7) Parsippany, NJ 1 — 4,543 2,914 1,649 — 4,543 4,563 9,106 (893) 12/31/2018 2011 One Jefferson Road (7) Parsippany, NJ 1 — 4,415 5,249 103 — 4,415 5,352 9,767 (898) 12/31/2018 2009 Airline Corporate Center (7) Colonie, NY 1 — 790 6,400 1,968 — 790 8,368 9,158 (2,612) 6/22/2012 2004 1212 Pittsford - Victor Road (7) Pittsford, NY 1 — 608 78 1,706 — 608 1,784 2,392 (355) 12/31/2018 1965 2231 Schrock Road (8) Columbus, OH 1 — 716 217 578 — 716 795 1,511 (229) 12/31/2018 1999 8800 Tinicum Boulevard (7) Philadelphia, PA 1 — 5,573 22,686 6,883 — 5,573 29,569 35,142 (4,577) 12/31/2018 2000 446 Wrenplace Road (7) Fort Mill, SC 1 — 5,031 22,524 42 — 5,031 22,566 27,597 (2,270) 12/22/2020 2019 9680 Old Bailes Road Fort Mill, SC 1 — 834 2,944 91 — 834 3,035 3,869 (519) 12/31/2018 2007 16001 North Dallas Parkway (8) Addison, TX 2 — 10,282 63,071 2,910 — 10,282 65,981 76,263 (11,484) 12/31/2018 1987 Research Park (6) Austin, TX 2 — 4,258 13,747 2,298 — 4,258 16,045 20,303 (4,155) 12/31/2018 1999 10451 Clay Road (8) Houston, TX 1 — 5,495 10,253 2,432 — 5,495 12,685 18,180 (2,486) 12/31/2018 2013 202 North Castlegory Road (8) Houston, TX 1 — 863 5,024 98 — 863 5,122 5,985 (796) 12/31/2018 2016 4221 W. John Carpenter Freeway (8) Irving, TX 1 — 1,413 2,365 1,843 — 1,413 4,208 5,621 (1,799) 12/31/2018 1995 8675,8701-8711 Freeport Pkwy and 8901 Esters Boulevard (7) Irving, TX 3 — 12,970 31,566 757 — 12,970 32,323 45,293 (5,250) 12/31/2018 1990 1511 East Common Street (7) New Braunfels, TX 1 — 4,965 1,266 251 — 4,965 1,517 6,482 (424) 12/31/2018 2005 2900 West Plano Parkway Plano, TX 1 — 6,819 8,831 — — 6,819 8,831 15,650 (1,469) 12/31/2018 1998 3400 West Plano Parkway (8) Plano, TX 1 — 4,543 15,964 321 — 4,543 16,285 20,828 (2,745) 12/31/2018 1994 3600 Wiseman Boulevard (6) San Antonio, TX 1 — 3,493 6,662 2,389 — 3,493 9,051 12,544 (1,487) 12/31/2018 2004 701 Clay Road (4) Waco, TX 1 26,156 2,030 8,708 15,052 — 2,060 23,730 25,790 (11,137) 12/23/1997 1997 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Properties Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original 1800 Novell Place (6) Provo, UT 1 — 7,487 43,487 19,841 — 7,487 63,328 70,815 (9,528) 12/31/2018 2000 14660 Lee Road (8) Chantilly, VA 1 — 2,536 14,686 3,260 — 2,536 17,946 20,482 (3,295) 12/22/2016 1998 14672 Lee Road (5) Chantilly, VA 1 — 2,253 24,749 4,800 — 2,253 29,549 31,802 (7,435) 12/22/2016 2002 14668 Lee Road (5) Chantilly, VA 1 — 2,177 34,779 18,526 — 2,177 53,305 55,482 (7,933) 12/22/2016 2006 Enterchange at Meadowville (6) Chester, VA 1 — 1,478 9,594 1,369 — 1,478 10,963 12,441 (3,072) 8/28/2013 1999 7987 Ashton Avenue (7) Manassas, VA 1 — 1,562 8,253 1,093 — 1,562 9,346 10,908 (2,265) 1/3/2017 1989 Two Commercial Place (8) Norfolk, VA 1 — 4,494 21,508 1,096 — 4,494 22,604 27,098 (3,628) 12/31/2018 1974 1760 Business Center Drive Reston, VA 1 — 5,033 50,141 6,325 — 5,033 56,466 61,499 (15,184) 5/28/2014 1987 1775 Wiehle Avenue Reston, VA 1 — 4,138 26,120 5,934 — 4,138 32,054 36,192 (6,747) 10/2/2017 2001 9201 Forest Hill Avenue Richmond, VA 1 — 1,344 375 668 — 1,344 1,043 2,387 (322) 12/31/2018 1985 9960 Mayland Drive (7) Richmond, VA 1 — 2,614 15,930 5,021 — 2,614 20,951 23,565 (5,943) 5/20/2014 1994 1751 Blue Hills Drive (5) Roanoke, VA 1 — 2,689 7,761 — — 2,689 7,761 10,450 (1,291) 12/31/2018 2003 Atlantic Corporate Park (7) Sterling, VA 2 — 5,752 29,316 4,423 — 5,752 33,739 39,491 (6,660) 10/2/2017 2008 Orbital Sciences Campus (5) Sterling, VA 3 — 12,275 19,320 37,466 — 12,269 56,792 69,061 (4,480) 12/31/2018 2001 Sterling Park Business Center Sterling, VA 1 26,007 5,871 44,324 135 — 5,871 44,459 50,330 (8,072) 10/2/2017 2016 65 Bowdoin Street (6) S. Burlington, VT 1 — 700 8,416 239 — 700 8,655 9,355 (3,179) 4/9/2010 2009 Stevens Center (5) Richland, WA 2 — 3,970 17,035 4,807 — 4,042 21,770 25,812 (13,792) 3/31/1997 1995 Unison Elliott Bay-Lab Space (8) Seattle, WA 2 — 17,316 34,281 147,272 — 17,316 181,553 198,869 (12,064) 12/31/2018 2000 Unison Elliott Bay-Office Space (8) Seattle, WA 1 — 9,324 18,459 4,858 — 9,324 23,317 32,641 (3,753) 12/31/2018 2000 5353 Yellowstone Road (5) Cheyenne, WY 1 — 1,915 8,217 4,528 — 1,950 12,710 14,660 (6,641) 3/31/1997 1995 123 $ 172,913 $ 712,433 $ 2,142,169 $ 822,072 $ (19,115) $ 711,039 $ 2,946,520 $ 3,657,559 $ (618,650) Properties Held for Sale 3250 and 3260 Jay Street Santa Clara, CA 2 — 19,899 14,051 83 (11,041) 12,986 10,006 22,992 (2,244) 12/31/2018 1982 11411 E. Jefferson Avenue (7) Detroit, MI 1 — 630 18,002 596 (8,001) 224 11,003 11,227 (6,807) 4/23/2010 2009 Regents Center Tempe, AZ 2 — 4,121 3,042 353 — 4,121 3,395 7,516 (979) 12/31/2018 1988 5 — 24,650 35,095 1,032 (19,042) 17,331 24,404 41,735 (10,030) 128 $ 172,913 $ 737,083 $ 2,177,264 $ 823,104 $ (38,157) $ 728,370 $ 2,970,924 $ 3,699,294 $ (628,680) (1) Represents mortgage debt, net of the unamortized balance of debt issuance costs totaling $4,407. (2) Excludes the value of real estate intangibles. Aggregate cost for federal income tax purposes is approximately $7,540,917. (3) Depreciation on building and improvements is provided for periods ranging up to 40 years and on equipment up to seven years. (4) These two properties are collateral for our $54,300 mortgage note. (5) These 19 properties are first lien collateral for our $425,000 credit agreement and second lien collateral for our $610,000 of 9.000% senior secured notes due September 2029, or the September 2029 Notes. (6) These 17 properties are collateral for our $300,000 of 9.000% senior secured notes due March 2029. (7) These 37 properties are collateral for our $445,000 of 3.250% senior secured notes due March 2027, or the March 2027 Notes. (8) These 19 properties are first lien collateral for the September 2029 Notes and second lien collateral for the March 2027 Notes. An analysis of the carrying amount of real estate properties and accumulated depreciation is as follows: Real Estate Properties Accumulated Depreciation Balance at December 31, 2022 $ 3,936,074 $ 561,458 Additions 221,246 107,460 Loss on asset impairment (11,299) — Disposals (51,011) (15,709) Reclassification of assets of properties held for sale (29,331) (3,030) Balance at December 31, 2023 4,065,679 650,179 Additions 107,912 118,710 Loss on asset impairment (181,578) — Disposals (283,534) (131,024) Cost basis adjustment (1) (9,185) (9,185) Reclassification of assets of properties held for sale (41,735) (10,030) Balance at December 31, 2024 $ 3,657,559 $ 618,650 (1) Represents the reclassification between accumulated depreciation and building made to certain properties measured at fair value in accordance with GAAP.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (136,107)	$ (69,432)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We rely on the information technology and systems maintained by our manager, RMR, and rely on our manager to identify, assess and manage material risks from cybersecurity threats. RMR takes various actions, and incurs significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems. Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks. In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We rely on the information technology and systems maintained by our manager, RMR, and rely on our manager to identify, assess and manage material risks from cybersecurity threats. RMR takes various actions, and incurs significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Role of Management [Text Block]	We rely on the information technology and systems maintained by our manager, RMR, and rely on our manager to identify, assess and manage material risks from cybersecurity threats. RMR takes various actions, and incurs significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems. Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks. In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s Chief Information Officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are wholly owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated.
Real Estate Properties	Real Estate Properties. We record our properties at cost and provide depreciation on real estate investments on a straight line basis over estimated useful lives generally ranging from 7 to 40 years. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate the purchase prices of our properties to land, buildings and improvements based on determinations of the relative fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. We allocate a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amounts over the estimated life of the relationships. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill. We amortize capitalized above market lease values (included in acquired real estate leases, net in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations, net in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in net increases to rental income of $402 and $252 during the years ended December 31, 2024 and 2023, respectively. We amortize the value of acquired in place leases (included in acquired real estate leases, net in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, amounted to $65,039 and $93,057 during the years ended December 31, 2024 and 2023, respectively. If a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining useful lives of our long lived assets. If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful lives.
Cash and Cash Equivalents	Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash	Restricted Cash. Restricted cash consists of amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts.
Deferred Leasing Costs	Deferred Leasing Costs
Debt Issuance Costs	Debt Issuance Costs
Equity Method Investments	Equity Method Investments. As of December 31, 2024, we had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties. The properties owned by the joint venture were encumbered by $50,000 of mortgage indebtedness. We did not control the activities that are most significant to the joint venture and, as a result, we accounted for our investment in the joint venture under the equity method of accounting. See Note 4 for more information regarding our unconsolidated joint ventures. We periodically evaluate our equity method investments for possible indicators of other than temporary impairment whenever events or changes in circumstances indicate the carrying amount of the investment might not be recoverable. These indicators may include the length of time and the extent to which the market value of our investment is below our carrying value, the financial condition of our investees, our intent and ability to be a long term holder of the investment and other considerations. If the decline in fair value is judged to be other than temporary, we record an impairment charge to adjust the basis of the investment to its estimated fair value.
Revenue Recognition	Revenue Recognition. We are a lessor of commercial office properties. Our leases provide our tenants with the contractual right to use and economically benefit from all of the physical space specified in the leases; therefore, we have determined to evaluate our leases as lease arrangements. Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. Allowances for bad debts are recognized as a direct reduction of rental income. Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have made the policy election to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply Accounting Standards Codification 842, Leases , to the combined component. Income derived by our leases is recorded in rental income in our consolidated statements of comprehensive income (loss). Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations. See Note 5 for more information regarding our leases.
Income Taxes	Income Taxes.
Per Common Share Amounts	Per Common Share Amounts. We calculate basic earnings per common share using the two class method. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per share.
Use of Estimates	Use of Estimates. Preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates. Significant estimates in the consolidated financial statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles.
New Accounting Pronouncements	New Accounting Pronouncements. In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities, including those with a single reportable segment, to: (i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the chief operating decision maker, or the CODM, and included in each reported measure of segment profit or loss; (ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Accounting Standards Codification 280, Segment Reporting , in interim periods; and (iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. ASU No. 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments or applies the quantitative thresholds to determine its reportable segments. We adopted ASU No. 2023-07 effective December 31, 2024. As a result we have included additional information related to the required disclosures within Note 12 to our consolidated financial statements. In December 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statements Expenses , which requires public entities to provide disaggregated disclosure of certain income statement expense captions within the footnotes to the financial statements. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods after December 15, 2027, with early adoption permitted. We are currently evaluating the impact ASU 2024-03 will have on our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Real Estate Properties	As of December 31, 2024 and 2023, our acquired real estate leases and assumed real estate lease obligations, excluding properties classified as held for sale, were as follows: December 31, 2024 2023 Acquired real estate leases: Capitalized above market lease values $ 7,715 $ 14,758 Less: accumulated amortization (5,814) (10,876) Capitalized above market lease values, net 1,901 3,882 Lease origination value 433,347 572,766 Less: accumulated amortization (241,509) (313,150) Lease origination value, net 191,838 259,616 Acquired real estate leases, net $ 193,739 $ 263,498 Assumed real estate lease obligations: Capitalized below market lease values $ 14,177 $ 25,678 Less: accumulated amortization (4,652) (14,013) Assumed real estate lease obligations, net $ 9,525 $ 11,665

Per Common Share Amounts (Table

Per Common Share Amounts (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted earnings per share is as follows (amounts in thousands, except per share data): Year Ended December 31, 2024 2023 Numerators: Net loss $ (136,107) $ (69,432) Income attributable to unvested participating securities (14) (305) Net loss used in calculating earnings per common share $ (136,121) $ (69,737) Denominators: Weighted average common shares outstanding - basic and diluted (1) 51,806 48,389 Net loss per common share - basic and diluted $ (2.63) $ (1.44) (1)

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Schedule of Disposal Groups	Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate (Loss) on Impairment of Real Estate March 2024 1 Chicago, IL (2) 248,000 $ 38,500 $ (2,448) $ — July 2024 1 Malden, MA 126,000 7,800 (10) (13,973) August 2024 3 Indianapolis, IN 434,000 10,100 729 (50,851) September 2024 1 Atlanta, GA 126,000 17,610 8,690 — September 2024 1 San Jose, CA 64,000 10,800 (954) (819) November 2024 1 Colorado Springs, CO 156,000 26,164 12,962 — November 2024 1 Rocklin, CA 19,000 2,627 1,084 — November 2024 3 Lakewood, CO 213,000 8,100 (9,132) — December 2024 5 Atlanta, GA 379,000 18,100 79 (21,937) December 2024 1 Florence, KY 168,000 3,250 (6,966) — December 2024 1 Sacramento, CA 338,000 21,000 (6,502) (33,902) December 2024 1 Reston, VA 131,000 7,200 (869) (18,540) December 2024 1 Kansas City, MO 87,000 8,000 32 (4,370) December 2024 1 Westford, MA 175,000 5,100 (6,481) (3,554) December 2024 2 Provo, UT 125,000 15,000 2,376 — 24 2,789,000 $ 199,351 $ (7,410) $ (147,946) (1) Gross sales price is the gross contract price, excluding closing costs. (2) Property was classified as held for sale as of December 31, 2023. We recorded an $11,299 loss on impairment of real estate during the year ended December 31, 2023 to reduce the carrying value of this property to its estimated fair value less costs to sell as of December 31, 2023. As of December 31, 2024, we had six properties, that are under agreement to sell for an aggregate sales price of $54,763, excluding closing costs, five of which are classified as held for sale in our consolidated balance sheet, as summarized below: Date of Sale Agreement Number of Properties Location Rentable Square Feet Gross Sales Price (1) (Loss) on Impairment of Real Estate September 2024 2 Santa Clara, CA 149,000 $ 21,150 $ (11,041) October 2024 2 Tempe, AZ 101,000 10,738 — December 2024 1 Detroit, MI 56,000 4,750 (8,001) December 2024 1 Reston, VA (2) 275,000 18,125 — 6 581,000 $ 54,763 $ (19,042) (1) Gross sales price is the contract price, excluding closing costs. (2) Property did not meet held for sale criteria as of December 31, 2024. Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate January 2023 3 Richmond, VA (2) 89,000 $ 5,350 $ 2,548 April 2023 1 Phoenix, AZ 107,000 4,900 511 June 2023 1 Vernon Hills, IL 100,000 2,825 (2,816) September 2023 1 Windsor Mill, MD 80,000 10,500 244 October 2023 1 Santa Clara, CA 66,000 16,049 705 November 2023 1 Chelmsford, MA 111,000 5,250 2,588 8 properties 553,000 $ 44,874 $ 3,780 (1) Gross sales price is the gross contract price, excluding closing costs. (2) Properties were classified as held for sale as of December 31, 2022.
Schedule of Joint Ventures	As of December 31, 2024 and 2023, our investments in our unconsolidated joint ventures consisted of the following: OPI Ownership OPI Carrying Value of Investments at December 31, Number of Properties Location Rentable Square Feet Joint Venture 2024 2023 Prosperity Metro Plaza 51% $ 17,370 $ 18,128 2 Fairfax, VA 346,000 1750 H Street, NW 50% — — 1 Washington, D.C. 125,000 Total $ 17,370 $ 18,128 3 471,000 The following table provides a summary of the mortgage debt of our unconsolidated joint ventures as of December 31, 2024 and 2023: Principal Balance at December 31, Joint Venture Interest Rate (1) Maturity Date 2024 (2) 2023 (2) Prosperity Metro Plaza 4.09% 12/1/2029 $ 50,000 $ 50,000 1750 H Street, NW 3.69% 8/1/2027 — 32,000 Weighted Average / Total 3.93% $ 50,000 $ 82,000 (1) Includes the effect of mark to market purchase accounting. (2) Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interests in the joint ventures we did not own. None of the debt is recourse to us.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Future Contractual Lease Payments to be Received	The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2053 as of December 31, 2024: Year Amount 2025 $ 318,530 2026 310,043 2027 291,562 2028 259,443 2029 249,250 Thereafter 1,296,713 Total $ 2,725,541

Business and Property Managem_2

Business and Property Management Agreements with RMR (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	For the years ended December 31, 2024 and 2023, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our consolidated financial statements were as follows: Year Ended December 31, 2024 2023 Pursuant to business management agreement: Business management fees (1) $ 13,145 $ 14,751 Pursuant to property management agreement: Property management fees (2) $ 13,584 $ 14,890 Construction supervision fees 2,872 8,390 $ 16,456 $ 23,280 Expense Reimbursement: Property level expenses $ 25,797 $ 25,872 (1) The net business management fees we recognized for the years ended December 31, 2024 and 2023 each reflect a reduction of $603 for the amortization of the liability we recorded in connection with our former investment in RMR Inc. (2) The net property management fees we recognized for the years ended December 31, 2024 and 2023 each reflect a reduction of $484 for the amortization of the liability we recorded in connection with our former investment in RMR Inc.

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	As of December 31, 2024 and 2023, our outstanding indebtedness consisted of the following: December 31, 2024 2023 Unsecured revolving credit facility, due in 2024 $ — $ 205,000 Secured revolving credit facility, due in 2027 325,000 — Secured term loan, due in 2027 100,000 — Senior unsecured notes, 4.250% interest rate, due in 2024 (1) — 350,000 Senior unsecured notes, 4.500% interest rate, due in 2025 (2) 171,586 650,000 Senior unsecured notes, 2.650% interest rate, due in 2026 140,488 300,000 Senior unsecured notes, 2.400% interest rate, due in 2027 80,784 350,000 Senior secured notes, 3.250% interest rate, due in 2027 (3) 444,992 — Mortgage note payable, 8.272% interest rate, due in 2028 42,700 42,700 Mortgage note payable, 8.139% interest rate, due in 2028 26,340 26,340 Mortgage note payable, 7.671% interest rate, due in 2028 54,300 54,300 Senior secured notes, 9.000% interest rate, due in March 2029 (4) 300,000 — Senior secured notes, 9.000% interest rate, due in September 2029 (5) 609,999 — Senior unsecured notes, 3.450% interest rate, due in 2031 114,355 400,000 Mortgage note payable, 7.210% interest rate, due in 2033 30,680 30,680 Mortgage note payable, 7.305% interest rate, due in 2033 8,400 8,400 Mortgage note payable, 7.717% interest rate, due in 2033 14,900 14,900 Senior unsecured notes, 6.375% interest rate, due in 2050 162,000 162,000 2,626,524 2,594,320 Unamortized debt premiums, discounts and issuance costs (91,890) (21,711) $ 2,534,634 $ 2,572,609 (1) These senior notes were redeemed in March 2024. (2) Certain of these senior notes were redeemed through a series of exchange transactions during the year ended December 31, 2024. The remaining balance of $171,586 at December 31, 2024 was redeemed in cash in January 2025. (3) These senior notes were issued in December 2024. (4) These senior notes were issued in February 2024. (5) These senior notes were issued in June and October 2024.
Schedule of Senior Note Exchanges	In June and October 2024, through two exchange transactions, we exchanged $609,999 in aggregate principal amount of new 9.000% senior secured notes due September 2029, or the September 2029 Notes, for an aggregate $895,373 of certain of our outstanding senior unsecured notes, or the Existing Notes, and an aggregate 1,406,952 of our common shares valued at $2.26 per share, and such transactions, the 2029 Senior Note Exchanges, as follows: Existing Notes Exchanged Aggregate Principal Amount of Existing Notes Accepted for Exchange Aggregate Principal Amount of September 2029 Notes Delivered Existing 4.50% 2025 Notes $ 181,000 $ 183,981 Existing 2.650% 2026 Notes 159,512 114,803 Existing 2.400% 2027 Notes 269,216 164,162 Existing 3.450% 2031 Notes 285,645 147,053 Total $ 895,373 $ 609,999
Schedule of Required Principal Payments	The required principal payments due during the next five years and thereafter under all our outstanding consolidated debt as of December 31, 2024 were as follows: Year Principal Payment 2025 (1) $ 197,586 2026 291,488 2027 773,776 2028 123,487 2029 910,278 Thereafter 329,909 Total (2) $ 2,626,524 (1) Includes $171,586 aggregate principal of the 2025 Notes, which were redeemed in full in January 2025. (2) Total consolidated debt outstanding as of December 31, 2024, net of unamortized premiums, discounts and issuance costs totaling $91,890, was $2,534,634.

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value	The following table presents certain of our assets measured at fair value at December 31, 2024, categorized by level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Fair Value at Reporting Date Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-recurring Fair Value Measurements Assets Assets of properties held for sale (1) $ 25,909 $ — $ 25,909 $ — (1) We recorded an impairment charge of $19,042 to reduce the carrying values of three properties that are classified as held for sale in our condensed consolidated balance sheet to their estimated fair values less estimated costs to sell of $739, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP). See Note 4 for more information.
Schedule of Fair Value and Carrying Value of Financial Instruments	At December 31, 2024 and 2023, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except as follows: As of December 31, 2024 As of December 31, 2023 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 4.25% interest rate, due in 2024 $ — $ — $ 349,144 $ 331,510 Senior unsecured notes, 4.50% interest rate, due in 2025 171,607 169,302 646,266 510,445 Senior unsecured notes, 2.650% interest rate, due in 2026 139,578 106,078 298,464 185,934 Senior unsecured notes, 2.400% interest rate, due in 2027 80,486 49,475 348,086 196,147 Senior secured notes, 3.250% interest rate, due in 2027 363,432 383,806 — — Senior secured notes, 9.000% interest rate, due in March 2029 275,632 293,100 — — Senior secured notes, 9.000% interest rate, due in September 2029 637,052 529,436 — — Senior unsecured notes, 3.450% interest rate, due in 2031 113,511 49,688 396,614 199,060 Senior unsecured notes, 6.375% interest rate, due in 2050 157,096 80,676 156,904 83,916 Mortgage notes payable 172,912 177,295 172,131 179,813 Total $ 2,111,306 $ 1,838,856 $ 2,367,609 $ 1,686,825 (1) Includes unamortized debt premiums, discounts and issuance costs totaling $90,218 and $21,711 as of December 31, 2024 and 2023, respectively.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Summary of Shares Granted And Vested Under The Terms of The Entity's 2009 Plan	A summary of shares awarded, forfeited, vested and unvested under the terms of the 2009 Plan for the years ended December 31, 2024 and 2023, is as follows: 2024 2023 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 288,681 $ 12.01 231,301 $ 21.47 Awarded 649,198 $ 2.14 241,800 $ 6.04 Forfeited — $ — (3,700) $ 17.31 Vested (346,000) $ 6.62 (180,720) $ 16.00 Unvested at end of year 591,879 $ 4.32 288,681 $ 12.01
Schedule of Dividends	During the years ended December 31, 2024 and 2023, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distributions Characterization of Distributions Year Return of Capital Ordinary Income Qualified Dividend 2024 $ 0.04 $ 2,033 100.00% —% —% 2023 $ 1.30 $ 63,187 100.00% —% —%

Business (Details)

Business (Details) $ in Thousands	Feb. 13, 2025 USD ($)	Dec. 31, 2024 USD ($) ft² property
Real Estate Properties [Line Items]
2025		$ 197,586
2026		$ 291,488
Subsequent Event
Real Estate Properties [Line Items]
Cash	$ 113,000
2025	26,000
2026	$ 291,488
Unconsolidated Properties
Real Estate Properties [Line Items]
Number of Properties (in properties) | property		3
Rentable area of properties (in square feet) | ft²		471,000
Joint Venture Property 1
Real Estate Properties [Line Items]
Percentage of ownership interest		51%
Joint Venture Property 1 | Unconsolidated Properties
Real Estate Properties [Line Items]
Number of Properties (in properties) | property		2
Rentable area of properties (in square feet) | ft²		346,000
Continuing Operations
Real Estate Properties [Line Items]
Number of Properties (in properties) | property		128
Rentable area of properties (in square feet) | ft²		17,763,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Real Estate Properties, Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Net increase (decrease) to rental income	$ 402	$ 252
Amortization of the value of leases	64,636	92,805
Projected future amortization of net intangible lease assets and liabilities, excluding those classified as discontinued operations
2025	42,347
2026	34,401
2027	27,444
2028	14,981
2029	13,462
Thereafter	51,579
Original Value Lease
Real Estate [Line Items]
Amortization of the value of leases	$ 65,039	$ 93,057
Minimum | Building and Building Improvements
Real Estate [Line Items]
Property, plant and equipment, useful life	7 years
Maximum | Building and Building Improvements
Real Estate [Line Items]
Property, plant and equipment, useful life	40 years
Weighted Average
Real Estate [Line Items]
Below market, acquired lease amortization period	12 years
Weighted Average | Above Market Lease
Real Estate [Line Items]
Acquired lease amortization period	4 years
Weighted Average | Original Value Lease
Real Estate [Line Items]
Acquired lease amortization period	7 years 3 months 18 days

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Real Estate Assets and Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Acquired real estate leases, net	$ 193,739	$ 263,498
Capitalized below market lease values	14,177	25,678
Less: accumulated amortization	(4,652)	(14,013)
Assumed real estate lease obligations, net	9,525	11,665
Above Market Lease
Real Estate [Line Items]
Real estate leases	7,715	14,758
Less: accumulated amortization	(5,814)	(10,876)
Acquired real estate leases, net	1,901	3,882
Original Value Lease
Real Estate [Line Items]
Real estate leases	433,347	572,766
Less: accumulated amortization	(241,509)	(313,150)
Acquired real estate leases, net	$ 191,838	$ 259,616

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Deferred Leasing and Debt Issuance Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amortization of deferred leasing costs	$ 10,988	$ 8,737
Deferred sales inducement cost, amortization expense	2,003	1,326
Deferred leasing costs, gross	127,095	113,433
Accumulated amortization of deferred leasing costs	29,453	26,462
Future amortization of deferred leasing costs, excluding those classified as discontinued operations
2025	12,751
2026	11,948
2027	11,203
2028	10,520
2029	9,637
Thereafter	41,583
Deferred financing fees, net	65,802	16,623
Future amortization of deferred financing fees
2025	22,519
2026	22,192
2027	10,086
2028	7,310
2029	4,268
Thereafter	4,869
Line of Credit
Future amortization of deferred leasing costs, excluding those classified as discontinued operations
Maximum borrowing capacity on revolving credit facility	425,000
Line of Credit
Future amortization of deferred leasing costs, excluding those classified as discontinued operations
Maximum borrowing capacity on revolving credit facility	750,000
Deferred financing fees, gross	7,838	5,328
Accumulated amortization of deferred financing fees	2,396	$ 5,240
Revolving credit facility | Line of Credit
Future amortization of deferred leasing costs, excluding those classified as discontinued operations
Maximum borrowing capacity on revolving credit facility	$ 325,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Equity Method Investments (Details) $ in Thousands	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Joint Venture Property 1
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	51%
Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Number of Properties (in properties) | property	3
Unconsolidated Properties | Mortgage Note Payable
Schedule of Equity Method Investments [Line Items]
Principal balance | $	$ 50,000	$ 82,000
Unconsolidated Properties | Joint Venture Property 1
Schedule of Equity Method Investments [Line Items]
Number of Properties (in properties) | property	2
Unconsolidated Properties | Joint Venture Property 1 | Mortgage Note Payable
Schedule of Equity Method Investments [Line Items]
Principal balance | $	$ 50,000

Per Common Share Amounts - Inco

Per Common Share Amounts - Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Numerators:
Net loss	$ (136,107)	$ (69,432)
Income attributable to unvested participating securities	(14)	(305)
Net loss used in calculating earnings per common share	$ (136,121)	$ (69,737)
Denominators:
Weighted average common shares outstanding - basic (in shares)	51,806	48,389
Weighted average common shares outstanding - diluted (in shares)	51,806	48,389
Net loss per common share - basic (in dollars per share)	$ (2.63)	$ (1.44)
Net loss per common share - diluted (in dollars per share)	$ (2.63)	$ (1.44)

Real Estate Properties - Real E

Real Estate Properties - Real Estate Properties Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) ft² property lease	Jun. 30, 2024 property	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Real estate aggregate undepreciated carrying value | $	$ 3,657,559		$ 4,065,679
Number of leases entered | lease	52
Rentable square feet (in square feet) | ft²	2,042,000
Weighted average lease term	8 years 9 months 18 days
Expenditures committed on leases | $	$ 95,935
Operating leases committed expenditures on leases executed in period committed but unspent tenant related obligations | $	$ 81,865
Unconsolidated Properties
Real Estate Properties [Line Items]
Number of Properties (in properties) | property	3
Area of properties (in square feet) | ft²	471,000
Joint Venture Property 1
Real Estate Properties [Line Items]
Percentage of ownership interest	51%
Joint Venture Property 1 | Unconsolidated Properties
Real Estate Properties [Line Items]
Number of Properties (in properties) | property	2
Area of properties (in square feet) | ft²	346,000
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of Properties (in properties) | property	5	1
Area of properties (in square feet) | ft²	581,000
Carrying value | $	$ 41,735
Continuing Operations
Real Estate Properties [Line Items]
Number of Properties (in properties) | property	128
Area of properties (in square feet) | ft²	17,763,000
Real estate aggregate undepreciated carrying value | $	$ 3,699,294

Real Estate Properties - Acquis

Real Estate Properties - Acquisition Activities (Details) $ in Thousands	1 Months Ended
	Dec. 31, 2023 USD ($)
Real Estate [Abstract]
Asset acquisition, consideration transferred	$ 2,750

Real Estate Properties - Dispos

Real Estate Properties - Disposition Activities (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Feb. 13, 2025 USD ($) ft² property	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) property	Dec. 31, 2024 USD ($) ft² property	Dec. 31, 2023 USD ($) ft² property
Real Estate Properties [Line Items]
Gain (Loss) on Sale of Real Estate				$ (7,410)	$ 3,780
(Loss) on Impairment of Real Estate				$ (181,578)	$ (11,299)
Impairment charge on reclassified assets		$ 2,573
Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				24	8
Rentable Square Feet (in square feet) | ft²				2,789,000	553,000
Gross Sales Price				$ 199,351	$ 44,874
Gain (Loss) on Sale of Real Estate				(7,410)	3,780
(Loss) on Impairment of Real Estate				$ (147,946)
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of Properties (in properties) | property			1	5
Rentable Square Feet (in square feet) | ft²				581,000
Gross Sales Price				$ 54,763
(Loss) on Impairment of Real Estate			$ (12,017)	$ (19,042)
Number of Properties, under agreement to sell | property				6
Loss on Impairment Of Real Estate, under agreement to sell				$ (19,042)
Disposal Group, Held-for-sale, Not Discontinued Operations | Subsequent Event
Real Estate Properties [Line Items]
Number of Properties (in properties) | property	1
Rentable Square Feet (in square feet) | ft²	100,000,000
Gross Sales Price	$ 5,750
Chicago, IL | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				1
Rentable Square Feet (in square feet) | ft²				248,000
Gross Sales Price				$ 38,500
Gain (Loss) on Sale of Real Estate				(2,448)
(Loss) on Impairment of Real Estate				$ 0	$ (11,299)
Malden, MA | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				1
Rentable Square Feet (in square feet) | ft²				126,000
Gross Sales Price				$ 7,800
Gain (Loss) on Sale of Real Estate				(10)
(Loss) on Impairment of Real Estate				$ (13,973)
Indianapolis, IN | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				3
Rentable Square Feet (in square feet) | ft²				434,000
Gross Sales Price				$ 10,100
Gain (Loss) on Sale of Real Estate				729
(Loss) on Impairment of Real Estate				$ (50,851)
Atlanta, GA | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				1
Rentable Square Feet (in square feet) | ft²				126,000
Gross Sales Price				$ 17,610
Gain (Loss) on Sale of Real Estate				8,690
(Loss) on Impairment of Real Estate				$ 0
San Jose, CA | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				1
Rentable Square Feet (in square feet) | ft²				64,000
Gross Sales Price				$ 10,800
Gain (Loss) on Sale of Real Estate				(954)
(Loss) on Impairment of Real Estate				$ (819)
Colorado Springs, CO | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				1
Rentable Square Feet (in square feet) | ft²				156,000
Gross Sales Price				$ 26,164
Gain (Loss) on Sale of Real Estate				12,962
(Loss) on Impairment of Real Estate				$ 0
Rocklin, CA | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				1
Rentable Square Feet (in square feet) | ft²				19,000
Gross Sales Price				$ 2,627
Gain (Loss) on Sale of Real Estate				1,084
(Loss) on Impairment of Real Estate				$ 0
Lakewood, CO | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				3
Rentable Square Feet (in square feet) | ft²				213,000
Gross Sales Price				$ 8,100
Gain (Loss) on Sale of Real Estate				(9,132)
(Loss) on Impairment of Real Estate				$ 0
Atlanta, GA | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				5
Rentable Square Feet (in square feet) | ft²				379,000
Gross Sales Price				$ 18,100
Gain (Loss) on Sale of Real Estate				79
(Loss) on Impairment of Real Estate				$ (21,937)
Florence, KY | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				1
Rentable Square Feet (in square feet) | ft²				168,000
Gross Sales Price				$ 3,250
Gain (Loss) on Sale of Real Estate				(6,966)
(Loss) on Impairment of Real Estate				$ 0
Sacramento, CA | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				1
Rentable Square Feet (in square feet) | ft²				338,000
Gross Sales Price				$ 21,000
Gain (Loss) on Sale of Real Estate				(6,502)
(Loss) on Impairment of Real Estate				$ (33,902)
Reston, VA | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				1
Rentable Square Feet (in square feet) | ft²				131,000
Gross Sales Price				$ 7,200
Gain (Loss) on Sale of Real Estate				(869)
(Loss) on Impairment of Real Estate				$ (18,540)
Reston, VA | Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Rentable Square Feet (in square feet) | ft²				275,000
Gross Sales Price				$ 18,125
Number of Properties, under agreement to sell | property				1
Loss on Impairment Of Real Estate, under agreement to sell				$ 0
Kansas City, MO | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				1
Rentable Square Feet (in square feet) | ft²				87,000
Gross Sales Price				$ 8,000
Gain (Loss) on Sale of Real Estate				32
(Loss) on Impairment of Real Estate				$ (4,370)
Westford, MA | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				1
Rentable Square Feet (in square feet) | ft²				175,000
Gross Sales Price				$ 5,100
Gain (Loss) on Sale of Real Estate				(6,481)
(Loss) on Impairment of Real Estate				$ (3,554)
Provo, UT | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property				2
Rentable Square Feet (in square feet) | ft²				125,000
Gross Sales Price				$ 15,000
Gain (Loss) on Sale of Real Estate				2,376
(Loss) on Impairment of Real Estate				$ 0
Santa Clara, CA | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property					1
Rentable Square Feet (in square feet) | ft²					66,000
Gross Sales Price					$ 16,049
Gain (Loss) on Sale of Real Estate					$ 705
Santa Clara, CA | Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Rentable Square Feet (in square feet) | ft²				149,000
Gross Sales Price				$ 21,150
Number of Properties, under agreement to sell | property				2
Loss on Impairment Of Real Estate, under agreement to sell				$ (11,041)
Tempe, AZ | Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Rentable Square Feet (in square feet) | ft²				101,000
Gross Sales Price				$ 10,738
Number of Properties, under agreement to sell | property				2
Loss on Impairment Of Real Estate, under agreement to sell				$ 0
Detroit, MI | Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Rentable Square Feet (in square feet) | ft²				56,000
Gross Sales Price				$ 4,750
Number of Properties, under agreement to sell | property				1
Loss on Impairment Of Real Estate, under agreement to sell				$ (8,001)
Richfield, VA | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property					3
Rentable Square Feet (in square feet) | ft²					89,000
Gross Sales Price					$ 5,350
Gain (Loss) on Sale of Real Estate					$ 2,548
Phoenix, AZ | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property					1
Rentable Square Feet (in square feet) | ft²					107,000
Gross Sales Price					$ 4,900
Gain (Loss) on Sale of Real Estate					$ 511
Vernon Hills, IL | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property					1
Rentable Square Feet (in square feet) | ft²					100,000
Gross Sales Price					$ 2,825
Gain (Loss) on Sale of Real Estate					$ (2,816)
Windsor Mill, MD | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property					1
Rentable Square Feet (in square feet) | ft²					80,000
Gross Sales Price					$ 10,500
Gain (Loss) on Sale of Real Estate					$ 244
Chelmsford, MA | Disposal Group, Disposed of by Sale
Real Estate Properties [Line Items]
Number of Properties (in properties) | property					1
Rentable Square Feet (in square feet) | ft²					111,000
Gross Sales Price					$ 5,250
Gain (Loss) on Sale of Real Estate					$ 2,588

Real Estate Properties - Uncons

Real Estate Properties - Unconsolidated Joint Ventures (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) ft² property joint_venture	Dec. 31, 2023 USD ($)
Real Estate [Line Items]
Number of joint ventures | joint_venture	1
Unconsolidated Properties
Real Estate [Line Items]
Number of Properties (in properties) | property	3
OPI Carrying Value of Investments	$ 17,370	$ 18,128
Rentable Square Feet (in square feet) | ft²	471,000
Equity method investment, difference between carrying amount and underlying equity	$ 673
Unconsolidated Properties | Mortgage Note Payable
Real Estate [Line Items]
Interest rate (as a percent)	3.93%
Principal balance	$ 50,000	82,000
Unconsolidated Properties | Prosperity Metro Plaza
Real Estate [Line Items]
Number of Properties (in properties) | property	2
OPI Ownership	51%
OPI Carrying Value of Investments	$ 17,370	18,128
Rentable Square Feet (in square feet) | ft²	346,000
Unconsolidated Properties | Prosperity Metro Plaza | Mortgage Note Payable
Real Estate [Line Items]
Interest rate (as a percent)	4.09%
Principal balance	$ 50,000	50,000
Unconsolidated Properties | 1750 H Street, NW
Real Estate [Line Items]
Number of Properties (in properties) | property	1
OPI Ownership	50%
OPI Carrying Value of Investments	$ 0	0
Rentable Square Feet (in square feet) | ft²	125,000
Unconsolidated Properties | 1750 H Street, NW | Mortgage Note Payable
Real Estate [Line Items]
Interest rate (as a percent)	3.69%
Principal balance	$ 0	$ 32,000

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) tenant	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Straight line rent adjustments	$ 31,102	$ 26,194
Straight line rent receivables	140,132	112,440
Variable lease, income	86,903	88,173
Tenant reimbursement income	$ 82,647	$ 82,885
Lessor, Operating Lease, Payment to be Received
Lessee, Lease, Description [Line Items]
Number of government tenants with the right to terminate their leases | tenant	5
Lessor, Operating Lease, Payment to be Received | Tenant with Exercisable Termination Rights | Tenant Concentration
Lessee, Lease, Description [Line Items]
Concentration risk, percentage	1.20%
2025	1.40%
2026	1.90%
2027	2%
2028	5.70%
2029	4.10%
2030	2.60%
2031	1.80%
2032	5.70%
2034	1.50%
2035	4.40%
2036	0.60%
2037	0.60%
2040	2.30%
Lessor, Operating Lease, Payment to be Received | Fourteen Government Tenants | Tenant Concentration
Lessee, Lease, Description [Line Items]
Concentration risk, percentage	2.80%

Leases - Operating Lease Maturi

Leases - Operating Lease Maturity (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 318,530
2026	310,043
2027	291,562
2028	259,443
2029	249,250
Thereafter	1,296,713
Total	$ 2,725,541

Business and Property Managem_3

Business and Property Management Agreements with RMR - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) agreement employee	Jan. 01, 2025 USD ($)
Line of Credit
Related Party Transaction [Line Items]
Maximum borrowing capacity on revolving credit facility	$ 425,000
Line of Credit | Subsequent Event
Related Party Transaction [Line Items]
Maximum borrowing capacity on revolving credit facility		$ 100,000
RMR LLC
Related Party Transaction [Line Items]
Number of employees | employee	0
Number of agreements with RMR LLC to provide management services | agreement	2
Management fees as percentage of gross collected rents	3%
Construction supervision fees as percentage of construction costs	5%
RMR LLC | Transition Services
Related Party Transaction [Line Items]
Duration of transition services	120 days
RMR LLC | Amended And Restate Business Management Agreement
Related Party Transaction [Line Items]
Percentage applied on average historical cost of real estate investment properties acquired	0.50%
Base management fee payable as percentage of average historical cost of real estate investments	0.70%
Percentage of average closing stock price on stock exchange	0.70%
Management fee payable as percentage of average market capitalization exceeding specified amount	0.50%
Percentage for limitation and adjustments of incentive management fee payable	12%
Measurement period for incentive management fee	3 years
Average closing price of our common shares, consecutive trading days	10 days
Highest average closing price of our common shares, final consecutive trading days	30 days
Percentage for limitation and adjustments of incentive management fee payable, minimum total return per share percentage change	5%
Percentage of base business management fee payable in common shares	1.50%
RMR LLC | Amended And Restate Business Management Agreement | Up C Transaction
Related Party Transaction [Line Items]
Written notice for convenience	60 days
Window of written notice after calendar year	60 days
Window for written notice after change of control	12 months
Remaining termination fee term	10 years
RMR LLC | Amended And Restate Business Management Agreement | Maximum
Related Party Transaction [Line Items]
Threshold amount of real estate investments	$ 250,000
Threshold amount of average market capitalization	$ 250,000
Percentage for limitation and adjustments of incentive management fee payable, total return per share percentage, reduction	5%
RMR LLC | Amended And Restate Business Management Agreement | Maximum | Up C Transaction
Related Party Transaction [Line Items]
Termination fee term	20 years
RMR LLC | Amended And Restate Business Management Agreement | Minimum
Related Party Transaction [Line Items]
Threshold amount of real estate investments	$ 250,000
Base management fee payable average market capitalization	$ 250,000
Percentage for limitation and adjustments of incentive management fee payable, total return per share percentage, reduction	2%
RMR LLC | Amended And Restate Business Management Agreement | Minimum | Up C Transaction
Related Party Transaction [Line Items]
Termination fee term	19 years

Business and Property Managem_4

Business and Property Management Agreements with RMR - Business Management Fees, Property Management Fees and Construction Supervision Fees (Details) - RMR LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business management agreement
Related Party Transaction [Line Items]
Transaction amount	$ 13,145	$ 14,751
Recognized amortization of the liability	603	603
Property management agreement
Related Party Transaction [Line Items]
Transaction amount	16,456	23,280
Reimbursement amounts	484	484
Property management fees
Related Party Transaction [Line Items]
Transaction amount	13,584	14,890
Construction supervision fees
Related Party Transaction [Line Items]
Transaction amount	2,872	8,390
Expense Reimbursement
Related Party Transaction [Line Items]
Transaction amount	$ 25,797	$ 25,872

Related Person Transactions (De

Related Person Transactions (Details) $ in Thousands		12 Months Ended
	Jan. 01, 2025 USD ($) renewalOption year	Dec. 31, 2024 USD ($) ft² agreement	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Rental income		$ 501,979	$ 533,553
Officers and Other Employees | 2009 Award Plan | Common Shares
Related Party Transaction [Line Items]
Award vesting period		4 years
Officers and Other Employees | 2009 Award Plan | Common Shares | Share-based Payment Arrangement, Tranche 1
Related Party Transaction [Line Items]
Award vesting rights, percentage		20%
Officers and Other Employees | 2009 Award Plan | Common Shares | Share-based Payment Arrangement, Tranche 2
Related Party Transaction [Line Items]
Award vesting rights, percentage		20%
Officers and Other Employees | 2009 Award Plan | Common Shares | Share-based Payment Arrangement, Tranche 3
Related Party Transaction [Line Items]
Award vesting rights, percentage		20%
Officers and Other Employees | 2009 Award Plan | Common Shares | Share-based Payment Arrangement, Tranche 4
Related Party Transaction [Line Items]
Award vesting rights, percentage		20%
Officers and Other Employees | 2009 Award Plan | Common Shares | Share-based Payment Arrangement, Tranche 5
Related Party Transaction [Line Items]
Award vesting rights, percentage		20%
Related Party | RMR LLC
Related Party Transaction [Line Items]
Number of agreements with RMR LLC to provide management services | agreement		2
Rental income		$ 807	$ 851
Related Party | Sonesta International Hotels Corporation
Related Party Transaction [Line Items]
Rental income		$ 12,428
Rentable Square Feet (in square feet) | ft²		240,000
Additional area of real estate property (in square feet) | ft²		5,900
Annual base rent		$ 6,724
Annual percentage increase		10%
Annual base rent increase		5 years
Tenant improvements		$ 76,834
Related Party | Sonesta International Hotels Corporation | Subsequent Event
Related Party Transaction [Line Items]
Number of renewal options | renewalOption	2
Renewal term	10 years
Transaction amount	$ 7,500
Priority return increase percentage of out-of-pocket capital expenditures	8%
Priority return percentage of prior year's annual owner's priority return	102%
Incentive fee, percent of net operating profit	20%
Loyalty fee, percent of room revenues	1%
Loyalty fee, percent of qualified room revenues	4.50%
Performance years termination threshold | year	2
Related Party | Sonesta International Hotels Corporation | Subsequent Event | Sonesta Management Agreement, Period One
Related Party Transaction [Line Items]
Required escrow deposit, percent of gross revenues	1%
Base management fee, percent of gross revenues	1.50%
Brand promotion fee, percent of gross revenues	1.75%
Related Party | Sonesta International Hotels Corporation | Subsequent Event | Sonesta Management Agreement, Period Two
Related Party Transaction [Line Items]
Required escrow deposit, percent of gross revenues	3%
Base management fee, percent of gross revenues	3%
Brand promotion fee, percent of gross revenues	3.50%
Related Party | Sonesta International Hotels Corporation | Subsequent Event | Sonesta Management Agreement, Period Three
Related Party Transaction [Line Items]
Required escrow deposit, percent of gross revenues	4%

Concentration (Details)

Concentration (Details)	12 Months Ended
	Dec. 31, 2024 state property	Dec. 31, 2023
Concentration Risk [Line Items]
Number of states in which acquired properties located | state	29
Continuing Operations
Concentration Risk [Line Items]
Number of Properties (in properties) | property	128
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Tenant Concentration | U S Government, State Governments, and Other Governments
Concentration Risk [Line Items]
Concentration risk, percentage	24.80%	27.50%
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Tenant Concentration | U.S. Government
Concentration Risk [Line Items]
Concentration risk, percentage	17%	19.50%
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Virginia
Concentration Risk [Line Items]
Concentration risk, percentage	13.20%
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | California
Concentration Risk [Line Items]
Concentration risk, percentage	11%
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | District of Columbia
Concentration Risk [Line Items]
Concentration risk, percentage	11%
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Texas
Concentration Risk [Line Items]
Concentration risk, percentage	10.40%
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Illinois
Concentration Risk [Line Items]
Concentration risk, percentage	10.10%

Indebtedness - Outstanding Debt

Indebtedness - Outstanding Debt (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Feb. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Borrowings outstanding			$ 2,626,524		$ 2,594,320
Unamortized debt premiums, discounts and issuance costs			(91,890)		(21,711)
Total borrowings outstanding			$ 2,534,634		2,572,609
Senior unsecured notes, 4.250% interest rate, due in 2024
Debt Instrument [Line Items]
Interest rate (as a percent)			4.25%
Senior unsecured notes, 4.500% interest rate, due in 2025
Debt Instrument [Line Items]
Interest rate (as a percent)			4.50%
Senior unsecured notes, 2.650% interest rate, due in 2026
Debt Instrument [Line Items]
Interest rate (as a percent)			2.65%
Senior unsecured notes, 2.400% interest rate, due in 2027
Debt Instrument [Line Items]
Interest rate (as a percent)			2.40%
Senior secured notes, 3.250% interest rate, due in 2027
Debt Instrument [Line Items]
Interest rate (as a percent)			3.25%
Senior secured notes, 9.000% interest rate, due in March 2029
Debt Instrument [Line Items]
Interest rate (as a percent)			9%
Senior secured notes, 9.000% interest rate, due in September 2029
Debt Instrument [Line Items]
Interest rate (as a percent)			9%
Senior unsecured notes, 3.450% interest rate, due in 2031
Debt Instrument [Line Items]
Interest rate (as a percent)			3.45%
Senior unsecured notes, 6.375% interest rate, due in 2050
Debt Instrument [Line Items]
Interest rate (as a percent)			6.375%
Secured Debt
Debt Instrument [Line Items]
Borrowings outstanding			$ 100,000		0
Total borrowings outstanding			$ 100,000
Senior Notes | Senior unsecured notes, 4.250% interest rate, due in 2024
Debt Instrument [Line Items]
Interest rate (as a percent)		4.25%	4.25%
Borrowings outstanding			$ 0		350,000
Extinguishment of debt, amount		$ 350,000
Senior Notes | Senior unsecured notes, 4.500% interest rate, due in 2025
Debt Instrument [Line Items]
Interest rate (as a percent)			4.50%
Borrowings outstanding			$ 171,586		650,000
Senior Notes | Senior unsecured notes, 4.500% interest rate, due in 2025 | Subsequent Event
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 171,586
Senior Notes | Senior unsecured notes, 2.650% interest rate, due in 2026
Debt Instrument [Line Items]
Interest rate (as a percent)			2.65%
Borrowings outstanding			$ 140,488		300,000
Senior Notes | Senior unsecured notes, 2.400% interest rate, due in 2027
Debt Instrument [Line Items]
Interest rate (as a percent)			2.40%
Borrowings outstanding			$ 80,784		350,000
Senior Notes | Senior secured notes, 3.250% interest rate, due in 2027
Debt Instrument [Line Items]
Interest rate (as a percent)			3.25%
Borrowings outstanding			$ 444,992		0
Senior Notes | Senior secured notes, 9.000% interest rate, due in March 2029
Debt Instrument [Line Items]
Interest rate (as a percent)			9%	9%
Borrowings outstanding			$ 300,000		0
Senior Notes | Senior secured notes, 9.000% interest rate, due in September 2029
Debt Instrument [Line Items]
Interest rate (as a percent)			9%
Borrowings outstanding			$ 609,999		0
Senior Notes | Senior unsecured notes, 3.450% interest rate, due in 2031
Debt Instrument [Line Items]
Interest rate (as a percent)			3.45%
Borrowings outstanding			$ 114,355		400,000
Mortgage Note Payable
Debt Instrument [Line Items]
Total borrowings outstanding			$ 177,320
Mortgage Note Payable | Mortgage note payable, 8.272% interest rate, due in 2028
Debt Instrument [Line Items]
Interest rate (as a percent)			8.272%
Borrowings outstanding			$ 42,700		42,700
Mortgage Note Payable | Mortgage note payable, 8.139% interest rate, due in 2028
Debt Instrument [Line Items]
Interest rate (as a percent)			8.139%
Borrowings outstanding			$ 26,340		26,340
Mortgage Note Payable | Mortgage note payable, 7.671% interest rate, due in 2028
Debt Instrument [Line Items]
Interest rate (as a percent)			7.671%
Borrowings outstanding			$ 54,300		54,300
Mortgage Note Payable | Mortgage note payable, 7.210% interest rate, due in 2033
Debt Instrument [Line Items]
Interest rate (as a percent)			7.21%
Borrowings outstanding			$ 30,680		30,680
Mortgage Note Payable | Mortgage note payable, 7.305% interest rate, due in 2033
Debt Instrument [Line Items]
Interest rate (as a percent)			7.305%
Borrowings outstanding			$ 8,400		8,400
Mortgage Note Payable | Mortgage note payable, 7.717% interest rate, due in 2033
Debt Instrument [Line Items]
Interest rate (as a percent)			7.717%
Borrowings outstanding			$ 14,900		14,900
Mortgage Note Payable | Senior unsecured notes, 6.375% interest rate, due in 2050
Debt Instrument [Line Items]
Interest rate (as a percent)			6.375%
Borrowings outstanding			$ 162,000		162,000
Revolving credit facility | Line of Credit | Unsecured revolving credit facility, due in 2024
Debt Instrument [Line Items]
Borrowings outstanding			0		205,000
Revolving credit facility | Line of Credit | Secured revolving credit facility, due in 2027
Debt Instrument [Line Items]
Borrowings outstanding			$ 325,000		$ 0

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Mar. 31, 2024 USD ($)	Feb. 29, 2024 USD ($) property	Jan. 31, 2024 $ / shares	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Long-term debt				$ 2,534,634	$ 2,572,609
Proceeds from issuance of senior secured notes				338,986	0
Gain (loss) on early extinguishment of debt				$ 138,603	$ 0
Senior secured notes, 9.000% interest rate, due in March 2029
Debt Instrument [Line Items]
Interest rate (as a percent)				9%
Senior unsecured notes, 4.250% interest rate, due in 2024
Debt Instrument [Line Items]
Interest rate (as a percent)				4.25%
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity on revolving credit facility				$ 425,000
Interest rate premium (as a percent)				3.50%
Secured Debt
Debt Instrument [Line Items]
Principal balance				$ 100,000
Long-term debt				100,000
Senior Notes | Senior secured notes, 9.000% interest rate, due in March 2029
Debt Instrument [Line Items]
Principal balance				$ 300,000
Number of properties used to secured mortgage note | property		17		17
Interest rate (as a percent)		9%		9%
Proceeds from issuance of senior secured notes		$ 270,712
Book value of properties collateralized				$ 621,506
Senior Notes | Senior unsecured notes, 4.250% interest rate, due in 2024
Debt Instrument [Line Items]
Interest rate (as a percent)	4.25%			4.25%
Extinguishment of debt, amount	$ 350,000
Gain (loss) on early extinguishment of debt				$ (425)
Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity on revolving credit facility				$ 325,000
Number of properties used to secured mortgage note | property				19
Aggregate gross book value of real estate assets				$ 1,030,889
Debt instrument extension term			1 year
Commitment fee percentage				0.25%
Secured Debt | Line of Credit
Debt Instrument [Line Items]
Number of properties used to secured mortgage note | property				19
Aggregate gross book value of real estate assets				$ 1,030,889
Secured Debt | Senior Notes
Debt Instrument [Line Items]
Aggregate gross book value of real estate assets				721,375
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity on revolving credit facility				$ 750,000
Distribution rate (in dollars per share) | $ / shares			$ 0.01
Interest rate premium (as a percent)				1.45%
Commitment fee percentage				0.30%
Interest rate (as a percent)				7.90%	6.90%
Weighted average annual interest rate				8.70%	6.50%

Indebtedness - Senior Notes Exc

Indebtedness - Senior Notes Exchange Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended		5 Months Ended	12 Months Ended
	Feb. 07, 2025 USD ($)	Jan. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) property $ / shares shares	Oct. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) property $ / shares shares	Dec. 31, 2023 USD ($)
Debt Conversion [Line Items]
Gain (loss) on early extinguishment of debt					$ 138,603	$ 0
Long-term debt			$ 2,534,634		2,534,634	$ 2,572,609
2029 Senior Note Exchanges
Debt Conversion [Line Items]
Aggregate Principal Amount of Notes Delivered				$ 609,999
Aggregate Principal Amount of Existing Notes Accepted for Exchange				$ 895,373
Debt conversion, shares issued (in shares) | shares				1,406,952
Common share price (in dollars per share) | $ / shares				$ 2.26
Gain (loss) on early extinguishment of debt					$ 212,735
2027 Senior Note Exchange
Debt Conversion [Line Items]
Debt conversion, shares issued (in shares) | shares			11,532,794
Common share price (in dollars per share) | $ / shares			$ 1.37		$ 1.37
Gain (loss) on early extinguishment of debt					$ (87,064)
2025 Notes Exchange
Debt Conversion [Line Items]
Debt conversion, shares issued (in shares) | shares					7,565,722
Common share price (in dollars per share) | $ / shares			$ 2.07		$ 2.07
Gain (loss) on early extinguishment of debt					$ 939
Senior Notes | Secured Debt
Debt Conversion [Line Items]
Aggregate gross book value of real estate assets			$ 721,375		$ 721,375
Line of Credit | Revolving credit facility
Debt Conversion [Line Items]
Number of properties used to secured mortgage note | property			19		19
Aggregate gross book value of real estate assets			$ 1,030,889		$ 1,030,889
Line of Credit | Secured Debt
Debt Conversion [Line Items]
Number of properties used to secured mortgage note | property			19		19
Aggregate gross book value of real estate assets			$ 1,030,889		$ 1,030,889
Mortgage Note Payable
Debt Conversion [Line Items]
Number of properties used to secured mortgage note | property			7		7
Aggregate gross book value of real estate assets			$ 304,673		$ 304,673
Long-term debt			$ 177,320		$ 177,320
Senior secured notes, 9.000% interest rate, due in September 2029 | 2029 Senior Note Exchanges
Debt Conversion [Line Items]
Interest rate of new notes				9%
Senior secured notes, 9.000% interest rate, due in September 2029 | Senior Notes
Debt Conversion [Line Items]
Number of properties used to secured mortgage note | property			19		19
Senior secured notes, 3.250% interest rate, due in 2027 | 2027 Senior Note Exchange
Debt Conversion [Line Items]
Aggregate Principal Amount of Notes Delivered			$ 444,992
Interest rate of new notes			3.25%
Debt premium			$ 25,000		$ 25,000
Senior secured notes, 3.250% interest rate, due in 2027 | Senior Notes
Debt Conversion [Line Items]
Number of properties used to secured mortgage note | property			37		37
Aggregate gross book value of real estate assets			$ 1,279,487		$ 1,279,487
Quarterly payment			6,500
Mandatory principal payment			125,000
Senior unsecured notes, 4.500% interest rate, due in 2025 | 2029 Senior Note Exchanges
Debt Conversion [Line Items]
Aggregate Principal Amount of Notes Delivered				$ 183,981
Aggregate Principal Amount of Existing Notes Accepted for Exchange				$ 181,000
Interest rate of debt exchanged				4.50%
Senior unsecured notes, 4.500% interest rate, due in 2025 | 2027 Senior Note Exchange
Debt Conversion [Line Items]
Aggregate Principal Amount of Existing Notes Accepted for Exchange			281,514
Debt premium			$ 58,486		58,486
Interest rate of debt exchanged			4.50%
Senior unsecured notes, 4.500% interest rate, due in 2025 | 2025 Notes Exchange
Debt Conversion [Line Items]
Aggregate Principal Amount of Existing Notes Accepted for Exchange					$ 15,900
Senior unsecured notes, 4.500% interest rate, due in 2025 | Senior Notes | Subsequent Event
Debt Conversion [Line Items]
Extinguishment of debt, amount		$ 171,586
8.000% Senior Unsecured Notes | Exchange Offers | Subsequent Event
Debt Conversion [Line Items]
Aggregate Principal Amount of Notes Delivered	$ 175,000
Interest rate of new notes	8%
Senior unsecured notes, 2.650% interest rate, due in 2026 | 2029 Senior Note Exchanges
Debt Conversion [Line Items]
Aggregate Principal Amount of Notes Delivered				$ 114,803
Aggregate Principal Amount of Existing Notes Accepted for Exchange				$ 159,512
Interest rate of debt exchanged				2.65%
Senior unsecured notes, 2.650% interest rate, due in 2026 | Exchange Offers | Subsequent Event
Debt Conversion [Line Items]
Interest rate of debt exchanged	2.65%
Senior unsecured notes, 2.400% interest rate, due in 2027 | 2029 Senior Note Exchanges
Debt Conversion [Line Items]
Aggregate Principal Amount of Notes Delivered				$ 164,162
Aggregate Principal Amount of Existing Notes Accepted for Exchange				$ 269,216
Interest rate of debt exchanged				2.40%
Senior unsecured notes, 2.400% interest rate, due in 2027 | Exchange Offers | Subsequent Event
Debt Conversion [Line Items]
Interest rate of debt exchanged	2.40%
Senior unsecured notes, 3.450% interest rate, due in 2031 | 2029 Senior Note Exchanges
Debt Conversion [Line Items]
Aggregate Principal Amount of Notes Delivered				$ 147,053
Aggregate Principal Amount of Existing Notes Accepted for Exchange				$ 285,645
Interest rate of debt exchanged				3.45%
Senior unsecured notes, 3.450% interest rate, due in 2031 | Exchange Offers | Subsequent Event
Debt Conversion [Line Items]
Interest rate of debt exchanged	3.45%

Indebtedness - Senior Notes E_2

Indebtedness - Senior Notes Exchange (Details) - 2029 Senior Note Exchanges $ in Thousands	5 Months Ended
	Oct. 31, 2024 USD ($)
Debt Conversion [Line Items]
Aggregate Principal Amount of Existing Notes Accepted for Exchange	$ 895,373
Aggregate Principal Amount of Notes Delivered	$ 609,999
Existing 4.50% 2025 Notes
Debt Conversion [Line Items]
Existing Notes Exchanged, Interest rate	4.50%
Aggregate Principal Amount of Existing Notes Accepted for Exchange	$ 181,000
Aggregate Principal Amount of Notes Delivered	$ 183,981
Existing 2.650% 2026 Notes
Debt Conversion [Line Items]
Existing Notes Exchanged, Interest rate	2.65%
Aggregate Principal Amount of Existing Notes Accepted for Exchange	$ 159,512
Aggregate Principal Amount of Notes Delivered	$ 114,803
Existing 2.400% 2027 Notes
Debt Conversion [Line Items]
Existing Notes Exchanged, Interest rate	2.40%
Aggregate Principal Amount of Existing Notes Accepted for Exchange	$ 269,216
Aggregate Principal Amount of Notes Delivered	$ 164,162
Existing 3.450% 2031 Notes
Debt Conversion [Line Items]
Existing Notes Exchanged, Interest rate	3.45%
Aggregate Principal Amount of Existing Notes Accepted for Exchange	$ 285,645
Aggregate Principal Amount of Notes Delivered	$ 147,053

Indebtedness - Future Principal

Indebtedness - Future Principal Payments (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2025	Feb. 13, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2025			$ 197,586
2026			291,488
2027			773,776
2028			123,487
2029			910,278
Thereafter			329,909
Total			2,626,524	$ 2,594,320
Unamortized debt premiums, discounts and issuance			91,890	21,711
Total debt outstanding			2,534,634	2,572,609
Subsequent Event
Debt Instrument [Line Items]
2025		$ 26,000
2026		$ 291,488
Senior unsecured notes, 4.500% interest rate, due in 2025 | Senior Notes
Debt Instrument [Line Items]
Total			$ 171,586	$ 650,000
Senior unsecured notes, 4.500% interest rate, due in 2025 | Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 171,586

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Asset Measured at Fair Value (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Fair Value of Assets and Liabilities
Loss on impairment of real estate		$ 181,578	$ 11,299
Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value of Assets and Liabilities
Loss on impairment of real estate	$ 12,017	$ 19,042
Number of properties with impairment | property		3
Real estate costs to sell		$ 739
Fair Value, Nonrecurring
Fair Value of Assets and Liabilities
Assets of properties held for sale		25,909
Fair Value, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value of Assets and Liabilities
Assets of properties held for sale		0
Fair Value, Nonrecurring | Significant Other Observable Inputs (Level 2)
Fair Value of Assets and Liabilities
Assets of properties held for sale		25,909
Fair Value, Nonrecurring | Significant Unobservable Inputs (Level 3)
Fair Value of Assets and Liabilities
Assets of properties held for sale		$ 0

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value of Financial Instruments
Mortgage notes payable	$ 1,872,357	$ 172,131
Unamortized debt premiums, discounts and issuance	91,890	21,711
Senior Notes and Mortgages
Fair Value of Financial Instruments
Unamortized debt premiums, discounts and issuance	$ 90,218	21,711
Senior unsecured notes, 4.250% interest rate, due in 2024
Fair Value of Financial Instruments
Interest rate (as a percent)	4.25%
Senior unsecured notes, 4.500% interest rate, due in 2025
Fair Value of Financial Instruments
Interest rate (as a percent)	4.50%
Senior unsecured notes, 2.650% interest rate, due in 2026
Fair Value of Financial Instruments
Interest rate (as a percent)	2.65%
Senior unsecured notes, 2.400% interest rate, due in 2027
Fair Value of Financial Instruments
Interest rate (as a percent)	2.40%
Senior secured notes, 3.250% interest rate, due in 2027
Fair Value of Financial Instruments
Interest rate (as a percent)	3.25%
Senior secured notes, 9.000% interest rate, due in March 2029
Fair Value of Financial Instruments
Interest rate (as a percent)	9%
Senior secured notes, 9.000% interest rate, due in September 2029
Fair Value of Financial Instruments
Interest rate (as a percent)	9%
Senior unsecured notes, 3.450% interest rate, due in 2031
Fair Value of Financial Instruments
Interest rate (as a percent)	3.45%
Senior unsecured notes, 6.375% interest rate, due in 2050
Fair Value of Financial Instruments
Interest rate (as a percent)	6.375%
Carrying Amount
Fair Value of Financial Instruments
Fair value of financial instruments	$ 2,111,306	2,367,609
Carrying Amount | Senior unsecured notes, 4.250% interest rate, due in 2024
Fair Value of Financial Instruments
Senior notes	0	349,144
Carrying Amount | Senior unsecured notes, 4.500% interest rate, due in 2025
Fair Value of Financial Instruments
Senior notes	171,607	646,266
Carrying Amount | Senior unsecured notes, 2.650% interest rate, due in 2026
Fair Value of Financial Instruments
Senior notes	139,578	298,464
Carrying Amount | Senior unsecured notes, 2.400% interest rate, due in 2027
Fair Value of Financial Instruments
Senior notes	80,486	348,086
Carrying Amount | Senior secured notes, 3.250% interest rate, due in 2027
Fair Value of Financial Instruments
Senior notes	363,432	0
Carrying Amount | Senior secured notes, 9.000% interest rate, due in March 2029
Fair Value of Financial Instruments
Senior notes	275,632	0
Carrying Amount | Senior secured notes, 9.000% interest rate, due in September 2029
Fair Value of Financial Instruments
Senior notes	637,052	0
Carrying Amount | Senior unsecured notes, 3.450% interest rate, due in 2031
Fair Value of Financial Instruments
Senior notes	113,511	396,614
Carrying Amount | Senior unsecured notes, 6.375% interest rate, due in 2050
Fair Value of Financial Instruments
Senior notes	157,096	156,904
Carrying Amount | Mortgage Note Payable
Fair Value of Financial Instruments
Mortgage notes payable	172,912	172,131
Fair Value
Fair Value of Financial Instruments
Fair value of financial instruments	1,838,856	1,686,825
Fair Value | Senior unsecured notes, 4.250% interest rate, due in 2024
Fair Value of Financial Instruments
Senior notes	0	331,510
Fair Value | Senior unsecured notes, 4.500% interest rate, due in 2025
Fair Value of Financial Instruments
Senior notes	169,302	510,445
Fair Value | Senior unsecured notes, 2.650% interest rate, due in 2026
Fair Value of Financial Instruments
Senior notes	106,078	185,934
Fair Value | Senior unsecured notes, 2.400% interest rate, due in 2027
Fair Value of Financial Instruments
Senior notes	49,475	196,147
Fair Value | Senior secured notes, 3.250% interest rate, due in 2027
Fair Value of Financial Instruments
Senior notes	383,806	0
Fair Value | Senior secured notes, 9.000% interest rate, due in March 2029
Fair Value of Financial Instruments
Senior notes	293,100	0
Fair Value | Senior secured notes, 9.000% interest rate, due in September 2029
Fair Value of Financial Instruments
Senior notes	529,436	0
Fair Value | Senior unsecured notes, 3.450% interest rate, due in 2031
Fair Value of Financial Instruments
Senior notes	49,688	199,060
Fair Value | Senior unsecured notes, 6.375% interest rate, due in 2050
Fair Value of Financial Instruments
Senior notes	80,676	83,916
Fair Value | Mortgage Note Payable
Fair Value of Financial Instruments
Mortgage notes payable	$ 177,295	$ 179,813

Shareholders' Equity - Share Is

Shareholders' Equity - Share Issuances and Share Awards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) installment trustee shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common shares | $	$ 33,796
Number of trustees | trustee	9
2009 Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	649,198	241,800
Number of installments | installment	5
Unvested shares (in shares)	591,879	288,681	231,301
2025 (in shares)	176,976
2026 (in shares)	162,596
2027 (in shares)	143,675
2028 (in shares)	108,632
Estimated future compensation expense for the unvested shares | $	$ 2,222
Weighted average period of recognition of compensation expenses (in years)	23 months
Compensation expense | $	$ 1,662	$ 2,257
Shares available for issuance under plan (in shares)	94,000
Officers and Other Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common shares (in shares)	544,555	210,300
Issuance of common shares | $	$ 1,160	$ 1,211
Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	11,627	3,500
Trustees | 2009 Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate market value of shares awarded | $	$ 225	$ 249
Market value of common shares awarded to each trustee (in dollars) | $	$ 25	$ 28

Shareholders' Equity - Unvested

Shareholders' Equity - Unvested Shares Activity (Details) - 2009 Award Plan - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Unvested at the beginning of the period (in shares)	288,681	231,301
Granted (in shares)	649,198	241,800
Forfeited (in shares)	0	(3,700)
Vested (in shares)	(346,000)	(180,720)
Unvested at the end of the period (in shares)	591,879	288,681
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 12.01	$ 21.47
Granted (in dollars per share)	2.14	6.04
Forfeited (in dollars per share)	0	17.31
Vested (in dollars per share)	6.62	16
Unvested at the end of the period (in dollars per share)	$ 4.32	$ 12.01

Shareholders' Equity - Share Pu

Shareholders' Equity - Share Purchases (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Share repurchases (in shares)	85,338	48,329
Stock repurchase price (in dollars per share)	$ 2.25	$ 6.08

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 16, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Annual Per Share Distribution (in dollars per share)		$ 0.04	$ 1.30
Total Distributions		$ 2,033	$ 63,187
Characterization of Distribution, Return of Capital		100%	100%
Characterization of Distribution, Ordinary Income		0%	0%
Characterization of Distribution, Quality Dividend		0%	0%
Subsequent Event
Class of Stock [Line Items]
Total Distributions	$ 698
Common distributions declared (in dollars per share)	$ 0.01

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real estate and accumulated depreciation
Number of Properties | property	123
Encumbrances	$ 172,913
Initial Cost to Company
Land	712,433
Buildings and Equipment	2,142,169
Costs Capitalized Subsequent to Acquisition	822,072
Impairment/ Writedowns	(19,115)
Cost amount carried at Close of Period
Land	711,039
Buildings and Equipment	2,946,520
Total	3,657,559	$ 4,065,679	$ 3,936,074
Accumulated Depreciation	$ (618,650)	$ (650,179)	$ (561,458)
445 Jan Davis Drive, Huntsville, AL
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,501
Buildings and Equipment	1,492
Costs Capitalized Subsequent to Acquisition	0
Cost amount carried at Close of Period
Land	1,501
Buildings and Equipment	1,492
Total	2,993
Accumulated Depreciation	$ (239)
131 Clayton Street, Montgomery, AL
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 920
Buildings and Equipment	9,084
Costs Capitalized Subsequent to Acquisition	528
Cost amount carried at Close of Period
Land	920
Buildings and Equipment	9,612
Total	10,532
Accumulated Depreciation	$ (3,228)
4344 Carmichael Road, Montgomery, AL
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,374
Buildings and Equipment	11,658
Costs Capitalized Subsequent to Acquisition	572
Cost amount carried at Close of Period
Land	1,374
Buildings and Equipment	12,230
Total	13,604
Accumulated Depreciation	$ (3,453)
15451 North 28th Avenue, Phoenix, AZ
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,917
Buildings and Equipment	7,416
Costs Capitalized Subsequent to Acquisition	1,279
Cost amount carried at Close of Period
Land	1,917
Buildings and Equipment	8,695
Total	10,612
Accumulated Depreciation	$ (2,310)
711 S 14th Avenue, Safford, AZ
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 460
Buildings and Equipment	11,708
Costs Capitalized Subsequent to Acquisition	1,165
Impairment/ Writedowns	(4,440)
Cost amount carried at Close of Period
Land	364
Buildings and Equipment	8,529
Total	8,893
Accumulated Depreciation	$ (2,036)
2544 Campbell Place, Carlsbad, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,687
Buildings and Equipment	1,796
Costs Capitalized Subsequent to Acquisition	1,585
Cost amount carried at Close of Period
Land	2,687
Buildings and Equipment	3,381
Total	6,068
Accumulated Depreciation	$ (939)
2548 Campbell Place, Carlsbad, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 3,082
Buildings and Equipment	2,075
Costs Capitalized Subsequent to Acquisition	5,156
Cost amount carried at Close of Period
Land	3,082
Buildings and Equipment	7,231
Total	10,313
Accumulated Depreciation	$ (2,461)
Folsom Corporate Center, Folsom, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,904
Buildings and Equipment	5,583
Costs Capitalized Subsequent to Acquisition	1,587
Cost amount carried at Close of Period
Land	2,904
Buildings and Equipment	7,170
Total	10,074
Accumulated Depreciation	$ (1,684)
Bayside Technology Park, Fremont, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 10,784
Buildings and Equipment	648
Costs Capitalized Subsequent to Acquisition	269
Cost amount carried at Close of Period
Land	10,784
Buildings and Equipment	917
Total	11,701
Accumulated Depreciation	$ (201)
10949 N. Mather Boulevard, Rancho Cordova, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 562
Buildings and Equipment	16,923
Costs Capitalized Subsequent to Acquisition	1,056
Cost amount carried at Close of Period
Land	562
Buildings and Equipment	17,979
Total	18,541
Accumulated Depreciation	$ (5,186)
11020 Sun Center Drive, Rancho Cordova, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,466
Buildings and Equipment	8,797
Costs Capitalized Subsequent to Acquisition	1,996
Cost amount carried at Close of Period
Land	1,466
Buildings and Equipment	10,793
Total	12,259
Accumulated Depreciation	$ (2,359)
100 Redwood Shores Parkway, Redwood City, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 14,454
Buildings and Equipment	7,721
Costs Capitalized Subsequent to Acquisition	0
Cost amount carried at Close of Period
Land	14,454
Buildings and Equipment	7,721
Total	22,175
Accumulated Depreciation	$ (1,285)
9815 Goethe Road, Sacramento, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,450
Buildings and Equipment	9,465
Costs Capitalized Subsequent to Acquisition	3,537
Cost amount carried at Close of Period
Land	1,450
Buildings and Equipment	13,002
Total	14,452
Accumulated Depreciation	$ (3,718)
Capitol Place, Sacramento, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,290
Buildings and Equipment	35,891
Costs Capitalized Subsequent to Acquisition	9,997
Cost amount carried at Close of Period
Land	2,290
Buildings and Equipment	45,888
Total	48,178
Accumulated Depreciation	$ (17,395)
4560 Viewridge Road, San Diego, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 4,269
Buildings and Equipment	18,316
Costs Capitalized Subsequent to Acquisition	5,392
Cost amount carried at Close of Period
Land	4,347
Buildings and Equipment	23,630
Total	27,977
Accumulated Depreciation	$ (15,662)
2115 O'Nel Drive, San Jose, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 12,305
Buildings and Equipment	5,062
Costs Capitalized Subsequent to Acquisition	385
Cost amount carried at Close of Period
Land	12,305
Buildings and Equipment	5,447
Total	17,752
Accumulated Depreciation	$ (945)
51 Rio Robles Drive, San Jose, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 7,416
Buildings and Equipment	4,782
Costs Capitalized Subsequent to Acquisition	571
Cost amount carried at Close of Period
Land	7,416
Buildings and Equipment	5,353
Total	12,769
Accumulated Depreciation	$ (1,049)
77 Rio Robles Drive, San Jose, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 8,362
Buildings and Equipment	5,393
Costs Capitalized Subsequent to Acquisition	9,932
Cost amount carried at Close of Period
Land	8,362
Buildings and Equipment	15,325
Total	23,687
Accumulated Depreciation	$ (3,261)
145 Rio Robles Drive, San Jose, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Encumbrances	$ 8,078
Initial Cost to Company
Land	7,909
Buildings and Equipment	3,523
Costs Capitalized Subsequent to Acquisition	6,608
Cost amount carried at Close of Period
Land	7,909
Buildings and Equipment	10,131
Total	18,040
Accumulated Depreciation	$ (1,686)
2500 Walsh Avenue, Santa Clara, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 6,687
Buildings and Equipment	8,326
Costs Capitalized Subsequent to Acquisition	2,922
Cost amount carried at Close of Period
Land	6,687
Buildings and Equipment	11,248
Total	17,935
Accumulated Depreciation	$ (1,426)
603 San Juan Avenue, Stockton, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 563
Buildings and Equipment	5,470
Costs Capitalized Subsequent to Acquisition	217
Cost amount carried at Close of Period
Land	563
Buildings and Equipment	5,687
Total	6,250
Accumulated Depreciation	$ (1,771)
350 West Java Drive, Sunnyvale, CA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 24,609
Buildings and Equipment	462
Costs Capitalized Subsequent to Acquisition	3,296
Cost amount carried at Close of Period
Land	24,609
Buildings and Equipment	3,758
Total	28,367
Accumulated Depreciation	$ (334)
7958 South Chester Street, Centennial, CO
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 6,682
Buildings and Equipment	7,153
Costs Capitalized Subsequent to Acquisition	2,881
Cost amount carried at Close of Period
Land	6,682
Buildings and Equipment	10,034
Total	16,716
Accumulated Depreciation	$ (1,643)
12795 West Alameda Parkway, Lakewood, CO
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,640
Buildings and Equipment	23,777
Costs Capitalized Subsequent to Acquisition	(7,662)
Impairment/ Writedowns	(14,590)
Cost amount carried at Close of Period
Land	585
Buildings and Equipment	3,580
Total	4,165
Accumulated Depreciation	$ (38)
11 Dupont Circle, NW, Washington DC
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 28,255
Buildings and Equipment	44,743
Costs Capitalized Subsequent to Acquisition	24,474
Cost amount carried at Close of Period
Land	28,255
Buildings and Equipment	69,217
Total	97,472
Accumulated Depreciation	$ (15,454)
1211 Connecticut Avenue, NW, Washington DC
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 30,388
Buildings and Equipment	24,667
Costs Capitalized Subsequent to Acquisition	4,407
Cost amount carried at Close of Period
Land	30,388
Buildings and Equipment	29,074
Total	59,462
Accumulated Depreciation	$ (6,704)
1401 K Street, NW, Washington DC
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 29,215
Buildings and Equipment	34,656
Costs Capitalized Subsequent to Acquisition	8,480
Cost amount carried at Close of Period
Land	29,215
Buildings and Equipment	43,136
Total	72,351
Accumulated Depreciation	$ (11,067)
20 Massachusetts Avenue, Washington DC
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 12,009
Buildings and Equipment	51,527
Costs Capitalized Subsequent to Acquisition	223,321
Cost amount carried at Close of Period
Land	12,231
Buildings and Equipment	274,626
Total	286,857
Accumulated Depreciation	$ (60,247)
440 First Street, NW, Washington DC
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 27,903
Buildings and Equipment	38,624
Costs Capitalized Subsequent to Acquisition	3,403
Cost amount carried at Close of Period
Land	27,903
Buildings and Equipment	42,027
Total	69,930
Accumulated Depreciation	$ (7,549)
625 Indiana Avenue, Washington DC
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 26,000
Buildings and Equipment	25,955
Costs Capitalized Subsequent to Acquisition	12,825
Cost amount carried at Close of Period
Land	26,000
Buildings and Equipment	38,780
Total	64,780
Accumulated Depreciation	$ (14,278)
840 First Street, NE, Washington DC
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 42,727
Buildings and Equipment	73,278
Costs Capitalized Subsequent to Acquisition	2,913
Cost amount carried at Close of Period
Land	42,727
Buildings and Equipment	76,191
Total	118,918
Accumulated Depreciation	$ (14,541)
10350 NW 112th Avenue, Miami, FL
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 4,798
Buildings and Equipment	2,757
Costs Capitalized Subsequent to Acquisition	2,413
Cost amount carried at Close of Period
Land	4,798
Buildings and Equipment	5,170
Total	9,968
Accumulated Depreciation	$ (1,016)
7850 Southwest 6th Court, Plantation, FL
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 4,800
Buildings and Equipment	30,592
Costs Capitalized Subsequent to Acquisition	16,817
Cost amount carried at Close of Period
Land	4,800
Buildings and Equipment	47,409
Total	52,209
Accumulated Depreciation	$ (11,433)
8900 Grand Oak Circle, Tampa, FL
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,100
Buildings and Equipment	11,773
Costs Capitalized Subsequent to Acquisition	1,788
Cost amount carried at Close of Period
Land	1,100
Buildings and Equipment	13,561
Total	14,661
Accumulated Depreciation	$ (4,649)
180 Ted Turner Drive SW, Atlanta, GA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 5,717
Buildings and Equipment	20,017
Costs Capitalized Subsequent to Acquisition	3,061
Cost amount carried at Close of Period
Land	5,717
Buildings and Equipment	23,078
Total	28,795
Accumulated Depreciation	$ (6,623)
1224 Hammond Drive, Atlanta GA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 13,040
Buildings and Equipment	135,459
Costs Capitalized Subsequent to Acquisition	11,678
Cost amount carried at Close of Period
Land	13,040
Buildings and Equipment	147,137
Total	160,177
Accumulated Depreciation	$ (15,612)
One Georgia Center, Atlanta, GA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 10,250
Buildings and Equipment	27,933
Costs Capitalized Subsequent to Acquisition	22,005
Cost amount carried at Close of Period
Land	10,250
Buildings and Equipment	49,938
Total	60,188
Accumulated Depreciation	$ (15,962)
One Primerica Parkway, Duluth, GA
Real estate and accumulated depreciation
Number of Properties | property	1
Encumbrances	$ 26,156
Initial Cost to Company
Land	6,927
Buildings and Equipment	22,951
Costs Capitalized Subsequent to Acquisition	2,268
Cost amount carried at Close of Period
Land	6,927
Buildings and Equipment	25,219
Total	32,146
Accumulated Depreciation	$ (3,817)
4712 Southpark Boulevard, Ellenwood, GA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,390
Buildings and Equipment	19,635
Costs Capitalized Subsequent to Acquisition	1,327
Cost amount carried at Close of Period
Land	1,390
Buildings and Equipment	20,962
Total	22,352
Accumulated Depreciation	$ (6,311)
8305 NW 62nd Avenue, Johnston, IA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,649
Buildings and Equipment	7,997
Costs Capitalized Subsequent to Acquisition	0
Cost amount carried at Close of Period
Land	2,649
Buildings and Equipment	7,997
Total	10,646
Accumulated Depreciation	$ (1,330)
1185, 1249 & 1387 S. Vinnell Way, Boise, ID
Real estate and accumulated depreciation
Number of Properties | property	3
Initial Cost to Company
Land	$ 3,390
Buildings and Equipment	29,026
Costs Capitalized Subsequent to Acquisition	1,520
Cost amount carried at Close of Period
Land	3,390
Buildings and Equipment	30,546
Total	33,936
Accumulated Depreciation	$ (9,503)
2020 S. Arlington Heights, Arlington Heights, IL
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,450
Buildings and Equipment	13,588
Costs Capitalized Subsequent to Acquisition	2,156
Cost amount carried at Close of Period
Land	1,450
Buildings and Equipment	15,744
Total	17,194
Accumulated Depreciation	$ (5,633)
1000 W. Fulton, Chicago, IL
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 42,935
Buildings and Equipment	252,914
Costs Capitalized Subsequent to Acquisition	1,035
Cost amount carried at Close of Period
Land	42,935
Buildings and Equipment	253,949
Total	296,884
Accumulated Depreciation	$ (29,784)
HUB 1415, Naperville IL
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 12,333
Buildings and Equipment	20,586
Costs Capitalized Subsequent to Acquisition	26,551
Cost amount carried at Close of Period
Land	12,333
Buildings and Equipment	47,137
Total	59,470
Accumulated Depreciation	$ (10,286)
7601 and 7635 Interactive Way, Indianapolis, IN
Real estate and accumulated depreciation
Number of Properties | property	2
Initial Cost to Company
Land	$ 3,337
Buildings and Equipment	14,522
Costs Capitalized Subsequent to Acquisition	34
Cost amount carried at Close of Period
Land	3,337
Buildings and Equipment	14,556
Total	17,893
Accumulated Depreciation	$ (2,281)
251 Causeway Street, Boston, MA
Real estate and accumulated depreciation
Number of Properties | property	3
Initial Cost to Company
Land	$ 26,851
Buildings and Equipment	36,756
Costs Capitalized Subsequent to Acquisition	6,426
Cost amount carried at Close of Period
Land	26,848
Buildings and Equipment	43,185
Total	70,033
Accumulated Depreciation	$ (10,631)
330 Billerica road, Chelmsford, MA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,477
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	10,246
Cost amount carried at Close of Period
Land	2,477
Buildings and Equipment	10,246
Total	12,723
Accumulated Depreciation	$ (2,743)
25 Newport Avenue, Quincy, MA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,700
Buildings and Equipment	9,199
Costs Capitalized Subsequent to Acquisition	2,963
Cost amount carried at Close of Period
Land	2,700
Buildings and Equipment	12,162
Total	14,862
Accumulated Depreciation	$ (4,054)
2009-2011 Commerce Park Drive, Annapolis, MD
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,580
Buildings and Equipment	3,825
Costs Capitalized Subsequent to Acquisition	4,097
Cost amount carried at Close of Period
Land	1,581
Buildings and Equipment	7,921
Total	9,502
Accumulated Depreciation	$ (1,689)
2001-2003 Commerce Park Drive, Annapolis, MD
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,477
Buildings and Equipment	3,840
Costs Capitalized Subsequent to Acquisition	1,204
Cost amount carried at Close of Period
Land	2,476
Buildings and Equipment	5,045
Total	7,521
Accumulated Depreciation	$ (1,138)
4201 Patterson Avenue, Baltimore, MD
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 901
Buildings and Equipment	8,097
Costs Capitalized Subsequent to Acquisition	4,746
Impairment/ Writedowns	(85)
Cost amount carried at Close of Period
Land	893
Buildings and Equipment	12,766
Total	13,659
Accumulated Depreciation	$ (7,833)
7001 Columbia Gateway Drive, Columbia, MD
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 5,642
Buildings and Equipment	10,352
Costs Capitalized Subsequent to Acquisition	4,209
Cost amount carried at Close of Period
Land	5,642
Buildings and Equipment	14,561
Total	20,203
Accumulated Depreciation	$ (2,254)
6310 Hillside Center, Columbia, MD
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,424
Buildings and Equipment	2,084
Costs Capitalized Subsequent to Acquisition	440
Cost amount carried at Close of Period
Land	1,424
Buildings and Equipment	2,524
Total	3,948
Accumulated Depreciation	$ (631)
6315 Hillside Center, Columbia, MD
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,013
Buildings and Equipment	2,144
Costs Capitalized Subsequent to Acquisition	575
Cost amount carried at Close of Period
Land	2,013
Buildings and Equipment	2,719
Total	4,732
Accumulated Depreciation	$ (712)
TenThreeTwenty, Columbia, MD
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 3,126
Buildings and Equipment	16,361
Costs Capitalized Subsequent to Acquisition	4,798
Cost amount carried at Close of Period
Land	3,126
Buildings and Equipment	21,159
Total	24,285
Accumulated Depreciation	$ (4,279)
3300 75th Avenue, Landover, MD
Real estate and accumulated depreciation
Number of Properties | property	1
Encumbrances	$ 29,634
Initial Cost to Company
Land	4,110
Buildings and Equipment	36,371
Costs Capitalized Subsequent to Acquisition	3,746
Cost amount carried at Close of Period
Land	4,110
Buildings and Equipment	40,117
Total	44,227
Accumulated Depreciation	$ (14,846)
Redland 520/530, Rockville, MD
Real estate and accumulated depreciation
Number of Properties | property	3
Initial Cost to Company
Land	$ 12,714
Buildings and Equipment	61,377
Costs Capitalized Subsequent to Acquisition	8,166
Cost amount carried at Close of Period
Land	12,714
Buildings and Equipment	69,543
Total	82,257
Accumulated Depreciation	$ (12,618)
Redland 540, Rockville, MD
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 10,740
Buildings and Equipment	17,714
Costs Capitalized Subsequent to Acquisition	4,605
Cost amount carried at Close of Period
Land	10,740
Buildings and Equipment	22,319
Total	33,059
Accumulated Depreciation	$ (5,698)
3550 Green Court, Ann Arbor, MI
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 3,630
Buildings and Equipment	4,857
Costs Capitalized Subsequent to Acquisition	0
Cost amount carried at Close of Period
Land	3,630
Buildings and Equipment	4,857
Total	8,487
Accumulated Depreciation	$ (857)
Rosedale Corporate Plaza, Roseville, MN
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 672
Buildings and Equipment	6,045
Costs Capitalized Subsequent to Acquisition	2,896
Cost amount carried at Close of Period
Land	672
Buildings and Equipment	8,941
Total	9,613
Accumulated Depreciation	$ (4,107)
2555 Grand Boulevard, Kansas City, MO
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 4,209
Buildings and Equipment	51,522
Costs Capitalized Subsequent to Acquisition	5,642
Cost amount carried at Close of Period
Land	4,209
Buildings and Equipment	57,164
Total	61,373
Accumulated Depreciation	$ (10,135)
4241 NE 34th Street, Kansas City, MO
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,133
Buildings and Equipment	5,649
Costs Capitalized Subsequent to Acquisition	5,284
Cost amount carried at Close of Period
Land	1,470
Buildings and Equipment	10,596
Total	12,066
Accumulated Depreciation	$ (5,834)
1220 Echelon Parkway, Jackson, MS
Real estate and accumulated depreciation
Number of Properties | property	1
Encumbrances	$ 14,528
Initial Cost to Company
Land	440
Buildings and Equipment	25,458
Costs Capitalized Subsequent to Acquisition	2,239
Cost amount carried at Close of Period
Land	440
Buildings and Equipment	27,697
Total	28,137
Accumulated Depreciation	$ (8,217)
2300 and 2400 Yorkmont Road, Charlotte, NC
Real estate and accumulated depreciation
Number of Properties | property	2
Initial Cost to Company
Land	$ 1,334
Buildings and Equipment	19,075
Costs Capitalized Subsequent to Acquisition	4,444
Cost amount carried at Close of Period
Land	1,334
Buildings and Equipment	23,519
Total	24,853
Accumulated Depreciation	$ (4,475)
18010 Burt Street, Omaha, NE
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,819
Buildings and Equipment	6,250
Costs Capitalized Subsequent to Acquisition	4,710
Cost amount carried at Close of Period
Land	2,819
Buildings and Equipment	10,960
Total	13,779
Accumulated Depreciation	$ (982)
18020 Burt Street, Omaha, NE
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 4,158
Buildings and Equipment	6,250
Costs Capitalized Subsequent to Acquisition	13
Cost amount carried at Close of Period
Land	4,158
Buildings and Equipment	6,263
Total	10,421
Accumulated Depreciation	$ (1,039)
500 Charles Ewing Boulevard, Ewing, NJ
Real estate and accumulated depreciation
Number of Properties | property	1
Encumbrances	$ 42,354
Initial Cost to Company
Land	4,808
Buildings and Equipment	26,002
Costs Capitalized Subsequent to Acquisition	1,846
Cost amount carried at Close of Period
Land	4,808
Buildings and Equipment	27,848
Total	32,656
Accumulated Depreciation	$ (4,620)
299 Jefferson Road, Parsippany, NJ
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 4,543
Buildings and Equipment	2,914
Costs Capitalized Subsequent to Acquisition	1,649
Cost amount carried at Close of Period
Land	4,543
Buildings and Equipment	4,563
Total	9,106
Accumulated Depreciation	$ (893)
One Jefferson Road, Parsippany, NJ
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 4,415
Buildings and Equipment	5,249
Costs Capitalized Subsequent to Acquisition	103
Cost amount carried at Close of Period
Land	4,415
Buildings and Equipment	5,352
Total	9,767
Accumulated Depreciation	$ (898)
Airline Corporate Center, Colonie, NY
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 790
Buildings and Equipment	6,400
Costs Capitalized Subsequent to Acquisition	1,968
Cost amount carried at Close of Period
Land	790
Buildings and Equipment	8,368
Total	9,158
Accumulated Depreciation	$ (2,612)
1212 Pittsford - Victor Road, Pittsford, NY
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 608
Buildings and Equipment	78
Costs Capitalized Subsequent to Acquisition	1,706
Cost amount carried at Close of Period
Land	608
Buildings and Equipment	1,784
Total	2,392
Accumulated Depreciation	$ (355)
2231 Schrock Road, Columbus, OH
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 716
Buildings and Equipment	217
Costs Capitalized Subsequent to Acquisition	578
Cost amount carried at Close of Period
Land	716
Buildings and Equipment	795
Total	1,511
Accumulated Depreciation	$ (229)
8800 Tinicum Boulevard, Philadelphia, PA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 5,573
Buildings and Equipment	22,686
Costs Capitalized Subsequent to Acquisition	6,883
Cost amount carried at Close of Period
Land	5,573
Buildings and Equipment	29,569
Total	35,142
Accumulated Depreciation	$ (4,577)
446 Wrenplace Road, Fort Mill, SC
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 5,031
Buildings and Equipment	22,524
Costs Capitalized Subsequent to Acquisition	42
Cost amount carried at Close of Period
Land	5,031
Buildings and Equipment	22,566
Total	27,597
Accumulated Depreciation	$ (2,270)
9680 Old Bailes Road, Fort Mill, SC
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 834
Buildings and Equipment	2,944
Costs Capitalized Subsequent to Acquisition	91
Cost amount carried at Close of Period
Land	834
Buildings and Equipment	3,035
Total	3,869
Accumulated Depreciation	$ (519)
16001 North Dallas Parkway, Addison, TX
Real estate and accumulated depreciation
Number of Properties | property	2
Initial Cost to Company
Land	$ 10,282
Buildings and Equipment	63,071
Costs Capitalized Subsequent to Acquisition	2,910
Cost amount carried at Close of Period
Land	10,282
Buildings and Equipment	65,981
Total	76,263
Accumulated Depreciation	$ (11,484)
Research Park, Austin, TX
Real estate and accumulated depreciation
Number of Properties | property	2
Initial Cost to Company
Land	$ 4,258
Buildings and Equipment	13,747
Costs Capitalized Subsequent to Acquisition	2,298
Cost amount carried at Close of Period
Land	4,258
Buildings and Equipment	16,045
Total	20,303
Accumulated Depreciation	$ (4,155)
10451 Clay Road, Houston, TX
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 5,495
Buildings and Equipment	10,253
Costs Capitalized Subsequent to Acquisition	2,432
Cost amount carried at Close of Period
Land	5,495
Buildings and Equipment	12,685
Total	18,180
Accumulated Depreciation	$ (2,486)
202 North Castlegory Road, Houston, TX
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 863
Buildings and Equipment	5,024
Costs Capitalized Subsequent to Acquisition	98
Cost amount carried at Close of Period
Land	863
Buildings and Equipment	5,122
Total	5,985
Accumulated Depreciation	$ (796)
4221 W. John Carpenter Freeway, Irving, TX
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,413
Buildings and Equipment	2,365
Costs Capitalized Subsequent to Acquisition	1,843
Cost amount carried at Close of Period
Land	1,413
Buildings and Equipment	4,208
Total	5,621
Accumulated Depreciation	$ (1,799)
8675, 8701-8711 Freeport Pkwy and 8901 Esters Boulevard, Irving, TX
Real estate and accumulated depreciation
Number of Properties | property	3
Initial Cost to Company
Land	$ 12,970
Buildings and Equipment	31,566
Costs Capitalized Subsequent to Acquisition	757
Cost amount carried at Close of Period
Land	12,970
Buildings and Equipment	32,323
Total	45,293
Accumulated Depreciation	$ (5,250)
1511 East Common Street, New Braunfels, TX
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 4,965
Buildings and Equipment	1,266
Costs Capitalized Subsequent to Acquisition	251
Cost amount carried at Close of Period
Land	4,965
Buildings and Equipment	1,517
Total	6,482
Accumulated Depreciation	$ (424)
2900 West Plano Parkway, Plano, TX
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 6,819
Buildings and Equipment	8,831
Costs Capitalized Subsequent to Acquisition	0
Cost amount carried at Close of Period
Land	6,819
Buildings and Equipment	8,831
Total	15,650
Accumulated Depreciation	$ (1,469)
3400 West Plano Parkway, Plano, TX
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 4,543
Buildings and Equipment	15,964
Costs Capitalized Subsequent to Acquisition	321
Cost amount carried at Close of Period
Land	4,543
Buildings and Equipment	16,285
Total	20,828
Accumulated Depreciation	$ (2,745)
3600 Weismann Boulevard, San Antonio, TX
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 3,493
Buildings and Equipment	6,662
Costs Capitalized Subsequent to Acquisition	2,389
Cost amount carried at Close of Period
Land	3,493
Buildings and Equipment	9,051
Total	12,544
Accumulated Depreciation	$ (1,487)
701 Clay Road, Waco, TX
Real estate and accumulated depreciation
Number of Properties | property	1
Encumbrances	$ 26,156
Initial Cost to Company
Land	2,030
Buildings and Equipment	8,708
Costs Capitalized Subsequent to Acquisition	15,052
Cost amount carried at Close of Period
Land	2,060
Buildings and Equipment	23,730
Total	25,790
Accumulated Depreciation	$ (11,137)
1800 Novell Place, Provo, UT
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 7,487
Buildings and Equipment	43,487
Costs Capitalized Subsequent to Acquisition	19,841
Cost amount carried at Close of Period
Land	7,487
Buildings and Equipment	63,328
Total	70,815
Accumulated Depreciation	$ (9,528)
14660 Lee Road, Chantilly, VA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,536
Buildings and Equipment	14,686
Costs Capitalized Subsequent to Acquisition	3,260
Cost amount carried at Close of Period
Land	2,536
Buildings and Equipment	17,946
Total	20,482
Accumulated Depreciation	$ (3,295)
14672 Lee Road, Chantilly, VA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,253
Buildings and Equipment	24,749
Costs Capitalized Subsequent to Acquisition	4,800
Cost amount carried at Close of Period
Land	2,253
Buildings and Equipment	29,549
Total	31,802
Accumulated Depreciation	$ (7,435)
14668 Lee Road, Chantilly, VA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,177
Buildings and Equipment	34,779
Costs Capitalized Subsequent to Acquisition	18,526
Cost amount carried at Close of Period
Land	2,177
Buildings and Equipment	53,305
Total	55,482
Accumulated Depreciation	$ (7,933)
Enterchange At Meadowville, Chester, VA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,478
Buildings and Equipment	9,594
Costs Capitalized Subsequent to Acquisition	1,369
Cost amount carried at Close of Period
Land	1,478
Buildings and Equipment	10,963
Total	12,441
Accumulated Depreciation	$ (3,072)
7987 Ashton Avenue, Manassas, VA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,562
Buildings and Equipment	8,253
Costs Capitalized Subsequent to Acquisition	1,093
Cost amount carried at Close of Period
Land	1,562
Buildings and Equipment	9,346
Total	10,908
Accumulated Depreciation	$ (2,265)
Two Commercial Place, Norfolk, VA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 4,494
Buildings and Equipment	21,508
Costs Capitalized Subsequent to Acquisition	1,096
Cost amount carried at Close of Period
Land	4,494
Buildings and Equipment	22,604
Total	27,098
Accumulated Depreciation	$ (3,628)
1760 Business Center Drive, Reston, VA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 5,033
Buildings and Equipment	50,141
Costs Capitalized Subsequent to Acquisition	6,325
Cost amount carried at Close of Period
Land	5,033
Buildings and Equipment	56,466
Total	61,499
Accumulated Depreciation	$ (15,184)
1775 Wiehle Avenue, Reston, VA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 4,138
Buildings and Equipment	26,120
Costs Capitalized Subsequent to Acquisition	5,934
Cost amount carried at Close of Period
Land	4,138
Buildings and Equipment	32,054
Total	36,192
Accumulated Depreciation	$ (6,747)
9201 Forest Hill Avenue, Richmond, VA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,344
Buildings and Equipment	375
Costs Capitalized Subsequent to Acquisition	668
Cost amount carried at Close of Period
Land	1,344
Buildings and Equipment	1,043
Total	2,387
Accumulated Depreciation	$ (322)
9960 Mayland Drive, Richmond, VA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,614
Buildings and Equipment	15,930
Costs Capitalized Subsequent to Acquisition	5,021
Cost amount carried at Close of Period
Land	2,614
Buildings and Equipment	20,951
Total	23,565
Accumulated Depreciation	$ (5,943)
1751 Blue Hills Drive, Roanoke, VA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 2,689
Buildings and Equipment	7,761
Costs Capitalized Subsequent to Acquisition	0
Cost amount carried at Close of Period
Land	2,689
Buildings and Equipment	7,761
Total	10,450
Accumulated Depreciation	$ (1,291)
Atlantic Corporate Park, Sterling, VA
Real estate and accumulated depreciation
Number of Properties | property	2
Initial Cost to Company
Land	$ 5,752
Buildings and Equipment	29,316
Costs Capitalized Subsequent to Acquisition	4,423
Cost amount carried at Close of Period
Land	5,752
Buildings and Equipment	33,739
Total	39,491
Accumulated Depreciation	$ (6,660)
Orbital Sciences Campus, Sterling, VA
Real estate and accumulated depreciation
Number of Properties | property	3
Initial Cost to Company
Land	$ 12,275
Buildings and Equipment	19,320
Costs Capitalized Subsequent to Acquisition	37,466
Cost amount carried at Close of Period
Land	12,269
Buildings and Equipment	56,792
Total	69,061
Accumulated Depreciation	$ (4,480)
Sterling Park Business Center, Sterling, VA
Real estate and accumulated depreciation
Number of Properties | property	1
Encumbrances	$ 26,007
Initial Cost to Company
Land	5,871
Buildings and Equipment	44,324
Costs Capitalized Subsequent to Acquisition	135
Cost amount carried at Close of Period
Land	5,871
Buildings and Equipment	44,459
Total	50,330
Accumulated Depreciation	$ (8,072)
65 Bowdoin Street, S. Burlington, VT
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 700
Buildings and Equipment	8,416
Costs Capitalized Subsequent to Acquisition	239
Cost amount carried at Close of Period
Land	700
Buildings and Equipment	8,655
Total	9,355
Accumulated Depreciation	$ (3,179)
Stevens Center, Richland, WA
Real estate and accumulated depreciation
Number of Properties | property	2
Initial Cost to Company
Land	$ 3,970
Buildings and Equipment	17,035
Costs Capitalized Subsequent to Acquisition	4,807
Cost amount carried at Close of Period
Land	4,042
Buildings and Equipment	21,770
Total	25,812
Accumulated Depreciation	$ (13,792)
Unison Elliott Bay-Lab Space, Seattle, WA
Real estate and accumulated depreciation
Number of Properties | property	2
Initial Cost to Company
Land	$ 17,316
Buildings and Equipment	34,281
Costs Capitalized Subsequent to Acquisition	147,272
Cost amount carried at Close of Period
Land	17,316
Buildings and Equipment	181,553
Total	198,869
Accumulated Depreciation	$ (12,064)
Unison Elliott Bay-Office Space, Seattle, WA
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 9,324
Buildings and Equipment	18,459
Costs Capitalized Subsequent to Acquisition	4,858
Cost amount carried at Close of Period
Land	9,324
Buildings and Equipment	23,317
Total	32,641
Accumulated Depreciation	$ (3,753)
5353 Yellowstone Road, Cheyenne, WY
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 1,915
Buildings and Equipment	8,217
Costs Capitalized Subsequent to Acquisition	4,528
Cost amount carried at Close of Period
Land	1,950
Buildings and Equipment	12,710
Total	14,660
Accumulated Depreciation	$ (6,641)
Properties Held for Sale
Real estate and accumulated depreciation
Number of Properties | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	24,650
Buildings and Equipment	35,095
Costs Capitalized Subsequent to Acquisition	1,032
Impairment/ Writedowns	(19,042)
Cost amount carried at Close of Period
Land	17,331
Buildings and Equipment	24,404
Total	41,735
Accumulated Depreciation	$ (10,030)
Properties Held for Sale | 3250 and 3260 Jay Street, Santa Clara, CA
Real estate and accumulated depreciation
Number of Properties | property	2
Initial Cost to Company
Land	$ 19,899
Buildings and Equipment	14,051
Costs Capitalized Subsequent to Acquisition	83
Impairment/ Writedowns	(11,041)
Cost amount carried at Close of Period
Land	12,986
Buildings and Equipment	10,006
Total	22,992
Accumulated Depreciation	$ (2,244)
Properties Held for Sale | 11411 E. Jefferson Avenue, Detroit, MI
Real estate and accumulated depreciation
Number of Properties | property	1
Initial Cost to Company
Land	$ 630
Buildings and Equipment	18,002
Costs Capitalized Subsequent to Acquisition	596
Impairment/ Writedowns	(8,001)
Cost amount carried at Close of Period
Land	224
Buildings and Equipment	11,003
Total	11,227
Accumulated Depreciation	$ (6,807)
Properties Held for Sale | Regents Center, Tempe, AZ
Real estate and accumulated depreciation
Number of Properties | property	2
Initial Cost to Company
Land	$ 4,121
Buildings and Equipment	3,042
Costs Capitalized Subsequent to Acquisition	353
Cost amount carried at Close of Period
Land	4,121
Buildings and Equipment	3,395
Total	7,516
Accumulated Depreciation	$ (979)
Total Real Estate Assets
Real estate and accumulated depreciation
Number of Properties | property	128
Encumbrances	$ 172,913
Initial Cost to Company
Land	737,083
Buildings and Equipment	2,177,264
Costs Capitalized Subsequent to Acquisition	823,104
Impairment/ Writedowns	(38,157)
Cost amount carried at Close of Period
Land	728,370
Buildings and Equipment	2,970,924
Total	3,699,294
Accumulated Depreciation	$ (628,680)

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Feb. 29, 2024 property
Real estate and accumulated depreciation
Mortgage debt, net	$ 4,407
Aggregate cost for federal income tax purposes	$ 7,540,917
Useful life of buildings and improvements	40 years
Useful life of equipment	7 years
Mortgage Note Payable
Real estate and accumulated depreciation
Number of properties used to secured mortgage note | property	7
Line of Credit
Real estate and accumulated depreciation
Maximum borrowing capacity on revolving credit facility	$ 425,000
Line of Credit | Revolving credit facility
Real estate and accumulated depreciation
Number of properties used to secured mortgage note | property	19
Maximum borrowing capacity on revolving credit facility	$ 325,000
Line of Credit | Secured Debt
Real estate and accumulated depreciation
Number of properties used to secured mortgage note | property	19
Secured Debt
Real estate and accumulated depreciation
Principal balance	$ 100,000
Mortgage note payable, 7.671% interest rate, due in 2028 | Mortgage Note Payable
Real estate and accumulated depreciation
Number of properties used to secured mortgage note | property	2
Principal balance	$ 54,300
Interest rate (as a percent)	7.671%
Senior secured notes, 9.000% interest rate, due in September 2029
Real estate and accumulated depreciation
Interest rate (as a percent)	9%
Senior secured notes, 9.000% interest rate, due in September 2029 | Senior Notes
Real estate and accumulated depreciation
Number of properties used to secured mortgage note | property	19
Principal balance	$ 610,000
Interest rate (as a percent)	9%
Senior secured notes, 9.000% interest rate, due in March 2029
Real estate and accumulated depreciation
Interest rate (as a percent)	9%
Senior secured notes, 9.000% interest rate, due in March 2029 | Senior Notes
Real estate and accumulated depreciation
Number of properties used to secured mortgage note | property	17	17
Principal balance	$ 300,000
Interest rate (as a percent)	9%	9%
Senior secured notes, 3.250% interest rate, due in 2027
Real estate and accumulated depreciation
Interest rate (as a percent)	3.25%
Senior secured notes, 3.250% interest rate, due in 2027 | Senior Notes
Real estate and accumulated depreciation
Number of properties used to secured mortgage note | property	37
Principal balance	$ 445,000
Interest rate (as a percent)	3.25%

SCHEDULE III REAL ESTATE AND _4

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Carrying Amount and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Real Estate Properties
Balance at the beginning of the period	$ 4,065,679	$ 3,936,074
Additions	107,912	221,246
Loss on asset impairment	(181,578)	(11,299)
Disposals	(283,534)	(51,011)
Cost basis adjustment	(9,185)
Reclassification of assets of properties held for sale	(41,735)	(29,331)
Balance at the end of the period	3,657,559	4,065,679
Accumulated Depreciation
Balance at the beginning of the period	650,179	561,458
Additions	118,710	107,460
Loss on asset impairment	0	0
Disposals	(131,024)	(15,709)
Cost basis adjustment	(9,185)
Reclassification of assets of properties held for sale	(10,030)	(3,030)
Balance at the end of the period	$ 618,650	$ 650,179