XML 87 R72.htm IDEA: XBRL DOCUMENT v3.21.2
Investments in Unconsolidated Joint Ventures - Schedules of Combined Financial Statements for the Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Assets                
Commercial real estate property, net $ 5,588,345   $ 5,588,345     $ 5,399,002    
Cash and restricted cash 257,941 $ 221,404 257,941 $ 221,404   266,059    
Tenant and other receivables, related party receivables, and deferred rents receivable 44,964   44,964     44,507    
Other assets 347,407   347,407     448,213    
Total assets [1] 10,855,859   10,855,859     11,707,567    
Liabilities and equity                
Mortgages and other loans payable, net 1,422,287   1,422,287     1,979,972    
Lease liabilities 437,357   437,357     339,458    
Other liabilities 157,375   157,375     302,798    
Equity 5,082,215 5,134,005 5,082,215 5,134,005 $ 4,813,757 4,935,795 $ 5,205,762 $ 5,517,198
Total liabilities and equity/capital 10,855,859   10,855,859     11,707,567    
Company's investments in unconsolidated joint ventures 3,028,084   3,028,084     3,823,322    
Investments difference between carrying amount and underlying equity 429,200   429,200          
Combined statements of income for the unconsolidated joint ventures                
Total revenues 205,201 249,844 649,410 817,846        
Operating expenses 40,684 45,910 126,851 140,673        
Real estate taxes 32,139 43,522 121,318 131,805        
Interest expense before capitalized interest 34,054 42,595 112,423 144,345        
Amortization of deferred financing costs 2,345 3,151 9,505 8,312        
Depreciation and amortization 49,277 92,516 169,534 256,736        
Total expenses 169,476 248,212 573,007 744,980        
Net income 415,534 20,677 528,813 214,418        
Company's equity in net (loss) income from unconsolidated joint ventures (15,487) (432) (31,321) (15,445)        
Joint venture                
Assets                
Commercial real estate property, net 14,720,722   14,720,722     16,143,880    
Cash and restricted cash 791,702   791,702     357,076    
Tenant and other receivables, related party receivables, and deferred rents receivable 506,129   506,129     403,883    
Other assets 1,840,483   1,840,483     2,001,612    
Total assets 17,859,036   17,859,036     18,906,451    
Liabilities and equity                
Mortgages and other loans payable, net 11,023,009   11,023,009     9,749,204    
Deferred revenue 1,216,079   1,216,079     1,341,571    
Lease liabilities 982,309   982,309     1,002,563    
Other liabilities 308,300   308,300     464,107    
Equity 4,329,339   4,329,339     6,349,006    
Total liabilities and equity/capital 17,859,036   17,859,036     $ 18,906,451    
Company's investments in unconsolidated joint ventures 3,028,084   3,028,084          
Combined statements of income for the unconsolidated joint ventures                
Total revenues 314,288 292,929 905,017 846,967        
Operating expenses 54,157 44,650 142,800 131,578        
Real estate taxes 58,367 56,459 166,974 161,566        
Operating lease, rent 5,644 6,385 16,931 18,947        
Interest expense before capitalized interest 90,710 79,723 248,588 245,685        
Amortization of deferred financing costs 10,661 5,575 24,249 15,197        
Depreciation and amortization 119,537 103,262 351,372 300,700        
Total expenses 339,076 296,054 950,914 873,673        
Loss on early extinguishment of debt (1,158) 0 (2,484) 0        
Net income (25,946) (3,125) (48,381) (26,706)        
Company's equity in net (loss) income from unconsolidated joint ventures (15,487) (432) (31,321) (15,445)        
Management Service, Base | Joint venture                
Investment in Unconsolidated Joint Ventures                
Management fees, base revenue $ 5,300 $ 2,200 $ 12,000 $ 6,100        
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $316.0 million and $41.2 million of land, $341.2 million and $57.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $53.2 million and $37.8 million of right of use assets, $18.5 million and $10.3 million of accumulated depreciation, $293.8 million and $289.5 million of other assets included in other line items, $450.1 million and $94.0 million of real estate debt, net, $1.3 million and $0.7 million of accrued interest payable, $45.4 million and $29.9 million of lease liabilities, and $24.9 million and $56.6 million of other liabilities included in other line items as of September 30, 2021 and December 31, 2020, respectively.