XML 89 R74.htm IDEA: XBRL DOCUMENT v3.23.1
Investments in Unconsolidated Joint Ventures - Schedules of Combined Financial Statements for the Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Investment in Unconsolidated Joint Ventures        
Management fees, base revenue $ 223,575 $ 187,964    
Assets        
Commercial real estate property, net 7,142,902   $ 7,159,245  
Cash and restricted cash 158,937 223,674 203,273  
Tenant and other receivables, related party receivables, and deferred rents receivable 36,289   34,497  
Other assets 592,898   546,945  
Total assets [1] 12,342,119   12,355,794  
Liabilities and equity        
Mortgages and other loans payable, net 3,226,781   3,227,563  
Lease liability - operating leases 892,984   895,100  
Other liabilities 282,958   236,211  
Equity 4,529,174 4,739,115 4,646,922 $ 4,778,253
Total liabilities and equity/capital 12,342,119   12,355,794  
Company's investments in unconsolidated joint ventures 3,164,729   3,190,137  
Investments difference between carrying amount and underlying equity 562,900      
Combined statements of income for the unconsolidated joint ventures        
Total revenues 223,575 187,964    
Operating expenses 52,064 42,583    
Real estate taxes 41,383 30,747    
Operating lease rent 6,301 6,564    
Interest expense, net of interest income 41,653 15,070    
Amortization of deferred financing costs 2,021 1,948    
Depreciation and amortization 78,548 46,983    
Total expenses 253,029 168,699    
Net (loss) income (38,357) 13,485    
Company's equity in net loss from unconsolidated joint ventures (7,412) (4,715)    
Joint venture        
Investment in Unconsolidated Joint Ventures        
Management fees, base revenue 389,452 335,266    
Assets        
Commercial real estate property, net 16,030,967   15,989,642  
Cash and restricted cash 676,093   709,299  
Tenant and other receivables, related party receivables, and deferred rents receivable 635,674   601,552  
Other assets 2,529,059   2,551,426  
Total assets 19,871,793   19,851,919  
Liabilities and equity        
Mortgages and other loans payable, net 12,461,690   12,348,954  
Deferred revenue 1,073,926   1,077,901  
Lease liability - operating leases 997,959   1,000,356  
Other liabilities 456,814   456,537  
Equity 4,881,404   4,968,171  
Total liabilities and equity/capital 19,871,793   $ 19,851,919  
Company's investments in unconsolidated joint ventures 3,164,729      
Combined statements of income for the unconsolidated joint ventures        
Total revenues 389,452 335,266    
Operating expenses 61,968 59,914    
Real estate taxes 65,740 60,722    
Operating lease rent 7,181 6,268    
Interest expense, net of interest income 129,477 94,913    
Amortization of deferred financing costs 7,045 6,757    
Depreciation and amortization 125,266 112,713    
Total expenses 396,677 341,287    
Net (loss) income (7,225) (6,021)    
Company's equity in net loss from unconsolidated joint ventures (7,412) (4,715)    
Management Service, Base | Joint venture        
Investment in Unconsolidated Joint Ventures        
Management fees, base revenue 4,900 6,200    
Combined statements of income for the unconsolidated joint ventures        
Total revenues $ 4,900 $ 6,200    
[1] (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: $41.2 million and $41.2 million of land, $40.1 million and $41.0 million of building and improvements, $— million and $— million of building and leasehold improvements, $— million and $— million of right of use assets, $4.6 million and $4.4 million of accumulated depreciation, $670.7 million and $599.2 million of other assets included in other line items, $49.9 million and $49.8 million of real estate debt, net, $0.2 million and $0.2 million of accrued interest payable, $— million and $— million of lease liabilities, and $179.3 million and $146.4 million of other liabilities included in other line items as of March 31, 2023 and December 31, 2022, respectively.