XML 89 R75.htm IDEA: XBRL DOCUMENT v3.23.2
Investments in Unconsolidated Joint Ventures - Schedules of Combined Financial Statements for the Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Investment in Unconsolidated Joint Ventures                
Management fees, base revenue $ 221,070 $ 201,445 $ 444,645 $ 389,409        
Assets                
Commercial real estate property, net 4,967,103   4,967,103     $ 7,159,245    
Cash and restricted cash 191,979 189,360 191,979 189,360   203,273    
Tenant and other receivables, related party receivables, and deferred rents receivable 36,657   36,657     34,497    
Other assets 449,606   449,606     546,945    
Total assets [1] 10,041,288   10,041,288     12,355,794    
Liabilities and equity                
Mortgages and other loans payable, net 1,513,406   1,513,406     3,227,563    
Lease liability - operating leases 890,305   890,305     895,100    
Other liabilities 330,799   330,799     236,211    
Equity 4,159,833 4,748,764 4,159,833 4,748,764 $ 4,529,174 4,646,922 $ 4,739,115 $ 4,778,253
Total liabilities and equity/capital 10,041,288   10,041,288     12,355,794    
Company's investments in unconsolidated joint ventures 3,228,663   3,228,663     3,190,137    
Investments difference between carrying amount and underlying equity 552,300   552,300          
Combined statements of income for the unconsolidated joint ventures                
Total revenues 221,070 201,445 444,645 389,409        
Operating expenses 46,957 39,557 99,021 82,140        
Real estate taxes 39,885 30,819 81,268 61,566        
Operating lease rent 6,655 6,477 12,956 13,041        
Interest expense, net of interest income 40,621 14,960 82,274 30,030        
Amortization of deferred financing costs 2,154 1,917 4,175 3,865        
Depreciation and amortization 69,084 46,914 147,632 93,897        
Total expenses 228,363 164,167 481,392 332,866        
Net loss (379,228) (37,949) (417,585) (24,464)        
Company's equity in net loss from unconsolidated joint ventures (21,932) (4,550) (29,344) (9,265)        
Joint venture                
Investment in Unconsolidated Joint Ventures                
Management fees, base revenue 344,289 331,699 733,741 666,965        
Assets                
Commercial real estate property, net 17,981,673   17,981,673     15,989,642    
Cash and restricted cash 720,696   720,696     709,299    
Tenant and other receivables, related party receivables, and deferred rents receivable 644,818   644,818     601,552    
Other assets 2,713,168   2,713,168     2,551,426    
Total assets 22,060,355   22,060,355     19,851,919    
Liabilities and equity                
Mortgages and other loans payable, net 14,357,179   14,357,179     12,348,954    
Deferred revenue 1,161,020   1,161,020     1,077,901    
Lease liability - operating leases 995,571   995,571     1,000,356    
Other liabilities 516,566   516,566     456,537    
Equity 5,030,019   5,030,019     4,968,171    
Total liabilities and equity/capital 22,060,355   22,060,355     $ 19,851,919    
Company's investments in unconsolidated joint ventures 3,228,663   3,228,663          
Combined statements of income for the unconsolidated joint ventures                
Total revenues 344,289 331,699 733,741 666,965        
Operating expenses 58,776 53,572 120,744 113,486        
Real estate taxes 66,124 59,394 131,864 120,116        
Operating lease rent 7,258 6,581 14,439 12,849        
Interest expense, net of interest income 129,154 98,317 258,631 193,230        
Amortization of deferred financing costs 7,198 6,695 14,243 13,452        
Depreciation and amortization 117,402 113,959 242,668 226,672        
Total expenses 385,912 338,518 782,589 679,805        
Loss on early extinguishment of debt 0 (467) 0 (467)        
Net loss (41,623) (7,286) (48,848) (13,307)        
Company's equity in net loss from unconsolidated joint ventures (21,932) (4,550) (29,344) (9,265)        
Management Service, Base | Joint venture                
Investment in Unconsolidated Joint Ventures                
Management fees, base revenue 8,300 3,000 12,900 9,100        
Combined statements of income for the unconsolidated joint ventures                
Total revenues $ 8,300 $ 3,000 $ 12,900 $ 9,100        
[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, $39.4 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, $4.9 million and $4.4 million of accumulated depreciation, $666.2 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 $177.1 million and $146.4 million of other liabilities included in other line items as of June 30, 2023 and December 31, 2022, respectively.