XML 114 R94.htm IDEA: XBRL DOCUMENT v3.24.0.1
Investments in Unconsolidated Joint Ventures - Schedules of Combined Financial Statements for the Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Assets        
Commercial real estate property, net $ 5,020,789 $ 7,159,245    
Cash and restricted cash 221,823 203,273 $ 251,417  
Tenant and other receivables, related party receivables, and deferred rents receivable 33,270 34,497    
Other assets 413,670 546,945    
Total assets [1] 9,531,181 12,355,794    
Liabilities and equity        
Mortgages and other loans payable, net 1,491,319 3,227,563    
Lease liabilities 827,692 895,100    
Other liabilities 471,401 236,211    
Equity 3,855,925 4,646,922 4,778,253 $ 4,935,795
Total liabilities and equity/capital 9,531,181 12,355,794    
Company's investments in unconsolidated joint ventures 2,983,313 3,190,137    
Investments difference between carrying amount and underlying equity 545,600      
Combined statements of income for the unconsolidated joint ventures        
Total revenues 913,710 919,454 861,310  
Real estate taxes 143,757 138,228 152,835  
Operating lease rent 27,292 26,943 26,554  
Interest expense, net of interest income 137,114 89,473 70,891  
Amortization of deferred financing costs 7,837 7,817 11,424  
Depreciation and amortization 247,810 216,167 216,969  
Total expenses 990,296 838,752 764,661  
Loss on early extinguishment of debt (870) 0 (1,551)  
Net (loss) income (599,337) (76,303) 480,632  
Company's equity in net (loss) income from unconsolidated joint ventures (76,509) (57,958) (55,402)  
Due from joint ventures        
Assets        
Commercial real estate property, net 18,467,340 15,989,642    
Cash and restricted cash 656,038 709,299    
Tenant and other receivables, related party receivables, and deferred rents receivable 673,532 601,552    
Other assets 2,584,765 2,551,426    
Total assets 22,381,675 19,851,919    
Liabilities and equity        
Mortgages and other loans payable, net 14,799,277 12,348,954    
Deferred revenue 1,108,180 1,077,901    
Lease liabilities 990,276 1,000,356    
Other liabilities 447,705 456,537    
Equity 5,036,237 4,968,171    
Total liabilities and equity/capital 22,381,675 19,851,919    
Company's investments in unconsolidated joint ventures 2,983,313      
Combined statements of income for the unconsolidated joint ventures        
Total revenues 1,525,044 1,339,364 1,228,364  
Payments made for services 253,630 240,002 203,332  
Real estate taxes 287,462 252,806 225,104  
Operating lease rent 29,048 26,152 22,576  
Interest expense, net of interest income 574,032 431,865 342,910  
Amortization of deferred financing costs 28,157 27,754 31,423  
Depreciation and amortization 516,466 465,100 484,130  
Total expenses 1,688,795 1,443,679 1,309,475  
Loss on early extinguishment of debt 0 (467) (2,017)  
Net (loss) income (163,751) (104,782) (83,128)  
Company's equity in net (loss) income from unconsolidated joint ventures $ (76,509) $ (57,958) $ (55,402)  
[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, $40.5 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, $5.4 million and $4.4 million of accumulated depreciation, $676.9 million and $599.2 million of other assets included in other line items, $50.0 million and $49.8 million of real estate debt, net, $0.9 million and $0.2 million of accrued interest payable, $— million and $— million of lease liabilities, and $306.5 million and $146.4 million of other liabilities included in other line items as of December 31, 2023 and December 31, 2022, respectively.