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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, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Assets                
Commercial real estate property, net $ 4,205,139   $ 4,205,139     $ 4,134,860    
Cash and cash equivalents 188,216 $ 189,750 188,216 $ 189,750   221,823    
Tenant and other receivables 53,628   53,628     33,270    
Right-of-use assets 870,782   870,782     885,929    
Other assets 490,722   490,722     413,670    
Total assets [1] 10,216,072   10,216,072     9,531,181    
Liabilities and equity                
Mortgages and other loans payable, net 1,643,992   1,643,992     1,491,319    
Lease liability - operating leases 815,238   815,238     827,692    
Other liabilities (includes $237,454 and $— at fair value as of September 30, 2024 and December 31, 2023, respectively) 409,844   409,844     471,401    
Equity 3,620,005 4,107,243 3,620,005 4,107,243 $ 3,757,761 3,855,925 $ 4,159,833 $ 4,646,922
Total liabilities and equity 10,216,072   10,216,072     9,531,181    
Company's investments in unconsolidated joint ventures 2,871,683   2,871,683     2,983,313    
Investments difference between carrying amount and underlying equity 544,100   544,100          
Combined statements of income for the unconsolidated joint ventures                
Total revenues 229,691 210,186 640,393 701,986        
Operating expenses 49,507 49,585 139,448 148,606        
Real estate taxes 30,831 31,195 94,495 112,463        
Operating lease rent 6,363 7,253 19,136 20,209        
Interest expense, net of interest income 42,091 27,440 109,067 109,714        
Amortization of deferred financing costs 1,669 2,152 4,885 6,327        
Depreciation and amortization 53,176 50,642 154,007 198,760        
Total expenses 244,275 227,842 668,719 756,389        
Gain on early extinguishment of debt 0 0 17,777 0        
Net (loss) income before gain (loss) on sale (9,264) (21,694) 11,084 (439,279)        
Company's equity in net (loss) income from unconsolidated joint ventures (15,428) (15,126) 100,057 (44,470)        
Joint venture                
Assets                
Commercial real estate property, net 16,534,399   16,534,399     17,561,406    
Cash and cash equivalents 696,010   696,010     656,038    
Tenant and other receivables 643,310   643,310     673,532    
Debt and preferred equity investments, net 231,080   231,080     0    
Right-of-use assets 925,461   925,461     905,934    
Other assets 2,452,064   2,452,064     2,584,765    
Total assets 21,482,324   21,482,324     22,381,675    
Liabilities and equity                
Mortgages and other loans payable, net 13,653,311   13,653,311     14,799,277    
Deferred revenue 1,011,333   1,011,333     1,108,180    
Lease liability - operating leases 1,011,261   1,011,261     990,276    
Other liabilities (includes $237,454 and $— at fair value as of September 30, 2024 and December 31, 2023, respectively) 499,409   499,409     447,705    
Equity 5,307,010   5,307,010     5,036,237    
Total liabilities and equity 21,482,324   21,482,324     $ 22,381,675    
Company's investments in unconsolidated joint ventures 2,871,683   2,871,683          
Combined statements of income for the unconsolidated joint ventures                
Total revenues 376,949 407,148 1,107,295 1,140,889        
Operating expenses 67,104 63,081 192,587 183,825        
Real estate taxes 73,686 78,564 222,797 210,428        
Operating lease rent 8,487 7,307 25,990 21,746        
Interest expense, net of interest income 141,067 162,897 433,117 421,528        
Amortization of deferred financing costs 4,487 6,897 14,718 21,140        
Depreciation and amortization 137,640 138,199 407,429 380,867        
Total expenses 432,471 456,945 1,296,638 1,239,534        
Gain on early extinguishment of debt 0 0 233,704 0        
Net (loss) income before gain (loss) on sale (55,522) (49,797) 44,361 (98,645)        
Company's equity in net (loss) income from unconsolidated joint ventures $ (15,428) $ (15,126) $ 100,057 $ (44,470)        
[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: $104.1 million and $41.2 million of land, $65.4 million and $40.5 million of building and improvements, $— million and $— million of building and leasehold improvements, $— million and $— million of right of use assets, $3.2 million and $5.4 million of accumulated depreciation, $713.2 million and $— million of real estate loans held by consolidated securitization vehicles, $776.3 million and $676.9 million of other assets included in other line items, $204.3 million and $50.0 million of real estate debt, net, $0.9 million and $0.9 million of accrued interest payable, $— million and $— million of lease liabilities, $603.9 million and $— million of senior obligations of consolidated securitization vehicles and $308.0 million and $306.5 million of other liabilities included in other line items as of September 30, 2024 and December 31, 2023, respectively.