XML 122 R99.htm IDEA: XBRL DOCUMENT v3.25.0.1
Investments in Unconsolidated Joint Ventures - Schedules of Combined Financial Statements for the Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Assets        
Commercial real estate property, net $ 4,481,660 $ 4,134,860    
Cash and restricted cash 184,294 221,823 $ 203,273  
Tenant and other receivables, related party receivables, and deferred rents receivable 44,055 33,270    
Right of use asset - operating leases 865,639 885,929    
Other assets 610,911 413,670    
Total assets [1] 10,470,099 9,531,181    
Liabilities and equity        
Mortgages and other loans payable, net 1,944,635 1,491,319    
Lease liabilities 810,989 827,692    
Other liabilities (includes $251,096 and $259,392 at fair value as of December 31, 2024 and December 31, 2023, respectively) 414,153 471,401    
Equity 4,069,951 3,855,925 4,646,922 $ 4,778,253
Total liabilities and equity/capital 10,470,099 9,531,181    
Company's investments in unconsolidated joint ventures 2,690,138 2,983,313    
Investments difference between carrying amount and underlying equity 480,800      
Combined statements of income for the unconsolidated joint ventures        
Revenues 886,272 913,710 919,454  
Real estate taxes 128,187 143,757 138,228  
Operating lease rent 24,423 27,292 26,943  
Interest expense, net of interest income 147,220 137,114 89,473  
Amortization of deferred financing costs 6,619 7,837 7,817  
Depreciation and amortization 207,443 247,810 216,167  
Total expenses 916,181 990,296 838,752  
Gain (loss) on early extinguishment of debt 43,762 (870) 0  
Depreciable real estate reserves and impairments (181,798) 0 0  
Net income (loss) 30,222 (599,337) (76,303)  
Company's equity in net (loss) income from unconsolidated joint ventures (179,695) (76,509) (57,958)  
Due from joint ventures        
Assets        
Commercial real estate property, net 15,327,542 17,561,406    
Cash and restricted cash 649,426 656,038    
Tenant and other receivables, related party receivables, and deferred rents receivable 621,748 673,532    
Debt and preferred equity investments, net 236,512 0    
Right of use asset - operating leases 919,658 905,934    
Other assets 1,739,549 2,584,765    
Total assets 19,494,435 22,381,675    
Liabilities and equity        
Mortgages and other loans payable, net 12,234,261 14,799,277    
Deferred revenue 956,217 1,108,180    
Lease liabilities 1,008,085 990,276    
Other liabilities (includes $251,096 and $259,392 at fair value as of December 31, 2024 and December 31, 2023, respectively) 519,582 447,705    
Equity 4,776,290 5,036,237    
Total liabilities and equity/capital 19,494,435 22,381,675    
Company's investments in unconsolidated joint ventures 2,690,138      
Combined statements of income for the unconsolidated joint ventures        
Revenues 1,484,459 1,525,044 1,339,364  
Payments made for services 259,558 253,630 240,002  
Real estate taxes 297,520 287,462 252,806  
Operating lease rent 33,207 29,048 26,152  
Interest expense, net of interest income 573,148 574,032 431,865  
Amortization of deferred financing costs 21,289 28,157 27,754  
Depreciation and amortization 538,390 516,466 465,100  
Total expenses 1,723,112 1,688,795 1,443,679  
Gain (loss) on early extinguishment of debt 233,704 0 (467)  
Net income (loss) (186,747) (163,751) (104,782)  
Company's equity in net (loss) income from unconsolidated joint ventures $ (179,695) $ (76,509) $ (57,958)  
[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: $236.7 million and $41.2 million of land, $159.1 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, $4.1 million and $5.4 million of accumulated depreciation, 709.1 million and — million of real estate loans held by consolidated securitization vehicles, $830.3 million and $676.9 million of other assets included in other line items, $357.9 million and $50.0 million of real estate debt, net, $1.1 million and $0.9 million of accrued interest payable, $— million and $— million of lease liabilities, 590.1 million and — million of senior obligations of consolidated securitization vehicles and $324.8 million and $306.5 million of other liabilities included in other line items as of December 31, 2024 and December 31, 2023, respectively.