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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 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Assets                
Commercial real estate property, net $ 4,511,094   $ 4,511,094     $ 4,481,660    
Cash and cash equivalents 182,912 $ 199,501 182,912 $ 199,501   184,294    
Tenant and other receivables 44,444   44,444     44,055    
Right-of-use assets 875,379   875,379     865,639    
Other assets 574,620   574,620     610,911    
Total Assets [1] 11,252,329   11,252,329     10,470,099    
Liabilities and equity                
Mortgages and other loans payable, net 2,035,822   2,035,822     1,944,635    
Lease liability - operating leases 814,088   814,088     810,989    
Other liabilities 409,549   409,549     414,153    
Equity 3,880,103 3,757,761 3,880,103 3,757,761 $ 3,953,427 4,069,951 $ 3,803,648 $ 3,855,925
Total liabilities and equity 11,252,329   11,252,329     10,470,099    
Company's investments in unconsolidated joint ventures 2,701,382   2,701,382     2,690,138    
Investments difference between carrying amount and underlying equity 477,000   477,000          
Combined statements of income for the unconsolidated joint ventures                
Total revenues 241,916 222,820 481,762 410,702        
Payments made for services 51,105 46,333 107,167 89,941        
Real estate taxes 37,750 32,058 74,967 63,664        
Operating lease rent 6,105 6,368 12,211 12,773        
Loan loss reserves and other investment reserves, net of recoveries (46,287) 0 (71,326) 0        
Interest expense, net of interest income 45,318 35,803 90,999 66,976        
Amortization of deferred financing costs 1,742 1,677 3,429 3,216        
Depreciation and amortization 60,160 52,247 124,658 100,831        
Total expenses 225,060 219,637 468,982 424,444        
Gain on early extinguishment of debt 0 17,777 0 17,777        
Net (loss) income (6,817) 1,959 (28,362) 20,348        
Company's equity in net (loss) income from unconsolidated joint ventures (22,775) 4,325 (21,605) 115,485        
Due from joint venture                
Assets                
Commercial real estate property, net 15,257,048   15,257,048     15,327,542    
Cash and cash equivalents 569,042   569,042     649,426    
Tenant and other receivables 702,422   702,422     621,748    
Debt and preferred equity investments, net 246,057   246,057     236,512    
Right-of-use assets 907,583   907,583     919,658    
Other assets 1,638,957   1,638,957     1,739,549    
Total Assets 19,321,109   19,321,109     19,494,435    
Liabilities and equity                
Mortgages and other loans payable, net 12,318,975   12,318,975     12,234,261    
Deferred revenue 897,575   897,575     956,217    
Lease liability - operating leases 1,001,482   1,001,482     1,008,085    
Other liabilities 422,585   422,585     519,582    
Equity 4,680,492   4,680,492     4,776,290    
Total liabilities and equity 19,321,109   19,321,109     $ 19,494,435    
Company's investments in unconsolidated joint ventures 2,701,382   2,701,382          
Combined statements of income for the unconsolidated joint ventures                
Total revenues 382,176 365,007 754,102 730,346        
Payments made for services 63,197 59,733 131,212 125,483        
Real estate taxes 71,658 73,479 143,162 149,111        
Operating lease rent 5,942 8,478 12,523 17,503        
Loan loss reserves and other investment reserves, net of recoveries 1,438 0 1,438 0        
Interest expense, net of interest income 130,336 142,196 259,232 292,050        
Amortization of deferred financing costs 5,878 4,159 11,897 10,231        
Depreciation and amortization 125,535 135,611 246,840 269,789        
Total expenses 403,984 423,656 806,304 864,167        
Gain on early extinguishment of debt 0 61,185 0 233,704        
Net (loss) income (21,808) 2,536 (52,202) 99,883        
Company's equity in net (loss) income from unconsolidated joint ventures $ (22,775) $ 4,325 $ (21,605) $ 115,485        
[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 $236.7 million of land, $174.4 million and $159.1 million of building and improvements, $— million and $— million of building and leasehold improvements, $— million and $— million of right of use assets, $8.9 million and $4.1 million of accumulated depreciation, $41.4 million and $— of debt fund investments, $1,431.4 million and $709.1 million of real estate loans held by consolidated securitization vehicles, $869.6 million and $830.3 million of other assets included in other line items, $374.4 million and $357.9 million of real estate debt, net, $1.0 million and $1.1 million of accrued interest payable, $— million and $— million of lease liabilities, $1,431.4 million and $590.1 million of senior obligations of consolidated securitization vehicles and $316.8 million and $324.8 million of other liabilities included in other line items as of June 30, 2025 and December 31, 2024, respectively.