Co-investments (Tables)

6 Months Ended

Jun. 30, 2025

Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]

The carrying values of the Company’s co-investments as of June 30, 2025 and December 31, 2024 were as follows ($ in thousands, except in parenthetical):


	Weighted Average Company Ownership Percentage (1)	June 30, 2025		December 31, 2024
Ownership interest in:
Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2)	54%	$	127,826	$	147,232
BEX IV and 500 Folsom	50%	141,712		146,142
Other (3)	53%	91,383		86,089
Total operating and other co-investments, net		360,921		379,463

Total preferred equity co-investments (includes related party investments of $50.4 million and $48.1 million as of June 30, 2025 and December 31, 2024, respectively. See Note 6, Related Party Transactions, for further discussion)		445,511		476,278
Total co-investments, net		$	806,432	$	855,741

(1)Weighted average company ownership percentages are as of June 30, 2025.

(2)As of June 30, 2025 and December 31, 2024, the Company’s investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $86.9 million and $77.2 million, respectively, due to distributions received in excess of the Company’s investment.

(3)As of June 30, 2025 and December 31, 2024, the Company’s investment in Expo was classified as a liability of $2.5 million and $2.0 million, respectively, due to distributions received in excess of the Company’s investment. The weighted average company ownership percentage excludes the Company’s investments in unconsolidated technology co-investments.

Schedule of Financial Information for Co-Investments Accounted For Under the Equity Method

The combined summarized financial information of co-investments was as follows ($ in thousands):


	June 30, 2025		December 31, 2024
Combined balance sheets: (1)
Rental properties and real estate under development	$	3,870,839	$	4,094,826
Other assets	228,661		277,420
Total assets	$	4,099,500	$	4,372,246
Debt	$	2,826,999	$	3,001,303
Other liabilities	243,809		235,111
Equity	1,028,692		1,135,832
Total liabilities and equity	$	4,099,500	$	4,372,246


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Combined statements of income: (1)
Property revenues	$	84,569	$	99,706	$	170,875	$	204,928
Property operating expenses	(31,154)		(37,038)		(63,856)		(78,917)
Net operating income	53,415		62,668		107,019		126,011

Interest expense	(28,137)		(36,291)		(55,438)		(76,786)
General and administrative	(4,358)		(7,593)		(8,564)		(14,688)
Depreciation and amortization	(36,224)		(44,093)		(72,811)		(89,603)
Net loss	$	(15,304)	$	(25,309)	$	(29,794)	$	(55,066)
Company’s share of net income (2)	$	8,977	$	9,652	$	22,186	$	22,018

(1)Includes preferred equity investments held by the Company and excludes investments in unconsolidated technology co-investments.

(2)Includes the Company’s share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income, and income from early redemption of preferred equity investments. Includes related party income of $1.3 million and $1.1 million for the three months ended June 30, 2025 and 2024, respectively, and $2.5 million and $2.2 million for the six months ended June 30, 2025 and 2024, respectively.