Variable Interest Entities ("VIEs")

9 Months Ended

Sep. 30, 2025

Variable Interest Entities [Abstract]

Variable Interest Entities ("VIEs")

13.Variable Interest Entities (“VIEs”)

In the normal course of business, we are the general partner of various types of investment vehicles, which may be considered VIEs. We may, from time to time, own equity or debt securities through vehicles, each of which are considered variable interests. Our involvement in financing the operations of the VIEs is generally limited to our investments in the entity. We consolidate these entities when we are deemed to be the primary beneficiary.

Consolidated VIEs

We are the sole general partner of, and owned approximately 93.2% of, the Operating Partnership as of September 30, 2025. The Operating Partnership is considered a VIE and is consolidated in our consolidated financial statements. Since we conduct our business through and substantially all of our interests are held by the Operating Partnership, the assets and liabilities on our consolidated financial statements represent the assets and liabilities of the Operating Partnership. As of September 30, 2025 and December 31, 2024, the Operating Partnership held interests in consolidated VIEs owning properties and real estate related funds that were determined to be VIEs. The assets of these consolidated VIEs may only be used to settle the obligations of the entities and such obligations are secured only by the assets of the entities and are non-recourse to the Operating Partnership or us. The following table summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership.

	As of
(Amounts in thousands)	September 30, 2025		December 31, 2024
Real estate, net	$	3,938,898	$	3,199,972
Cash and cash equivalents and restricted cash		364,339		280,258
Accounts and other receivables		14,708		10,067
Investments in unconsolidated joint ventures		66,932		76,579
Deferred rent receivable		201,373		192,939
Deferred charges, net		56,786		38,610
Intangible assets, net		22,930		28,569
Other assets		25,032		7,078
Total VIE assets	$	4,690,998	$	3,834,072
Notes and mortgages payable, net	$	2,325,671	$	2,320,880
Accounts payable and accrued expenses		68,066		54,877
Intangible liabilities, net		10,042		12,581
Other liabilities		6,436		5,334
Total VIE liabilities	$	2,410,215	$	2,393,672

Unconsolidated VIEs

As of September 30, 2025, the Operating Partnership held variable interests in entities that own our unconsolidated real estate related funds and an unconsolidated joint venture that were deemed to be VIEs. The following table summarizes our investments in these entities and the maximum risk of loss from these investments.

	As of
(Amounts in thousands)	September 30, 2025		December 31, 2024
Investments in unconsolidated real estate funds	$	4,416	$	4,649
Investment in unconsolidated joint venture		6,803		1,212
Asset management fees and other receivables		794		482
Maximum risk of loss	$	12,013	$	6,343