Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investment in Unconsolidated Entities

The following is a summary of our investments in unconsolidated entities as of December 31, 2024 and December 31, 2023 (dollars in thousands):

	Ownership %	Number of Properties	Carrying Amount (1) of Investment as of
	As of December 31, 2024		December 31, 2024		December 31, 2023
Data Center Joint Venture	80.0%	2	$	299,165	$	226,021
Bellagio Las Vegas Joint Venture - Common Equity Interest	21.9%	1	274,057		296,097
Bellagio Las Vegas Joint Venture - Preferred Equity Interest	n/a	n/a	650,000		650,000
Passport Park Joint Venture (2)	95.0%	3	6,477		—
Industrial Partnerships	n/a	n/a	—		—
Total investment in unconsolidated entities			$	1,229,699	$	1,172,118

(1) The total carrying amount of the investments was greater than the underlying equity in net assets (i.e., basis difference) by $7.9 million as of December 31, 2024. The basis difference is primarily attributable to capitalized interest for the data center joint venture development funding.

(2) Our investment in Passport Park Joint Venture includes $4.2 million in preferred equity. The joint venture is required to redeem all of the preferred equity investment in June 2028, with two extension options available.

Equity in earnings of unconsolidated entities consists of the following (in thousands):

	Years ended December 31,
	2024		2023		2022
Data Center Development Joint Venture	$	6,940	$	—	$	—
Bellagio Las Vegas Joint Venture - Common Equity Interest	(980)		2,139		—
Passport Park Joint Venture	—		—		—
Industrial Partnerships	1,833		407		(6,448)
Equity in earnings in unconsolidated entities	$	7,793	$	2,546	$	(6,448)