Investments in Unconsolidated Entities

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

The following is a summary of our investments in unconsolidated entities as of September 30, 2025 and December 31, 2024 (dollars in thousands):


	Ownership %	Number of Properties	Carrying Amount (1) of Investment as of				Equity in earnings of unconsolidated entities
							Nine months ended September 30,
	As of September 30, 2025		September 30, 2025		December 31, 2024		2025		2024
Data Center Joint Venture (2)	80.0%	2	$	294,681	$	299,165	$	9,229	$	5,130
Bellagio Las Vegas Joint Venture - Common Equity Interest (3)	21.9%	1	258,813		274,057		1,477		(1,523)
Bellagio Las Vegas Joint Venture - Preferred Equity Interest (3)	n/a	n/a	650,000		650,000		—		—
Passport Park Joint Venture (4)	95.0%	3	30,598		6,477		—		—
Industrial Partnerships	n/a	n/a	—		—		—		1,833
Total investment in unconsolidated entities			$	1,234,092	$	1,229,699	$	10,706	$	5,440

(1)As of September 30, 2025, the total carrying amount of the investments exceeded the underlying equity in net assets (i.e., basis difference) by $8.2 million. This basis difference is primarily due to the capitalized interest related to the data center and passport park development joint ventures.

(2)The joint venture with Digital Realty Trust, Inc. is expanding the capacity of its two data centers for the existing client, and our pro rata share of the estimated costs for this second phase of the development was $229.7 million as of September 30, 2025.

(3)During the nine months ended September 30, 2025 and 2024, we recognized interest income of $39.4 million and $39.5 million, respectively, for 8.1% preferential cumulative distributions, included within 'Other' revenue in our consolidated statements of income and comprehensive income. The unconsolidated entity had total debt outstanding of $3.0 billion as of September 30, 2025, all of which was non-recourse to us with limited customary exceptions.

(4)As of September 30, 2025, we held a 95.0% common equity interest in the joint venture with Trammell Crow Company ("TCC"), with $20.1 million in preferred equity. We have committed to investing an additional $134.1 million for development of three industrial facilities. We are not the primary beneficiary of this VIE because significant activities affecting economic performance are shared. TCC is the managing member, and we do not have substantive kick-out rights. We will continuously evaluate whether we are the primary beneficiary as power to direct significant activities can change during the joint venture's life. Our maximum loss exposure is limited to our common and preferred equity investments and committed funding