Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investment in Unconsolidated Entities

The following is a summary of our investments in unconsolidated entities for the periods indicated below (dollars in thousands):

	Ownership %	Number of Properties	Carrying Amount (1) of Investment as of				Equity in earnings of unconsolidated entities
							Years ended December 31,
	As of December 31, 2025		December 31, 2025		December 31, 2024		2025		2024		2023
Data Center Joint Venture	80.0%	2	$	293,073	$	299,165	$	11,310	$	6,940	$	—
Bellagio Las Vegas Joint Venture - Common Equity Interest	21.9%	1	253,625		274,057		2,026		(980)		2,139
Bellagio Las Vegas Joint Venture - Preferred Equity Interest	n/a	n/a	650,000		650,000		—		—		—
Passport Park Joint Venture	95.0%	3	59,758		6,477		(6)		—		—
Industrial Partnerships	n/a	n/a	—		—		—		1,833		407
Total investment in unconsolidated entities			$	1,256,456	$	1,229,699	$	13,330	$	7,793	$	2,546

(1)As of December 31, 2025, the total carrying amount of the investments exceeded the underlying equity in net assets (i.e., basis difference) by $8.6 million. This basis difference is primarily due to the capitalized interest related to the data center and passport park development joint ventures.