Investments in Unconsolidated Entities

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

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
							Three months ended March 31,
	As of March 31, 2026		March 31, 2026		December 31, 2025		2026		2025
Data Center Joint Venture (2)	80.0%	2	$	334,266	$	293,073	$	1,976	$	3,674
Bellagio Las Vegas Joint Venture - Common Equity Interest (3)	21.9%	1	248,328		253,625		695		683
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	88,232		59,758		(2)		—

Total investment in unconsolidated entities			$	1,320,826	$	1,256,456	$	2,669	$	4,357

(1)As of March 31, 2026, the total carrying amount of the investments exceeded the underlying equity in net assets (i.e., basis difference) by $9.3 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 $190.4 million as of March 31, 2026.

(3)During each of the three months ended March 31, 2026 and 2025, we recognized interest income of $13.0 million 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 March 31, 2026, all of which was non-recourse to us with limited customary exceptions.

(4)As of March 31, 2026, we held a 95.0% common equity interest in the joint venture with Trammell Crow Company ("TCC"), with $58.2 million in preferred equity. We have committed to investing an additional $77.7 million for development of three industrial facilities. We have determined that 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.