Co-investments (Tables)

9 Months Ended

Sep. 30, 2026

Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]

The carrying values of the Company’s co-investments as of September 30, 2026 and December 31, 2025 were as follows ($ in thousands, except in parenthetical):


	Weighted Average Company Ownership Percentage (1)	September 30, 2026		December 31, 2025
Ownership interest in:
Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI (2)	55%	$	62,358	$	73,002
BEX IV and 500 Folsom	50%	130,262		135,518
Other (2)	50%	113,125		95,851
Total operating and other co-investments, net		305,745		304,371

Total preferred equity co-investments (3) (includes related party investments of $31.2 million and $52.8 million as of September 30, 2026 and December 31, 2025, respectively. See Note 6, Related Party Transactions, for further discussion)		198,272		227,342
Total co-investments, net		$	504,017	$	531,713

(1)Weighted average company ownership percentages are as of September 30, 2026.

(2)As of September 30, 2026 and December 31, 2025, the Company’s investments in Wesco I, Wesco III, Wesco IV, and Expo were classified as a liability of $108.9 million and $98.8 million, respectively, due to distributions received in excess of the Company’s investment. The weighted average company ownership percentage excludes the Company’s investments in unconsolidated technology co-investments.

(3)Includes three preferred equity investments held by Wesco VII.

Schedule of Financial Information for Co-Investments Accounted For Under the Equity Method

The combined summarized financial information of co-investments was as follows ($ in thousands):


	September 30, 2026		December 31, 2025
Combined balance sheets: (1)
Rental properties and real estate under development	$	3,158,933	$	3,220,390
Other assets	164,297		194,413
Total assets	$	3,323,230	$	3,414,803
Debt	$	2,140,215	$	2,412,106
Other liabilities	180,789		163,358
Equity	1,002,226		839,339
Total liabilities and equity	$	3,323,230	$	3,414,803


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Combined statements of income: (1)
Property revenues	$	98,289	$	84,580	$	247,864	$	255,455
Property operating expenses	(42,540)		(32,008)		(98,290)		(95,864)
Net operating income	55,749		52,572		149,574		159,591
Gain on sale of real estate	37,913		10,378		56,840		10,378
Interest expense	(31,677)		(26,565)		(71,855)		(82,003)
General and administrative	(4,599)		(4,431)		(12,716)		(12,995)
Depreciation and amortization	(44,703)		(35,052)		(99,778)		(107,863)
Net income (loss)	$	12,683	$	(3,098)	$	22,065	$	(32,892)
Company’s share of net income (2)	$	9,212	$	17,798	$	46,542	$	39,984

(1)Includes preferred equity investments held by the Company and excludes investments in technology co-investments.

(2)Includes the Company’s share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income, and income from early redemption of preferred equity investments. Includes related party income of $0.7 million and $1.3 million for the three months ended September 30, 2026 and 2025, respectively, and $3.0 million and $3.8 million for the nine months ended September 30, 2026 and 2025, respectively.