Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2023 to June 30, 2024 (in thousands):

	2024
Balance at Beginning of Period	$	171,632
Contributions		150
Distributions		(4,091	)
Net income		7,158
Balance at June 30, 2024	$	174,849

Summary of Other Assets

Other assets were comprised of the following amounts as of June 30, 2024 and December 31, 2023 (in thousands):

	June 30, 2024		December 31, 2023
Other investments	$	17,824	$	65,066
Deferred costs, deposits, and other		11,692		9,374
Prepaid expenses and real estate taxes		12,847		14,855
Interest rate contracts (1)		3,699		5,255
Unconsolidated real estate partnerships		23,532		23,125
Intangible assets, net		13,400		13,494
Corporate fixed assets		11,364		10,669
Accounts receivable, net of allowances of $215 and $373 as of June 30, 2024 and December 31, 2023, respectively		7,750		5,178
Deferred tax assets		4,102		2,391
Due from affiliates		364		434
Total other assets, net	$	106,574	$	149,841

(1) We account for our Interest rate contracts as non-designated hedges.

Revenue from contracts with customers

We apply ASC 606, Revenue from Contracts with Customers, in recognizing revenue from our operations at The Benson Hotel. The Benson Hotel revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other ancillary hotel service revenues. We recognize revenue from the rental of the hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when rooms are occupied, and services have been provided. Food and beverage sales are recognized when the customer has been serviced or at the time the transaction occurs.

Realized and Unrealized Gains (Losses) on Equity Investments and Reduction in the Carrying Value of Other investments Included in Other Assets

The non-cash impairment is reflected in Realized and unrealized gains (losses) on equity investments in our Condensed Consolidated Statements of Operations for the periods ended June 30, 2024, and as a reduction in the carrying value of Other investments included in Other assets, net in our Condensed Consolidated Balance Sheets as of June 30, 2024.

	As of June 30, 2024			As of December 31, 2023
Equity ownership in IQHQ under measurement alternative:
Initial cost		39,185			39,185
Cumulative upward adjustments		20,501			20,501
Cumulative impairment		(46,972	)		—
Total carrying value	$	12,714		$	59,686