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Investments in Unconsolidated Entities (Tables) | 3 Months Ended
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Mar. 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 as of March 31, 2025 and December 31, 2024 (dollars in thousands):
| Ownership % |  | Number of Properties |  | Carrying Amount (1) of Investment as of |  | Equity in earnings (losses) of unconsolidated entities |  |
|  |  |  | Three months ended March 31,
| As of March 31, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | 2025 |  | 2024 |  |
Data Center Joint Venture | 80.0% |  | 2 |  | $ | 302,837 |  |  | $ | 299,165 |  |  | $ | 3,674 |  |  | $ | 194 |  |  |
Bellagio Las Vegas Joint Venture - Common Equity Interest (2) | 21.9% |  | 1 |  | 268,984 |  |  | 274,057 |  |  | 683 |  |  | (2,875) |  |  |
Bellagio Las Vegas Joint Venture - Preferred Equity Interest (2) | n/a |  | n/a |  | 650,000 |  |  | 650,000 |  |  | — |  |  | — |  |  |
Passport Park Joint Venture (3) | 95.0% |  | 3 |  | 11,879 |  |  | 6,477 |  |  | — |  |  | — |  |  |
Industrial Partnerships | n/a |  | n/a |  | — |  |  | — |  |  | — |  |  | 1,005 |  |  |
Total investment in unconsolidated entities |  |  |  |  | $ | 1,233,700 |  |  | $ | 1,229,699 |  |  | $ | 4,357 |  |  | $ | (1,676) |  |  |
(1)As of March 31, 2025, the total carrying amount of the investments exceeded the underlying equity in net assets (i.e., basis difference) by $7.9 million. This basis difference is primarily due to the capitalized interest related to the data center joint venture development funding. (2)During the three months ended March 31, 2025 and 2024, 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, 2025, all of which was non-recourse to us with limited customary exceptions. (3)As of March 31, 2025, we hold a 95.0% common equity interest in the joint venture with Trammell Crow Company ("TCC"), with $7.7 million in preferred equity. We have committed to investing an additional $152.3 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.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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