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Investments in Unconsolidated Entities | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities The following is a summary of our investments in unconsolidated entities as of September 30, 2025 and December 31, 2024 (dollars in thousands):
| Ownership % |  | Number of Properties |  | Carrying Amount (1) of Investment as of |  | Equity in earnings of unconsolidated entities |  |
|  |  |  | Nine months ended September 30,
| As of September 30, 2025 |  | September 30, 2025 |  | December 31, 2024 |  | 2025 |  | 2024 |  |
Data Center Joint Venture (2) | 80.0% |  | 2 |  | $ | 294,681 |  |  | $ | 299,165 |  |  | $ | 9,229 |  |  | $ | 5,130 |  |  |
Bellagio Las Vegas Joint Venture - Common Equity Interest (3) | 21.9% |  | 1 |  | 258,813 |  |  | 274,057 |  |  | 1,477 |  |  | (1,523) |  |  |
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 |  | 30,598 |  |  | 6,477 |  |  | — |  |  | — |  |  |
Industrial Partnerships | n/a |  | n/a |  | — |  |  | — |  |  | — |  |  | 1,833 |  |  |
Total investment in unconsolidated entities |  |  |  |  | $ | 1,234,092 |  |  | $ | 1,229,699 |  |  | $ | 10,706 |  |  | $ | 5,440 |  |  |
(1)As of September 30, 2025, the total carrying amount of the investments exceeded the underlying equity in net assets (i.e., basis difference) by $8.2 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 $229.7 million as of September 30, 2025. (3)During the nine months ended September 30, 2025 and 2024, we recognized interest income of $39.4 million and $39.5 million, respectively, 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 September 30, 2025, all of which was non-recourse to us with limited customary exceptions. (4)As of September 30, 2025, we held a 95.0% common equity interest in the joint venture with Trammell Crow Company ("TCC"), with $20.1 million in preferred equity. We have committed to investing an additional $134.1 million for development of three industrial facilities. 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 The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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