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Co-investments (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] |
Schedule of Co-Investments | The carrying values of the Company’s co-investments as of June 30, 2025 and December 31, 2024 were as follows ($ in thousands, except in parenthetical):
| Weighted Average Company Ownership Percentage (1) |  | June 30, 2025 |  | December 31, 2024
Ownership interest in: |  |  |  |  |
Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2) | 54% |  | $ | 127,826 |  |  | $ | 147,232 |
BEX IV and 500 Folsom | 50% |  | 141,712 |  |  | 146,142 |
Other (3) | 53% |  | 91,383 |  |  | 86,089 |
Total operating and other co-investments, net |  |  | 360,921 |  |  | 379,463 |
Total preferred equity co-investments (includes related party investments of $50.4 million and $48.1 million as of June 30, 2025 and December 31, 2024, respectively. See Note 6, Related Party Transactions, for further discussion) |  |  | 445,511 |  |  | 476,278 |
Total co-investments, net |  |  | $ | 806,432 |  |  | $ | 855,741 |
(1)Weighted average company ownership percentages are as of June 30, 2025. (2)As of June 30, 2025 and December 31, 2024, the Company’s investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $86.9 million and $77.2 million, respectively, due to distributions received in excess of the Company’s investment. (3)As of June 30, 2025 and December 31, 2024, the Company’s investment in Expo was classified as a liability of $2.5 million and $2.0 million, respectively, due to distributions received in excess of the Company’s investment. The weighted average company ownership percentage excludes the Company’s investments in unconsolidated technology co-investments.
Schedule of Financial Information for Co-Investments Accounted For Under the Equity Method | The combined summarized financial information of co-investments was as follows ($ in thousands):
| June 30, 2025 |  | December 31, 2024
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 3,870,839 |  |  | $ | 4,094,826 |
Other assets | 228,661 |  |  | 277,420 |
Total assets | $ | 4,099,500 |  |  | $ | 4,372,246 |
Debt | $ | 2,826,999 |  |  | $ | 3,001,303 |
Other liabilities | 243,809 |  |  | 235,111 |
Equity | 1,028,692 |  |  | 1,135,832 |
Total liabilities and equity | $ | 4,099,500 |  |  | $ | 4,372,246 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Combined statements of income: (1) |  |  |  |  |  |  |
Property revenues | $ | 84,569 |  |  | $ | 99,706 |  |  | $ | 170,875 |  |  | $ | 204,928 |
Property operating expenses | (31,154) |  |  | (37,038) |  |  | (63,856) |  |  | (78,917) |
Net operating income | 53,415 |  |  | 62,668 |  |  | 107,019 |  |  | 126,011 |
Interest expense | (28,137) |  |  | (36,291) |  |  | (55,438) |  |  | (76,786) |
General and administrative | (4,358) |  |  | (7,593) |  |  | (8,564) |  |  | (14,688) |
Depreciation and amortization | (36,224) |  |  | (44,093) |  |  | (72,811) |  |  | (89,603) |
Net loss | $ | (15,304) |  |  | $ | (25,309) |  |  | $ | (29,794) |  |  | $ | (55,066) |
Company’s share of net income (2) | $ | 8,977 |  |  | $ | 9,652 |  |  | $ | 22,186 |  |  | $ | 22,018 |
(1)Includes preferred equity investments held by the Company and excludes investments in unconsolidated 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 $1.3 million and $1.1 million for the three months ended June 30, 2025 and 2024, respectively, and $2.5 million and $2.2 million for the six months ended June 30, 2025 and 2024, respectively.

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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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