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v3.25.1

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 24 Months Ended |
--- | --- | --- | ---
Mar. 31, 2025 | Mar. 31, 2024 | Mar. 31, 2025 | Dec. 31, 2024
Deferred expenses and other assets |  |  |  |  |
Operating lease, right-of-use asset |  | $ 28,594 |  | $ 28,594 | $ 29,707
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] |  | Deferred expenses and other assets, net |  | Deferred expenses and other assets, net | Deferred expenses and other assets, net
Interest rate hedge assets |  | $ 30,650 |  | $ 30,650 | $ 45,439
Deferred finance costs, net |  | 15,215 |  | 15,215 | 16,471
Other assets |  | 14,047 |  | 14,047 | 12,278
Purchase deposits |  |  |  |  | 42
Leasing costs, net |  | 429 |  | 429 | 431
Corporate furniture, fixtures and equipment, net |  | 598 |  | 598 | 647
Deferred expenses and other assets, net | [1],[2] | $ 89,533 |  | $ 89,533 | 105,015
Lease discount rate |  | 5.50% |  | 5.50% |
Accumulated amortization of deferred finance costs |  | $ 4,700 |  | $ 4,700 | 3,500
Below-market lease |  |  |  |  |
Deferred expenses and other assets |  |  |  |  |
Annual lease fee |  | 500 |  | 500 | 500
Real estate expense |  |  |  |  |
Deferred expenses and other assets |  |  |  |  |
Operating lease expense |  | 100 | $ 100 |  |
Other Income |  |  |  |  |
Deferred expenses and other assets |  |  |  |  |
Operating lease expense |  | 100 | 100 |  |
Related party |  |  |  |  |
Deferred expenses and other assets |  |  |  |  |
Deferred expenses and other assets, net |  | 3,700 |  | 3,700 | 3,800
Affiliated entity | Star Holdings |  |  |  |  |
Deferred expenses and other assets |  |  |  |  |
Management fees due from Star Holdings |  | 3,500 |  | 3,500 | $ 3,700
Management fees recorded |  | 3,600 | $ 5,500 | $ 39,800 |
Management fee performance obligations remaining |  | $ 10,200 |  |  |
[1] | As of March 31, 2025 and December 31, 2024, includes $3.7 million and $3.8 million, respectively, due from related parties.
[2] | Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

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