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v3.25.2

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 | 6 Months Ended | 27 Months Ended |
--- | --- | --- | --- | ---
Jun. 30, 2025 | Jun. 30, 2024 | Jun. 30, 2025 | Jun. 30, 2024 | Jun. 30, 2025 | Dec. 31, 2024
Deferred expenses and other assets |  |  |  |  |  |  |
Operating lease, right-of-use asset |  | $ 27,461 |  | $ 27,461 |  | $ 27,461 | $ 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 | Deferred expenses and other assets, net
Interest rate hedge assets |  | $ 22,748 |  | $ 22,748 |  | $ 22,748 | $ 45,439
Deferred finance costs, net |  | 13,974 |  | 13,974 |  | 13,974 | 16,471
Other assets |  | 9,776 |  | 9,776 |  | 9,776 | 12,278
Purchase deposits |  |  |  |  |  |  | 42
Leasing costs, net |  | 427 |  | 427 |  | 427 | 431
Corporate furniture, fixtures and equipment, net |  | 540 |  | 540 |  | 540 | 647
Deferred expenses and other assets, net | [1],[2] | $ 74,926 |  | $ 74,926 |  | $ 74,926 | 105,015
Lease discount rate |  | 5.50% |  | 5.50% |  | 5.50% |
Accumulated amortization of deferred finance costs |  | $ 6,000 |  | $ 6,000 |  | $ 6,000 | 3,500
Below-market lease |  |  |  |  |  |  |
Deferred expenses and other assets |  |  |  |  |  |  |
Annual lease fee |  | 500 |  | 500 |  | 500 | 500
Real estate expense |  |  |  |  |  |  |
Deferred expenses and other assets |  |  |  |  |  |  |
Operating lease expense |  | 100 | $ 100 | 300 | $ 300 |  |
Other Income |  |  |  |  |  |  |
Deferred expenses and other assets |  |  |  |  |  |  |
Operating lease expense |  | 100 | 100 | 300 | 300 |  |
Related party |  |  |  |  |  |  |
Deferred expenses and other assets |  |  |  |  |  |  |
Deferred expenses and other assets, net |  | 3,100 |  | 3,100 |  | 3,100 | 3,800
Affiliated entity | Star Holdings |  |  |  |  |  |  |
Deferred expenses and other assets |  |  |  |  |  |  |
Management fees due from Star Holdings |  | 2,500 |  | 2,500 |  | 2,500 | $ 3,700
Management fees recorded |  | $ 2,700 | $ 4,400 | 6,300 | $ 9,900 | $ 42,500 |
Management fee performance obligations remaining |  |  |  | $ 7,500 |  |  |
[1] | As of June 30, 2025 and December 31, 2024, includes $3.1 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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