XML 30 R21.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2023 to September 30, 2024 (in thousands):


		2024
Balance at Beginning of Period		$	171,632
Contributions			1,390
Distributions			(6,289	)
Net income			10,817
Other (1)			(2,241	)
Balance at September 30, 2024		$	175,309

(1) In September 2024, we secured a $55.5 million preferred equity commitment from a third-party for the development of a luxury water-front rental development in Miami, Florida, as further discussed in Note 6. Costs incurred were treated as a discount to Redeemable noncontrolling interests in consolidated real estate partnerships in accordance with GAAP.

Summary of Other Assets

Other assets were comprised of the following amounts as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024				December 31, 2023
Other investments	$	17,464			$	65,066
Deferred costs, deposits, and other		15,417				9,374
Prepaid expenses and real estate taxes		10,863				14,855
Interest rate contracts (1)		1,694				5,255
Unconsolidated real estate partnerships (2)		20,934				23,125
Intangible assets, net		13,377				13,494
Corporate fixed assets		10,534				10,669
Accounts receivable, net of allowances of $218 and $373 as of September 30, 2024 and December 31, 2023, respectively		7,896				5,178
Deferred tax assets		4,714				2,391
Due from affiliates		284				434
Total other assets, net	$	103,177			$	149,841

(1) We account for our Interest rate contracts as non-designated hedges.

(2) See Note 5 for further information regarding the nonrecurring fair value measurement of an unconsolidated real estate partnership during the three months ended September 30, 2024.

Realized and Unrealized Gains (Losses) on Equity Investments and Reduction in the Carrying Value of Other investments Included in Other Assets

The non-cash impairment is reflected in Realized and unrealized gains (losses) on equity investments in our Condensed Consolidated Statements of Operations for the nine months ended September 30, 2024, and as a reduction in the carrying value of Other investments included in Other assets, net in our Condensed Consolidated Balance Sheets as of September 30, 2024.


		As of September 30, 2024				As of December 31, 2023
Equity ownership in IQHQ under measurement alternative:
Initial cost of remaining balance		$	39,185			$	39,185
Cumulative upward adjustments			20,501				20,501
Cumulative impairment			(46,972	)			—
Total carrying value		$	12,714			$	59,686