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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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 during the years ended December 31, 2024 , 2023, and 2022 (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Balance at Beginning of Period |  | $ | 171,632 |  |  | $ | 166,826 |  |  | $ | 33,794 |
Capital contributions |  |  | 6,409 |  |  |  | 125 |  |  |  | 138,479 |
Distributions |  |  | (8,318 | ) |  |  | (9,243 | ) |  |  | (9,365 | )
Redemptions |  |  | (38,473 | ) |  |  | — |  |  |  | (4,911 | )
Net income |  |  | 13,958 |  |  |  | 13,924 |  |  |  | 8,829 |
Other (1) |  |  | (2,277 | ) |  |  | — |  |  |  | — |
Balance at December 31, |  | $ | 142,931 |  |  | $ | 171,632 |  |  | $ | 166,826 |
(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 5. Costs incurred were treated as a discount to Redeemable noncontrolling interests in consolidated real estate partnerships in accordance with GAAP.
Schedule of Assets and Liabilities Related to Real Estate Properties Held for Sale | The following summary presents the major components of assets and liabilities related to the real estate properties held for sale as of December 31, 2024 (in thousands):
|  | As of December 31, 2024 |
Buildings and improvements |  | $ | 218,388 |
Land |  |  | 181,381 |
Total real estate |  |  | 399,769 |
Accumulated depreciation |  |  | (126,840 | )
Net real estate |  |  | 272,929 |
Restricted cash |  |  | 517 |
Other assets, net |  |  | 2,633 |
Assets held for sale, net |  | $ | 276,079 |
Non-recourse property debt, net |  | $ | 158,888 |
Accrued liabilities and other |  |  | 1,732 |
Liabilities related to assets held for sale, net |  | $ | 160,620 |
Schedule of Reconciliation of Cash Flow Information | The reconciliation of cash flow information is as follows (in thousands):
| Year Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Cash and cash equivalents | $ | 141,072 |  |  | $ | 122,601 |  |  | $ | 206,460 |
Restricted cash |  | 31,367 |  |  |  | 16,666 |  |  |  | 23,306 |
Restricted cash held for sale |  | 517 |  |  |  | — |  |  |  | — |
Cash, cash equivalents, and restricted cash, including restricted cash held for sale | $ | 172,956 |  |  | $ | 139,267 |  |  | $ | 229,766 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information for the years ended December 31, 2024, 2023, and 2022 is as follows (in thousands):
| Year Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |  |  |  |  |  |
Interest paid, net of amounts capitalized | $ | 47,554 |  |  | $ | 32,795 |  |  | $ | 45,171 |
Cash paid for income taxes |  | 931 |  |  |  | 1,711 |  |  |  | 22,930 |
Non-cash transactions associated with acquisitions: |  |  |  |  |  |  |  |
Buildings and improvements |  | — |  |  |  | — |  |  |  | 11,109 |
Intangible assets, net |  | — |  |  |  | — |  |  |  | 13,377 |
Mark to market adjustment on an assumed construction loan |  | — |  |  |  | — |  |  |  | 363 |
Right-of-use lease assets - finance leases |  | — |  |  |  | — |  |  |  | 15,036 |
Other assets, net |  | — |  |  |  | — |  |  |  | 5,629 |
Accrued liabilities and other |  | — |  |  |  | — |  |  |  | (1,854 | )
Lease liabilities - finance leases |  | — |  |  |  | — |  |  |  | 15,151 |
Contributions from redeemable noncontrolling interests in consolidated real estate partnerships |  | — |  |  |  | — |  |  |  | 13,756 |
Other non-cash investing and financing transactions: |  |  |  |  |  |  |  |
Right-of-use lease assets - operating leases |  | — |  |  |  | 718 |  |  |  | 2,336 |
Lease liabilities - operating leases |  | — |  |  |  | 718 |  |  |  | 1,587 |
Issuance of seller financing in connection with disposition of real estate |  | — |  |  |  | 17,432 |  |  |  | — |
Contribution of real estate to unconsolidated real estate partnerships |  | — |  |  |  | 5,700 |  |  |  | — |
Accrued capital expenditures (at end of year) |  | 11,962 |  |  |  | 40,340 |  |  |  | 41,435 |
Summary of Other Assets, Net | Other assets, net were comprised of the following amounts as of December 31, 2024 and 2023 (in thousands):
| As of December 31, |
| 2024 |  |  | 2023 |
Other investments | $ | 16,115 |  |  | $ | 65,066 |
Deferred costs, deposits, and other |  | 11,227 |  |  |  | 9,374 |
Prepaid expenses and real estate taxes |  | 14,208 |  |  |  | 14,855 |
Interest rate contracts (1) |  | 891 |  |  |  | 5,255 |
Unconsolidated real estate partnerships |  | 15,155 |  |  |  | 23,125 |
Intangible assets, net |  | 13,154 |  |  |  | 13,494 |
Corporate fixed assets, net of accumulated depreciation of $9,591 and $6,903 as of December 31, 2024 and December 31, 2023, respectively |  | 9,844 |  |  |  | 10,669 |
Accounts receivable, net of allowances of $352 and $373 as of December 31, 2024 and December 31, 2023, respectively |  | 8,276 |  |  |  | 5,178 |
Deferred tax assets |  | 5,175 |  |  |  | 2,391 |
Due from affiliates |  | 6 |  |  |  | 434 |
Total other assets, net | $ | 94,051 |  |  | $ | 149,841 |
(1) We account for our interest rate contracts as non-designated hedges. See Note 12 for discussion of our fair value measurements for these instruments.
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 Consolidated Statements of Operations for the year ended December 31, 2024, and as a reduction in the carrying value of Other investments included in Other assets, net in our Consolidated Balance Sheets as of December 31, 2024. No realized or unrealized gains or losses were recognized during the year ended December 31, 2023. During the year ended December 31, 2022, we recognized realized and unrealized gains on our investment in IQHQ totaling $5.7 million and $20.5 million resulting from the partial redemption of our investment.
|  | As of December 31, |
|  | 2024 |  |  | 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 |  |  | (48,615 | ) |  |  | — |
Total carrying value |  | $ | 11,071 |  |  | $ | 59,686 |
Summary of Intangible Assets and Liabilities Net of Accumulated Amortization | Intangible assets are included in Other assets, net and intangible liabilities are included in Accrued liabilities and other in our Consolidated Balance Sheets. The following table details intangible assets and liabilities, net of accumulated amortization, for the years ended December 31, 2024 and 2023 (in thousands):
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Intangible assets |  | $ | 25,950 |  |  | $ | 25,950 |
Less: accumulated amortization |  |  | (12,796 | ) |  |  | (12,456 | )
Intangible assets, net |  | $ | 13,154 |  |  | $ | 13,494 |
Below-market leases |  | $ | 4,175 |  |  | $ | 4,175 |
Less: accumulated amortization |  |  | (4,175 | ) |  |  | (4,146 | )
Intangible liabilities, net |  | $ | — |  |  | $ | 29 |
Schedule of Estimated Aggregate Annual Amortization Expense | Based on the balance of intangible assets and liabilities as of December 31, 2024, the net aggregate amortization for the next five years and thereafter is expected to be as follows (in thousands):
|  | Intangible assets |
2025 |  | $ | 892 |
2026 |  |  | 892 |
2027 |  |  | 892 |
2028 |  |  | 892 |
2029 |  |  | 892 |
Thereafter |  |  | 8,694 |
Total future amortization |  | $ | 13,154 |

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