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

12 Months Ended

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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