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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2025
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 for the six months ended June 30, 2025 and 2024, (in thousands):
|  | 2025 |  |  | 2024 |
Balance at Beginning of Period |  | $ | 142,931 |  |  | $ | 171,632 |
Contributions |  |  | 6,911 |  |  |  | 150 |
Distributions |  |  | (4,067 | ) |  |  | (4,091 | )
Purchases(1) |  |  | (5,419 | ) |  |  | — |
Net income |  |  | 5,829 |  |  |  | 7,158 |
Other(2) |  |  | (79 | ) |  |  | — |
Balance at June 30, |  | $ | 146,106 |  |  | $ | 174,849 |
(1) In May 2025, we purchased all of the outstanding redeemable noncontrolling interest from our development partner in the Strathmore Square property for a cash purchase price of $5.0 million. (2) 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. Costs incurred were treated as a discount to Redeemable noncontrolling interests in consolidated real estate partnerships and are amortized using the effective interest method 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, in accordance with GAAP, related to the real estate properties held for sale as of June 30, 2025 and December 31, 2024 (in thousands):
|  | June 30, 2025 |  |  | December 31, 2024 |
Buildings and improvements |  | $ | 218,609 |  |  | $ | 218,388 |
Land |  |  | 181,381 |  |  |  | 181,381 |
Total real estate |  |  | 399,990 |  |  |  | 399,769 |
Accumulated depreciation |  |  | (126,840 | ) |  |  | (126,840 | )
Net real estate |  |  | 273,150 |  |  |  | 272,929 |
Restricted cash |  |  | 452 |  |  |  | 517 |
Other assets, net |  |  | 2,290 |  |  |  | 2,633 |
Assets held for sale, net |  | $ | 275,892 |  |  | $ | 276,079 |
Non-recourse property debt, net |  | $ | 158,163 |  |  | $ | 158,888 |
Accrued liabilities and other |  |  | 1,679 |  |  |  | 1,732 |
Liabilities related to assets held for sale, net |  | $ | 159,842 |  |  | $ | 160,620 |
Schedule of Reconciliation of Cash Flow Information | The reconciliation of cash flow information is as follows (in thousands):
| June 30, 2025 |  |  | December 31, 2024 |
Cash and cash equivalents | $ | 41,385 |  |  | $ | 141,072 |
Restricted cash |  | 26,428 |  |  |  | 31,367 |
Restricted cash held for sale |  | 452 |  |  |  | 517 |
Cash, cash equivalents, and restricted cash | $ | 68,265 |  |  | $ | 172,956 |
Summary of Other Assets, Net | Other assets, net were comprised of the following amounts as of June 30, 2025 and December 31, 2024 (in thousands):
| June 30, 2025 |  |  | December 31, 2024 |
Other investments | $ | 15,770 |  |  | $ | 16,115 |
Deferred costs, deposits, and other |  | 12,274 |  |  |  | 11,233 |
Prepaid expenses and real estate taxes |  | 15,231 |  |  |  | 14,208 |
Interest rate contracts (1) |  | 543 |  |  |  | 891 |
Unconsolidated real estate partnerships |  | 15,364 |  |  |  | 15,155 |
Intangible assets, net |  | 12,708 |  |  |  | 13,154 |
Corporate fixed assets, net of accumulated depreciation of $9,322 and $9,591 as of June 30, 2025 and December 31, 2024, respectively |  | 8,685 |  |  |  | 9,844 |
Accounts receivable, net of allowances of $403 and $352 as of June 30, 2025 and December 31, 2024, respectively |  | 8,045 |  |  |  | 8,276 |
Deferred tax assets |  | 1,003 |  |  |  | 5,175 |
Total other assets, net | $ | 89,623 |  |  | $ | 94,051 |
(1) We account for our Interest rate contracts as non-designated hedges.
Realized and Unrealized Gains (Losses) on Equity Investments and Reduction in the Carrying Value of Other investments Included in Other Assets |
|  | As of June 30, 2025 |  |  | As of December 31, 2024 |
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 | ) |  |  | (48,615 | )
Total carrying value |  | $ | 11,071 |  |  | $ | 11,071 |

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- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3A -Subparagraph (24) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A + Details
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