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

6 Months Ended

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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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.

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