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

9 Months Ended

Sep. 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 nine months ended September 30, 2025 and 2024, (in thousands):


		2025				2024
Balance at Beginning of Period		$	142,931			$	171,632
Contributions			10,953				1,390
Distributions			(6,124	)			(6,289	)
Purchases(1)			(5,419	)			—
Net income			9,411				10,817
Other(2)			(86	)			(2,241	)
Balance at September 30,		$	151,666			$	175,309

(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 Reconciliation of Cash Flow Information

The reconciliation of cash flow information is as follows (in thousands):


	September 30, 2025				December 31, 2024
Cash and cash equivalents	$	404,379			$	141,072
Restricted cash		20,679				30,051
Restricted cash from discontinued operations and held for sale		305				1,833
Cash, cash equivalents, and restricted cash	$	425,363			$	172,956

Summary of Other Assets, Net

Other assets, net were comprised of the following amounts as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025				December 31, 2024
Other investments	$	9,676			$	16,115
Deferred costs, deposits, and other		11,658				11,233
Prepaid expenses and real estate taxes		12,348				13,209
Interest rate contracts (1)		208				891
Unconsolidated real estate partnerships		15,280				15,155
Intangible assets, net		12,485				13,154
Corporate fixed assets, net of accumulated depreciation of $9,559 and $9,591 as of September 30, 2025 and December 31, 2024, respectively		6,412				9,844
Accounts receivable, net of allowances of $800 and $352 as of September 30, 2025 and December 31, 2024, respectively		13,205				7,824
Deferred tax assets		1,880				5,175
Total other assets, net	$	83,152			$	92,600

(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 September 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			(54,837	)			(48,615	)
Total carrying value		$	4,849			$	11,071