XML 61 R51.htm IDEA: XBRL DOCUMENT v3.23.3
Unconsolidated Affiliates and Noncontrolling Interests -Summarized Financial Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
ASSETS:                    
Investment in real estate assets [1] $ 1,793,742   $ 1,793,742       $ 1,795,312      
Accumulated depreciation [1] (205,547)   (205,547)       (136,901)      
Net investment in real estate assets [1] 1,594,750   1,594,750       1,663,987      
Developments in progress [1] 6,555   6,555       5,576      
Total assets [1] 2,436,351   2,436,351       2,678,243      
LIABILITIES:                    
Mortgage and other indebtedness, net 1,900,473   1,900,473       2,000,186      
Total liabilities [1] 2,107,381   2,107,381       2,311,114      
OWNERS' EQUITY (DEFICIT):                    
The Company 338,290   338,290       370,541      
Noncontrolling interests (9,320)   (9,320)       (3,412)      
Total equity 328,970 $ 439,375 328,970 $ 439,375 $ 325,101 $ 357,605 367,129 $ 461,625 $ 513,343 $ 401,100
Total liabilities, redeemable noncontrolling interests and equity 2,436,351   2,436,351       2,678,243      
Total revenues [2],[3] 129,351 136,280 395,577 413,400            
Net income 12,875 (17,412) (9,274) (104,440)            
BI Development II, LLC                    
ASSETS:                    
Investment in real estate assets 1,999,133   1,999,133       1,971,348      
Accumulated depreciation (872,045)   (872,045)       (829,574)      
Net investment in real estate assets 1,127,088   1,127,088       1,141,774      
Developments in progress 18,552   18,552       10,914      
Net investment in real estate assets 1,145,640   1,145,640       1,152,688      
Other assets 201,415   201,415       170,756      
Total assets 1,347,055   1,347,055       1,323,444      
LIABILITIES:                    
Mortgage and other indebtedness, net 1,366,133   1,366,133       1,333,152      
Other liabilities 52,457   52,457       33,419      
Total liabilities 1,418,590   1,418,590       1,366,571      
OWNERS' EQUITY (DEFICIT):                    
The Company 12,202   12,202       3,123      
Noncontrolling interests (83,737)   (83,737)       (46,250)      
Total equity (71,535)   (71,535)       (43,127)      
Total liabilities, redeemable noncontrolling interests and equity 1,347,055   1,347,055       $ 1,323,444      
Total revenues 62,354 64,656 185,830 193,944            
Net income [4] $ 7,162 $ 48,316 $ 27,435 $ 81,378            
[1] As of September 30, 2023, includes $186,582 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $212,100 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8.
[2] Management, development and leasing fees are included in All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.
[3] Sales taxes are excluded from revenues.
[4] The Company's pro rata share of net income was $3,266 and $2,822 for the three and nine months ended September 30, 2023, respectively. The Company's pro rata share of net income was $5,702 and $16,308 for the three and nine months ended September 30, 2022, respectively.