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Investments in Unconsolidated Ventures (Tables)

12 Months Ended

Dec. 31, 2024

Investments in Unconsolidated Ventures

Summary of investments in unconsolidated ventures

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		Ownership Interest (a)				Carrying Value						Share of Earnings (Losses)/ Dividends
​		December 31,		December 31,		December 31,			December 31,			Year Ended December 31,
in thousands except percentages		2024		2023		2024			2023			2024			2023			2022
Equity Method Investments						​			​			​			​			​
The Lawn Club (b)		50	%	50	%	$	6,103	​	$	1,266	​	$	542	​	$	(1,287)	​	$	—
Ssäm Bar (b) (c) (d) (f)		—	%	50	%		—	​		—	​		181	​		(5,981)	​		(783)
Tin Building by Jean-Georges (b) (d) (f)		65	%	65	%		7,746	​		11,658	​		(33,362)	​		(42,698)	​		(36,813)
Jean-Georges Restaurants (f)		25	%	25	%		14,477	​		14,535	​		(9,932)	​		(30,667)	​		472
​	​	​	​	​	​		28,326	​		27,459	​		(42,571)	​		(80,633)	​		(37,124)
Other equity investments (e)					​		—	​		10,000	​		—	​		—	​		—
Investments in unconsolidated ventures					​	$	28,326	​	$	37,459	​	$	(42,571)	​	$	(80,633)	​	$	(37,124)

(a) Ownership interests presented reflect the Company’s stated ownership interest or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities.

(b) For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest.

(c) The Ssäm Bar joint venture was liquidated in May 2024. Refer to discussion below for additional details.

(d) Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information.

(e) Other equity investments represent investments not accounted for under the equity method. The Company elected the measurement alternative as this investment does not have readily determinable fair value. Refer to discussion below for additional detail.

(f) These investments were impaired as part of the Seaport impairment recognized in 2023. Refer to specific investment discussion below and Note 3 – Impairment for additional information.

Summary of relevant financial statement information for unconsolidated ventures

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​	​	​	​	​	​	​
​		December 31,			December 31,
in thousands	​	2024		​	2023
Balance Sheet	​	​	​	​	​	​
Total Assets	​	$	155,523	​	$	174,283
Total Liabilities	​		125,623	​		142,539
Total Equity	​	​	29,900	​	​	31,744
Non-Controlling Interest	​	$	(1,105)	​	$	(697)

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
in thousands		2024			2023			2022
Income Statement	​	​	​	​	​	​	​	​	​
Revenues	​	$	123,257	​	$	118,674	​	$	81,275
Operating Loss	​		(3,961)	​		(39,196)	​		(24,754)
Net Income (loss)	​	​	(31,252)	​	​	(43,798)	​	​	(36,350)
Net loss attributable to the Controlling Interest	​	$	(30,844)	​	$	(43,264)	​	$	(36,261)

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- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

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- Definition

Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments.

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