Noncontrolling interests |
6 Months Ended |
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Jun. 30, 2025 | |
| Noncontrolling Interest [Abstract] | |
| Noncontrolling interests | NONCONTROLLING INTERESTSNoncontrolling interests represent the third-party interests in certain entities in which we have a controlling interest. As of June 30, 2025, these entities owned 63 properties, which are included in our consolidated financial statements. Noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. Distributions, profits, and losses related to these entities are allocated in accordance with the respective operating agreements. During the six months ended June 30, 2025 and 2024, we distributed $123.6 million and $119.9 million, respectively, to our consolidated real estate joint venture partners. Certain of our noncontrolling interests have the right to require us to redeem their ownership interests in the respective entities. We classify these ownership interests in the entities as redeemable noncontrolling interests outside of total equity in our consolidated balance sheets. Redeemable noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. If the amount of a redeemable noncontrolling interest is less than the maximum redemption value at the balance sheet date, such amount is adjusted to the maximum redemption value. Subsequent declines in the redemption value are recognized only to the extent that previous increases have been recognized. In March 2025, we redeemed our partner’s entire noncontrolling interests in three real estate joint ventures in our Greater Boston market, with a book value aggregating $10.4 million, and recognized $7.0 million of consideration in excess of the book value in additional paid-in capital. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements for additional information.
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