v3.26.1
Investments in Unconsolidated Ventures (Tables)
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Summary of equity of investments in real estate and other affiliates
Investments in unconsolidated ventures consist of the following:
 Ownership Interest (a)Carrying ValueShare of Earnings/Dividends
 March 31,December 31,March 31,December 31,
Three Months Ended March 31,
thousands except percentages202620252026202520262025
Equity Method Investments  
Operating Assets:  
Operating equity investments (b)VariousVarious$13,257 $10,649 $559 $(962)
Master Planned Communities:
The Summit (c)50 %50 %31,350 35,815 (485)(4,883)
Floreo (d)50 %50 %55,958 59,008 (3,050)1,473 
Other50 %50 %265 — — — 
Strategic Developments:
West End Alexandria (c)58 %58 %49,582 60,830 (4,954)87 
Aspect (c)(d)85 %— %13,611 — — — 
Other50 %50 %13 41 (28)— 
164,036 166,343 (7,958)(4,285)
Other investments (e)3,779 3,779 5,318 5,605 
Investments in unconsolidated ventures$167,815 $170,122 $(2,640)$1,320 
(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)Two of the operating equity investments were in a combined deficit position of $24.1 million at March 31, 2026, and $23.8 million at December 31, 2025, and presented in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets.
(c)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.
(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 investments represent investments not accounted for under the equity method. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year or cumulatively.