
	Ownership Interest (a)				Carrying Value				Share of Earnings/Dividends
	June 30,		December 31,		June 30,		December 31,		Three Months Ended June 30,				Six Months Ended June 30,
thousands except percentages	2026		2025		2026		2025		2026		2025		2026		2025
Equity Method Investments
Operating Assets:
Operating equity investments (b)	Various		Various		$	14,233	$	10,649	$	794	$	(325)	$	1,353	$	(1,287)
Master Planned Communities:
The Summit (c)	50	%	50	%	32,726		35,815		1,376		(87)		891		(4,970)
Floreo (d)	50	%	50	%	70,970		59,008		(1,229)		(1,562)		(4,279)		(89)
Other	Various		50	%	1,174		—		(716)		—		(716)		—
Strategic Developments:
West End Alexandria (c)	58	%	58	%	49,672		60,830		89		87		(4,865)		174
Aspect (c)(d)	85	%	—	%	13,611		—		—		—		—		—
Other	50	%	50	%	—		41		(2)		—		(30)		—
					182,386		166,343		312		(1,887)		(7,646)		(6,172)
Other investments (e)					3,767		3,779		(11)		—		5,307		5,605
Investments in unconsolidated ventures					$	186,153	$	170,122	$	301	$	(1,887)	$	(2,339)	$	(567)

(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 $24.6 million at June 30, 2026, and $23.8 million at December 31, 2025, and presented in Other liabilities, net 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.