v3.26.1
Investments in Unconsolidated Joint Ventures - Schedules of Combined Financial Statements for the Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Assets                
Commercial real estate property, net $ 4,971,201   $ 4,971,201     $ 4,853,255    
Cash and restricted cash 180,788 $ 182,912 180,788 $ 182,912   155,747    
Tenant and other receivables, related party receivables, and deferred rents receivable 60,180   60,180     45,524    
Right-of-use assets 902,113   902,113     864,430    
Other assets 482,190   482,190     577,299    
Total assets [1] 11,809,001   11,809,001     11,082,607    
Liabilities and equity                
Mortgages and other loans payable, net 2,229,405   2,229,405     2,146,049    
Lease liability - operating leases 844,823   844,823     805,192    
Other liabilities 453,851   453,851     392,756    
Equity 3,916,590 3,880,103 3,916,590 3,880,103 $ 3,897,798 3,912,448 $ 3,953,427 $ 4,069,951
Total liabilities and equity 11,809,001   11,809,001     11,082,607    
Company's investments in unconsolidated joint ventures 2,849,912   2,849,912     2,624,755    
Investments difference between carrying amount and underlying equity 442,500   442,500          
Combined statements of income for the unconsolidated joint ventures                
Total revenues 264,001 241,916 517,081 481,762        
Operating expenses 60,250 51,105 121,707 107,167        
Real estate taxes 42,435 37,750 84,347 74,967        
Operating lease rent 6,898 6,105 13,842 12,211        
Loan loss and other investment reserves, net of recoveries 0 (46,287) 0 (71,326)        
Interest expense, net of interest income 54,011 45,318 104,920 90,999        
Amortization of deferred financing costs 2,156 1,742 4,958 3,429        
Depreciation and amortization 67,279 60,160 137,030 124,658        
Total expenses 297,313 225,060 594,334 468,982        
Net loss (10,891) (6,817) (88,289) (28,362)        
Company's equity in net income (loss) from unconsolidated joint ventures 14,948 (22,775) (5,832) (21,605)        
Due from joint ventures                
Assets                
Commercial real estate property, net 15,604,483   15,604,483     15,434,243    
Cash and restricted cash 764,498   764,498     647,413    
Tenant and other receivables, related party receivables, and deferred rents receivable 841,058   841,058     771,123    
Debt and preferred equity investments, net 282,729   282,729     262,506    
Right-of-use assets 816,347   816,347     824,088    
Other assets 1,569,311   1,569,311     1,685,360    
Total assets 19,878,426   19,878,426     19,624,733    
Liabilities and equity                
Mortgages and other loans payable, net 12,789,062   12,789,062     12,378,150    
Deferred revenue 781,877   781,877     852,035    
Lease liability - operating leases 906,563   906,563     908,988    
Other liabilities 458,576   458,576     484,801    
Equity 4,942,348   4,942,348     5,000,759    
Total liabilities and equity 19,878,426   19,878,426     $ 19,624,733    
Company's investments in unconsolidated joint ventures 2,849,912   2,849,912          
Combined statements of income for the unconsolidated joint ventures                
Total revenues 422,088 382,176 832,466 754,102        
Operating expenses 72,588 63,197 148,424 131,212        
Real estate taxes 75,349 71,658 152,104 143,162        
Operating lease rent 2,995 5,942 5,990 12,523        
Loan loss and other investment reserves, net of recoveries 0 1,438 0 1,438        
Interest expense, net of interest income 143,013 130,336 282,911 259,232        
Amortization of deferred financing costs 7,518 5,878 16,009 11,897        
Depreciation and amortization 138,185 125,535 270,797 246,840        
Total expenses 439,648 403,984 876,235 806,304        
Loss on early extinguishment of debt 0 0 (9,497) 0        
Net loss (17,560) (21,808) (53,266) (52,202)        
Company's equity in net income (loss) from unconsolidated joint ventures $ 14,948 $ (22,775) $ (5,832) $ (21,605)        
[1]
(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $369.9 million and $185.2 million of land, $686.2 million and $207.5 million of building and improvements, $— million and $— million of building and leasehold improvements, $— million and $— million of right of use assets, $14.4 million and $6.3 million of accumulated depreciation, $379.0 million and $153.0 million of debt fund investments, $1,031.2 million and $1,023.9 million of real estate loans held by consolidated securitization vehicles, $649.7 million and $862.5 million of other assets included in other line items, $799.8 million and $328.6 million of real estate debt, net, $2.2 million and $0.9 million of accrued interest payable, $— million and $— million of lease liabilities, $1,031.2 million and $1,023.9 million of senior obligations of consolidated securitization vehicles and $261.2 million and $287.5 million of other liabilities included in other line items as of June 30, 2026 and December 31, 2025, respectively.