v3.26.1
Investment in Unconsolidated Entities and International Investments - Unconsolidated Property Transactions (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Investment in Unconsolidated Entities        
Total revenue $ 1,790,598 $ 1,498,459 $ 3,547,691 $ 2,971,472
Operating income (loss) before other items 824,098 744,197 1,586,260 1,471,814
Consolidated net income (loss) 574,130 643,681 1,142,665 1,121,541
Gain (loss) due to disposal, exchange, or revaluation of equity interests, net (11,950) 104,499 (18,329) 80,507
TRG        
Investment in Unconsolidated Entities        
Total revenue   178,871   355,184
Operating income (loss) before other items   74,127   148,284
Consolidated net income (loss)   48,410   98,194
Our share of net income (loss)   42,192   86,312
Amortization of Excess Investment   (49,627)   (100,114)
Other Platform Investments        
Investment in Unconsolidated Entities        
Total revenue 2,593,451 3,213,608 4,847,248 5,605,075
Operating income (loss) before other items 21,598 415,882 (321,481) 159,736
Consolidated net income (loss) (23,877) 363,489 (409,558) 66,053
Our share of net income (loss) 3,009 95,553 (79,034) 34,423
Amortization of Excess Investment $ (692) $ (692) $ (1,384) (1,384)
Jamestown        
Investment in Unconsolidated Entities        
Ownership interest (as a percent) 50.00%   50.00%  
SPARC Group        
Investment in Unconsolidated Entities        
Ownership interest (as a percent) 33.30%   33.30%  
Phoenix Retail, LLC        
Investment in Unconsolidated Entities        
Ownership interest (as a percent) 39.40%   39.40%  
RGG        
Investment in Unconsolidated Entities        
Ownership interest (as a percent) 45.00%   45.00%  
Catalyst        
Investment in Unconsolidated Entities        
Ownership interest (as a percent) 31.30%   31.30%  
Gain (loss) due to disposal, exchange, or revaluation of equity interests, net     $ (12,800) $ 80,500
Catalyst | SPARC Group        
Investment in Unconsolidated Entities        
Ownership interest (as a percent) 25.00%   25.00%