
	Ownership Interest (a)				Carrying Value				Share of Earnings/Dividends
	September 30,		December 31,		September 30,		December 31,		Three Months Ended September 30,				Nine Months Ended September 30,
thousands except percentages	2026		2025		2026		2025		2026		2025		2026		2025
Equity Method Investments
Operating Assets:
Operating equity investments (b)	Various		Various		$	17,614	$	10,649	$	531	$	135	$	1,884	$	(1,152)
Master Planned Communities:
The Summit (c)	50	%	50	%	27,999		35,815		(1,581)		(2,085)		(690)		(7,055)
Floreo (d)	—		50	%	—		59,008		(20,233)		(636)		(24,512)		(725)
Other	Various		50	%	2,012		—		(196)		—		(912)		—
Strategic Developments:
Aspect (c)(e)	85	%	—		13,767		—		156		—		156		—
West End Alexandria (c)	58	%	58	%	46,937		60,830		13,794		57		8,929		231
Gateway A10 Holdings (e)	50	%	—		8,926		—		—		—		—		—
Other	50	%	50	%	—		41		—		—		(30)		—
					117,255		166,343		(7,529)		(2,529)		(15,175)		(8,701)
Other investments (f)					3,767		3,779		—		—		5,307		5,605
Investments in unconsolidated ventures					$	121,022	$	170,122	$	(7,529)	$	(2,529)	$	(9,868)	$	(3,096)

(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 $19.8 million at September 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)Floreo is a VIE that was previously accounted for under the equity method. On July 26, 2026, a reconsideration event occurred, and as a result, the Company concluded that it was the primary beneficiary, and Floreo was prospectively consolidated on July 26, 2026. Prior to consolidation, the Company’s previously held equity method investment in Floreo was remeasured to its fair value as of the acquisition date, resulting in the recognition of a $19.4 million loss in Equity in earnings (losses) from unconsolidated ventures. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for the required consolidated VIE disclosures. Refer to Note 10 - Acquisitions and Dispositions of Real Estate Assets for additional information related to the initial consolidation of Floreo.