v3.26.3
Segment Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
segment
Sep. 30, 2025
USD ($)
Segment information        
Number of operating segments | segment     3  
Number of reportable segments | segment     3  
Total revenues $ 273,025 $ 244,817 $ 790,106 $ 726,579
Expenses        
SUMMIT Operator expenses 42,936 35,959 93,398 82,570
Operating Expenses 58,700 57,673 180,407 164,840
Real Estate Taxes 42,190 37,627 126,537 112,594
Operating lease rent 6,898 6,106 20,740 18,317
Real Estate segment net operating income 176,020 209,254 481,224 474,550
Equity in net income (loss) from unconsolidated joint ventures 26,692 (9,287) 20,860 (30,892)
Income from debt fund investments, net 2,166 1,176 10,634 1,776
Loan loss and other investment reserves, net of recoveries 0 0 0 71,326
Depreciation and amortization (63,629) (63,216) (200,659) (187,874)
Interest expense, net of interest income (50,026) (47,235) (154,946) (138,234)
Interest expense on senior obligations of consolidated securitization vehicles (14,687) (10,838) (44,079) (45,827)
Non-operating net loss from unconsolidated joint ventures (42,631) (127,170) (160,745) (247,875)
Marketing, general and administrative expense (23,253) (23,701) (68,820) (67,004)
Transaction related costs (228) (13,129) (529) (13,601)
Depreciable real estate reserves (2,275) 0 (37,435) (8,546)
Depreciable real estate reserves in unconsolidated joint venture       (1,780)
Gains (loss) on sale of real estate, net 91,445 (1,068) 103,902 (1,717)
Purchase price and other fair value adjustments 4,261 11,138 14,106 (8,090)
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate 0 86,872 (814) 84,926
Gain on sale of marketable securities 0 0 0 10,232
Depreciation and amortization (62,670) (62,122) (197,761) (185,137)
Amortization of deferred financing costs (2,480) (1,724) (7,438) (5,153)
Interest expense, net of interest income (48,635) (41,941) (150,644) (118,922)
Net income (loss) 89,671 35,161 1,382 6,799
Operating Segments        
Expenses        
Net income (loss) 117 (1,248) 26,336 94,916
Operating Segments | Real Estate Segment        
Segment information        
Total revenues 221,068 196,740 648,103 565,478
Expenses        
SUMMIT Operator expenses 0 0 0 0
SUMMIT Operator tax expense 0 0 0 0
Operating Expenses 58,700 57,673 180,407 164,840
Real Estate Taxes 42,190 37,627 126,537 112,594
Operating lease rent 6,898 6,106 20,740 18,317
Net operating income from unconsolidated joint ventures 62,740 113,920 160,805 204,823
Real Estate segment net operating income 176,020 209,254 481,224 474,550
Operating Segments | SUMMIT Segment        
Segment information        
Total revenues 34,655 32,883 90,306 86,424
Expenses        
SUMMIT Operator expenses 42,936 35,959 93,398 82,570
SUMMIT Operator tax expense 616 1,279 2,424 2,781
Operating Expenses 0 0 0 0
Real Estate Taxes 0 0 0 0
Operating lease rent 0 0 0 0
Equity in net income (loss) from unconsolidated joint ventures 0 0 0 0
Income from debt fund investments, net 0 0 0 0
Loan loss and other investment reserves, net of recoveries       0
Depreciation and amortization (959) (1,094) (2,898) (2,737)
Interest expense, net of interest income 0 0 0 0
Interest expense on senior obligations of consolidated securitization vehicles 0 0 0 0
Net income (loss) (9,856) (5,449) (8,414) (1,664)
Operating Segments | DPE Segment        
Segment information        
Total revenues 17,302 15,194 51,697 74,677
Expenses        
SUMMIT Operator expenses 0 0 0 0
SUMMIT Operator tax expense 0 0 0 0
Operating Expenses 0 0 0 0
Real Estate Taxes 0 0 0 0
Operating lease rent 0 0 0 0
Equity in net income (loss) from unconsolidated joint ventures 6,583 3,963 20,800 13,940
Income from debt fund investments, net 2,166 1,176 10,634 1,776
Loan loss and other investment reserves, net of recoveries       71,326
Depreciation and amortization 0 0 0 0
Interest expense, net of interest income (1,391) (5,294) (4,302) (19,312)
Interest expense on senior obligations of consolidated securitization vehicles (14,687) (10,838) (44,079) (45,827)
Net income (loss) $ 9,973 $ 4,201 $ 34,750 $ 96,580