v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Selected Results of Operations and Selected Asset Information
The reportable segment profit or loss measures for the nine months ended September 30, 2026 and 2025 are as follows (in thousands):
September 30, 2026
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$648,103 $90,306 $51,697 $790,106 
Expenses:
SUMMIT Operator expenses— 93,398 — 
SUMMIT Operator tax expense— 2,424 — 
Operating Expenses180,407 — — 
Real Estate Taxes126,537 — — 
Operating lease rent20,740 — — 
Net operating income from unconsolidated joint ventures160,805 
Real Estate segment net operating income$481,224 $481,224 
Equity in net income from unconsolidated joint ventures— 20,800 
Income from debt fund investments, net— 10,634 
Depreciation and amortization(2,898)— 
Interest expense, net of interest income— (4,302)
Interest expense on senior obligations of consolidated securitization vehicles— (44,079)
SUMMIT net (loss) and DPE net income$(8,414)$34,750 $26,336 
Non-operating net loss from unconsolidated joint ventures(160,745)
Marketing, general and administrative expense(68,820)
Transaction related costs(529)
Depreciable real estate reserves(37,435)
Gain on sale of real estate, net103,902 
Purchase price and other fair value adjustments14,106 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(814)
Depreciation and amortization(197,761)
Amortization of deferred financing costs(7,438)
Interest expense, net of interest income(150,644)
Net Income$1,382 
September 30, 2025
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$565,478 $86,424 $74,677 $726,579 
Expenses:
SUMMIT Operator expenses— 82,570 — 
SUMMIT Operator tax benefit— 2,781 — 
Operating Expenses164,840 — — 
Real Estate Taxes112,594 — — 
Operating lease rent18,317 — — 
Net operating income from unconsolidated joint ventures204,823 
Real Estate segment net operating income$474,550 $474,550 
Equity in net income from unconsolidated joint ventures— 13,940 
Income from debt fund investments, net— 1,776 
Loan loss and other investment reserves, net of recoveries— 71,326 
Depreciation and amortization(2,737)— 
Interest expense, net of interest income— (19,312)
Interest expense on senior obligations of consolidated securitization vehicles— (45,827)
SUMMIT net (loss) and DPE net income$(1,664)$96,580 $94,916 
Non-operating net loss from unconsolidated joint ventures(247,875)
Marketing, general and administrative expense(67,004)
Transaction related costs(13,601)
Depreciable real estate reserves(8,546)
Depreciable real estate reserves in unconsolidated joint venture(1,780)
Loss on sale of real estate, net(1,717)
Purchase price and other fair value adjustments(8,090)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate84,926 
Gain on sale of marketable securities10,232 
Depreciation and amortization(185,137)
Amortization of deferred financing costs(5,153)
Interest expense, net of interest income(118,922)
Net Income$6,799 
The reportable segment profit or loss measures for the three months ended September 30, 2026 and 2025 are as follows (in thousands):
September 30, 2026
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$221,068 $34,655 $17,302 $273,025 
Expenses:
SUMMIT Operator expenses— 42,936 — 
SUMMIT Operator tax expense— 616 — 
Operating Expenses58,700 — — 
Real Estate Taxes42,190 — — 
Operating lease rent6,898 — — 
Net operating income from unconsolidated joint ventures62,740 
Real Estate segment net operating income$176,020 $176,020 
Equity in net income from unconsolidated joint ventures— 6,583 
Income from debt fund investments, net— 2,166 
Depreciation and amortization(959)— 
Interest expense, net of interest income— (1,391)
Interest expense on senior obligations of consolidated securitization vehicles— (14,687)
SUMMIT net (loss) and DPE net income$(9,856)$9,973 $117 
Non-operating net loss from unconsolidated joint ventures(42,631)
Marketing, general and administrative expense(23,253)
Transaction related costs(228)
Depreciable real estate reserves(2,275)
Gain on sale of real estate, net91,445 
Purchase price and other fair value adjustments4,261 
Depreciation and amortization(62,670)
Amortization of deferred financing costs(2,480)
Interest expense, net of interest income(48,635)
Net Income$89,671 
September 30, 2025
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$196,740 $32,883 $15,194 $244,817 
Expenses:
SUMMIT Operator expenses— 35,959 — 
SUMMIT Operator tax benefit— 1,279 — 
Operating Expenses57,673 — — 
Real Estate Taxes37,627 — — 
Operating lease rent6,106 — — 
Net operating income from unconsolidated joint ventures113,920 
Real Estate segment net operating income$209,254 $209,254 
Equity in net income from unconsolidated joint ventures— 3,963 
Income from debt fund investments, net— 1,176 
Depreciation and amortization(1,094)— 
Interest expense, net of interest income— (5,294)
Interest expense on senior obligations of consolidated securitization vehicles— (10,838)
SUMMIT net (loss) and DPE net income$(5,449)$4,201 $(1,248)
Non-operating net loss from unconsolidated joint ventures(127,170)
Marketing, general and administrative expense(23,701)
Transaction related costs(13,129)
Loss on sale of real estate, net(1,068)
Purchase price and other fair value adjustments11,138 
Equity in net gain on sale of interest in unconsolidated joint venture/real estate86,872 
Depreciation and amortization(62,122)
Amortization of deferred financing costs(1,724)
Interest expense, net of interest income(41,941)
Net Income$35,161