v3.26.3
Investments in Unconsolidated Joint Ventures - Schedules of Combined Financial Statements for the Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Assets                
Commercial real estate property, net $ 4,765,589   $ 4,765,589     $ 4,853,255    
Cash and restricted cash 186,439 $ 187,039 186,439 $ 187,039   155,747    
Tenant and other receivables, related party receivables, and deferred rents receivable 64,072   64,072     45,524    
Right-of-use assets 940,495   940,495     864,430    
Other assets 551,576   551,576     577,299    
Total assets [1] 11,785,661   11,785,661     11,082,607    
Liabilities and equity                
Mortgages and other loans payable, net 2,202,767   2,202,767     2,146,049    
Lease liability - operating leases 886,515   886,515     805,192    
Other liabilities 513,358   513,358     392,756    
Equity 3,993,879 3,926,232 3,993,879 3,926,232 $ 3,916,590 3,912,448 $ 3,880,103 $ 4,069,951
Total liabilities and equity 11,785,661   11,785,661     11,082,607    
Company's investments in unconsolidated joint ventures 2,886,984   2,886,984     2,624,755    
Investments difference between carrying amount and underlying equity 443,000   443,000          
Combined statements of income for the unconsolidated joint ventures                
Total revenues 273,025 244,817 790,106 726,579        
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        
Loan loss and other investment reserves, net of recoveries 0 0 0 (71,326)        
Interest expense, net of interest income 50,026 47,235 154,946 138,234        
Amortization of deferred financing costs 2,480 1,724 7,438 5,153        
Depreciation and amortization 63,629 63,216 200,659 187,874        
Total expenses 305,643 298,487 899,977 767,469        
Net (loss) income 89,671 35,161 1,382 6,799        
Company's equity in net income (loss) from unconsolidated joint ventures 26,692 (9,287) 20,860 (30,892)        
Due from joint ventures                
Assets                
Commercial real estate property, net 15,603,586   15,603,586     15,434,243    
Cash and restricted cash 735,115   735,115     647,413    
Tenant and other receivables, related party receivables, and deferred rents receivable 875,526   875,526     771,123    
Debt and preferred equity investments, net 293,812   293,812     262,506    
Right-of-use assets 812,581   812,581     824,088    
Other assets 1,540,584   1,540,584     1,685,360    
Total assets 19,861,204   19,861,204     19,624,733    
Liabilities and equity                
Mortgages and other loans payable, net 12,789,042   12,789,042     12,378,150    
Deferred revenue 768,233   768,233     852,035    
Lease liability - operating leases 905,286   905,286     908,988    
Other liabilities 468,163   468,163     484,801    
Equity 4,930,480   4,930,480     5,000,759    
Total liabilities and equity 19,861,204   19,861,204     $ 19,624,733    
Company's investments in unconsolidated joint ventures 2,886,984   2,886,984          
Combined statements of income for the unconsolidated joint ventures                
Total revenues 441,160 405,636 1,273,626 1,159,738        
Operating expenses 72,070 71,447 220,494 202,659        
Real estate taxes 80,099 71,117 232,203 214,279        
Operating lease rent 2,995   8,985 9,458        
Operating lease rent   (3,065)            
Loan loss and other investment reserves, net of recoveries 0 0 0 1,438        
Transaction related costs 0 695 0 695        
Interest expense, net of interest income 148,129 111,539 431,040 370,771        
Amortization of deferred financing costs 8,012 6,693 24,021 18,590        
Depreciation and amortization 135,148 128,565 405,945 375,405        
Total expenses 446,453 386,991 1,322,688 1,193,295        
Gain (loss) on early extinguishment of debt 0 129,068 (9,497) 129,068        
Net (loss) income (5,293) 147,713 (58,559) 95,511        
Company's equity in net income (loss) from unconsolidated joint ventures $ 26,692 $ (9,287) $ 20,860 $ (30,892)        
[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, $686.7 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, $20.8 million and $6.3 million of accumulated depreciation, $434.2 million and $153.0 million of debt fund investments, $1,003.9 million and $1,023.9 million of real estate loans held by consolidated securitization vehicles, $650.0 million and $862.5 million of other assets included in other line items, $782.2 million and $328.6 million of real estate debt, net, $(1.6) million and $0.9 million of accrued interest payable, $— million and $— million of lease liabilities, $1,003.9 million and $1,023.9 million of senior obligations of consolidated securitization vehicles and $304.0 million and $287.5 million of other liabilities included in other line items as of September 30, 2026 and December 31, 2025, respectively.