v3.26.3
Variable Interest Entities
9 Months Ended
Sep. 30, 2026
Variable Interest Entities  
Variable Interest Entities . Variable Interest Entities

The Company owns equity interests through joint ventures that are considered VIEs. We are the primary beneficiary of the VIEs and consolidate them as we have the power to direct the activities that most significantly impact the entity’s economic performance. The assets of the consolidated VIEs may only be used to settle the obligations of the entities and such obligations are secured only by the assets of the entities and are non-recourse to us. The following table summarizes the assets and liabilities of consolidated VIEs. Based on consolidation guidance, the Company has concluded that the minority equity interest holders in its VIEs do not possess substantive kick-out rights or participating rights. Accordingly, the Company consolidates its equity interest in the joint venture. The portions of a consolidated entity not owned by the Company are presented as non-controlling interests as of and during the periods presented. Non-controlling interests in the Company's consolidated VIEs may be held by affiliates, third-party investors or both affiliates and third-party investors.

 

 

September 30, 2026

 

 

December 31, 2025

 

Assets

 

 

 

 

 

 

Investments in real estate, net

 

$

605,743

 

 

$

652,242

 

Intangible assets, net

 

 

25,693

 

 

 

27,442

 

Cash and cash equivalents

 

 

335

 

 

 

264

 

Other assets

 

 

40,964

 

 

 

53,781

 

Total assets

 

$

672,735

 

 

$

733,729

 

Liabilities

 

 

 

 

 

 

Mortgages payable, net

 

$

467,005

 

 

$

496,975

 

Accounts payable and accrued expenses

 

 

1,370

 

 

 

14,089

 

Intangible liabilities

 

 

417

 

 

 

468

 

Due to affiliates

 

 

73

 

 

 

—

 

Other liabilities

 

 

948

 

 

 

1,461

 

Total liabilities

 

$

469,813

 

 

$

512,993