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Investments in Unconsolidated Ventures (Tables)
 9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Equity of Investments in Real Estate and Other Affiliates
Investments in unconsolidated ventures consist of the following:
 Ownership Interest (a)Carrying ValueShare of Earnings/Dividends
 September 30,December 31,September 30,December 31,Three Months Ended September 30,
Nine Months Ended September 30,
thousands except percentages20232022202320222023202220232022
Equity Method Investments  
Operating Assets:  
110 North Wacker— %— %$— $— $— $— $— $4,914 
The Metropolitan Downtown Columbia (b)50 %50 %— — 327 1,568 717 4,516 
Stewart Title of Montgomery County, TX50 %50 %3,799 4,217 126 136 182 848 
Woodlands Sarofim #120 %20 %3,016 3,029 (33)6 (14)(9)
m.flats/TEN.M (c)50 %50 %— — 944 2,422 1,393 6,991 
Master Planned Communities:
The Summit (d)50 %50 %61,901 49,368 14,829 15,283 22,576 17,635 
Floreo (e)50 %50 %56,480 58,001 (519)(421)(1,520)(645)
Seaport:
The Lawn Club (d)50 %50 %2,553 2,553 — — — — 
Ssäm Bar (Momofuku) (d)(e)(f)50 %50 %— 5,551 (5,478)(216)(5,981)(473)
Tin Building by Jean-Georges (d)(e)(f)
65 %65 %12,800 6,935 (9,879)(11,366)(30,736)(20,565)
Jean-Georges Restaurants (f)25 %25 %14,046 45,626 (31,262)309 (31,618)815 
Strategic Developments:
HHMK Development50 %50 %10 10 — — — — 
KR Holdings50 %50 %485 485 — (18)— 796 
West End Alexandria (d)58 %58 %56,711 56,617 59 5 94 67 
211,801 232,392 (30,886)7,708 (44,907)14,890 
Other equity investments (g)13,779 13,779 — — 3,033 4,638 
Investments in unconsolidated ventures$225,580 $246,171 $(30,886)$7,708 $(41,874)$19,528 
(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)The Metropolitan Downtown Columbia was in a deficit position of $9.4 million at September 30, 2023, and $9.0 million at December 31, 2022, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets.
(c)M.flats/TEN.M was in a deficit position of $2.2 million at September 30, 2023, and $1.8 million at December 31, 2022, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets.
(d)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.
(e)Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information.
(f)These investments were impaired as part of the Seaport impairment recognized in the current period. Refer to specific investment discussion below and Note 4 - Impairment for additional details.
(g)Other equity investments represent investments not accounted for under the equity method. The Company elected the measurement alternative as these investments do not have readily determinable fair values. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year or cumulatively. As of September 30, 2023, Other equity investments primarily includes $10.0 million of warrants, which represents cash paid by the Company for the option to acquire additional ownership interest in Jean-Georges Restaurants. Refer to discussion below for additional details.