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Investments in Unconsolidated Ventures (Tables)
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Summary of investments in real estate and other affiliates
Investments in unconsolidated ventures consist of the following:
 Ownership Interest (a)Carrying ValueShare of Earnings/Dividends
 December 31,December 31,December 31,December 31,
Year Ended December 31,
thousands except percentages2023202220232022202320222021
Equity Method Investments
Operating Assets
110 North Wacker— %— %$— $— $— $4,910 $(74,309)
The Metropolitan (b)50.0 %50.0 %— — 33 4,556 582 
Stewart Title of Montgomery County, TX50.0 %50.0 %3,785 4,217 168 1,294 1,860 
Woodlands Sarofim20.0 %20.0 %2,990 3,029 (40)(13)96 
TEN.m.flats (c)50.0 %50.0 %— — (225)6,878 974 
Master Planned Communities
The Summit (d)50.0 %50.0 %59,112 49,368 24,787 (30)59,407 
Floreo (e)50.0 %50.0 %55,880 58,001 (2,121)(1,377)(8)
Seaport
The Lawn Club (d)50.0 %50.0 %1,266 2,553 (1,287)— — 
Ssäm Bar (d)(e)(f)50.0 %50.0 %— 5,551 (5,981)(783)(1,988)
Tin Building by Jean-Georges (d)(e)(f)65.0 %65.0 %11,658 6,935 (43,330)(36,182)— 
Jean-Georges Restaurants (f)25.0 %25.0 %14,535 45,626 (30,887)692 — 
Strategic Developments
HHMK Development 50.0 %50.0 %10 10 — — — 
KR Holdings50.0 %50.0 %486 485 2 797 (221)
West End Alexandria (d)58.3 %58.3 %56,757 56,617 140 71 — 
206,479 232,392 (58,741)(19,187)(13,607)
Other equity investments (g)13,779 13,779 3,033 4,638 3,755 
Investments in unconsolidated ventures$220,258 $246,171 $(55,708)$(14,549)$(9,852)
(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 was in a deficit position of $10.9 million at December 31, 2023, and $9.0 million at December 31, 2022. These deficit balances are presented in Accounts payable and other liabilities at December 31, 2023 and 2022.
(c)TEN.m.flats was in a deficit position of $4.7 million at December 31, 2023, and $1.8 million at December 31, 2022. The deficit balance is presented in Accounts payable and other liabilities at December 31, 2023 and 2022.
(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 2023. Refer to specific investment discussion below and Note 4 - Impairment for additional detail.
(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 2023, or cumulatively. As of December 31, 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 detail.
Summarized financial information The following tables provide combined summarized financial statement information for the Company’s unconsolidated ventures. Financial statement information is included for each investment for all periods in which the Company’s ownership interest was accounted for as an equity method investment.
thousandsDecember 31, 2023December 31, 2022
Consolidated Balance Sheets
Total Assets$990,138 $878,546 
Total Liabilities580,056 505,643 
Total Equity410,082 372,903 

Year Ended December 31,
thousands202320222021
Consolidated Statements of Operations
Revenues$465,758 $232,786 $377,837 
Operating Income35,903 9,815 145,471 
Net income (loss)11,788 (2,646)69,904