Investments in Unconsolidated Ventures (Tables)

3 Months Ended

Mar. 31, 2024

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 Value				Share of Earnings/Dividends
	March 31,		December 31,		March 31,		December 31,		Three Months Ended March 31,
thousands except percentages	2024		2023		2024		2023		2024		2023
Equity Method Investments
Operating Assets:
The Metropolitan (b)	50	%	50	%	$	—	$	—	$	1,078	$	(325)
Stewart Title of Montgomery County, TX	50	%	50	%	3,711		3,785		(75)		(35)
Woodlands Sarofim	20	%	20	%	2,991		2,990		2		13
TEN.m.flats (c)	50	%	50	%	—		—		1,570		(781)
Master Planned Communities:
The Summit (d)	50	%	50	%	43,189		59,112		(15,923)		4,630
Floreo (e)	50	%	50	%	57,092		55,880		1,212		(522)
Seaport:
The Lawn Club (d)	50	%	50	%	3,926		1,266		(453)		—
Ssäm Bar (d)(e)	50	%	50	%	—		—		—		(398)
Tin Building by Jean-Georges (d)(e)	65	%	65	%	13,583		11,658		(9,661)		(10,208)
Jean-Georges Restaurants	25	%	25	%	14,370		14,535		(166)		(214)
Strategic Developments:
HHMK Development	50	%	50	%	10		10		—		—
KR Holdings	50	%	50	%	491		486		5		—
West End Alexandria (d)	58	%	58	%	60,291		56,757		34		5
					199,654		206,479		(22,377)		(7,835)
Other equity investments (f)					13,779		13,779		3,242		3,033
Investments in unconsolidated ventures					$	213,433	$	220,258	$	(19,135)	$	(4,802)

(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 $10.5 million at March 31, 2024, and $10.9 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets.

(c)TEN.m.flats was in a deficit position of $4.0 million at March 31, 2024, and $4.7 million at December 31, 2023, 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)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 March 31, 2024, 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.