XML 53 R43.htm IDEA: XBRL DOCUMENT v3.23.2
Investments in Unconsolidated Entities - Summary of Combined Condensed Financial Data of Unconsolidated Entities (Detail) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Investment in real estate                
Land $ 134,291   $ 134,291     $ 172,813    
Accumulated depreciation (43,369)   (43,369)     (57,330)    
Net investment in real estate 576,805   576,805     764,423    
Cash and cash equivalents 124,850 $ 149,529 124,850 $ 149,529   133,480   $ 106,602
Investment in unconsolidated entities 301,493   301,493     382,597    
Total assets 1,167,967   1,167,967     1,841,721    
Liabilities                
Total liabilities 606,285   606,285     1,119,122    
Members' Interest                
Retained earnings (accumulated deficit) (800,674)   (800,674)     (640,531)    
Total equity 561,682 634,398 561,682 634,398 $ 657,955 722,599 $ 777,124 $ 844,800
Total liabilities and shareholders' equity 1,167,967   1,167,967     1,841,721    
Total revenue 5,884 29,704 6,564 60,609        
Net loss (95,707) (142,083) (157,693) (209,070)        
Unconsolidated Entities [Member]                
Investment in real estate                
Land 207,508   207,508     263,169    
Buildings and improvements 393,538   393,538     419,920    
Accumulated depreciation (73,869)   (73,869)     (68,482)    
Investment in real estate, gross 527,177   527,177     614,607    
Construction in progress 144,164   144,164     219,870    
Net investment in real estate 671,341   671,341     834,477    
Cash and cash equivalents 37,930   37,930     29,072    
Investment in unconsolidated entities 53,901   53,901     55,247    
Tenant and other receivables, net 5,408   5,408     5,041    
Other assets, net 45,577   45,577     14,245    
Total assets 814,157   814,157     938,082    
Liabilities                
Liabilities 495   495          
Accounts payable, accrued expenses and other liabilities 88,555   88,555     52,808    
Total liabilities 89,050   89,050     52,808    
Members' Interest                
Additional paid in capital 729,375   729,375     957,154    
Retained earnings (accumulated deficit) (4,268)   (4,268)     (71,880)    
Total equity 725,107   725,107     885,274    
Total liabilities and shareholders' equity 814,157   814,157     $ 938,082    
Total revenue 5,072 7,919 11,376 15,759        
Property operating expenses (2,852) (3,110) (5,845) (7,036)        
Depreciation and amortization (4,563) (6,503) (9,538) (14,011)        
Operating loss (2,343) (1,694) (4,007) (5,288)        
Other expenses (115) (826) (391) (2,260)        
Gains (losses) and (impairments) (24,918) (32,474) (95,718) (93,614)        
Net loss (27,376) (34,994) (100,116) (101,162)        
Equity in loss of unconsolidated entities [1] $ (13,698) $ (33,720) $ (50,070) $ (66,796)        
[1] Equity in loss of unconsolidated entities on the condensed consolidated statements of operations includes basis difference adjustments.