Equity Method Investments (Tables) |
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| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Equity Method Investments | The following table sets forth our ownership interests in our equity method investments and their respective carrying values (dollars in thousands):
__________ (a)On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of June 30, 2024) for a retail complex in Las Vegas, Nevada. Through June 30, 2024, we funded $236.3 million, including $4.9 million during the six months ended June 30, 2024. Equity income from this investment was $8.3 million and $5.9 million for the six months ended June 30, 2024 and 2023, respectively, which was recognized within Earnings from equity method investments in our consolidated statements of income. (b)The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (c)This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement. (d)We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP. We record our investment in CESH on a one quarter lag; therefore, the balance of our equity method investment in CESH recorded as of June 30, 2024 is based on the estimated fair value of our investment as of March 31, 2024.
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