v3.25.4
Unconsolidated Affiliates - Summarized Financial Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
ASSETS:        
Investment in real estate assets [1] $ 2,221,541 $ 2,093,385    
Accumulated depreciation [1] (355,900) (283,785)    
Net investment in real estate assets [1] 1,865,641 1,809,600    
Developments in progress [1] 10,533 5,817    
Net investment in real estate assets [1] 1,876,174 1,871,492    
Total assets [1] 2,729,099 2,747,191    
LIABILITIES:        
Mortgage and other indebtedness, net 2,170,785 2,212,680    
Total liabilities [1] 2,364,425 2,434,327    
OWNERS' EQUITY        
The Company 374,936 323,546    
Noncontrolling interests (10,262) (10,682)    
Total equity 364,674 312,864 $ 330,617 $ 367,129
Total liabilities, redeemable noncontrolling interests and equity 2,729,099 2,747,191    
Total revenues [2],[3] 578,373 515,561 535,286  
Net income 134,526 57,117 3,204  
BI Development II, LLC        
ASSETS:        
Investment in real estate assets 1,255,163 1,284,494    
Accumulated depreciation (574,364) (576,289)    
Net investment in real estate assets 680,799 708,205    
Developments in progress 1,315 32,114    
Net investment in real estate assets 682,114 740,319    
Other assets 135,138 156,363    
Total assets 817,252 896,682    
LIABILITIES:        
Mortgage and other indebtedness, net 715,013 780,536    
Other liabilities 23,468 36,253    
Total liabilities 738,481 816,789    
OWNERS' EQUITY        
The Company 78,016 76,607    
Noncontrolling interests 755 3,286    
Total equity 78,771 79,893    
Total liabilities, redeemable noncontrolling interests and equity 817,252 896,682    
Total revenues 181,264 260,969 255,283  
Net income [4] $ 107,004 $ 54,433 $ 38,434  
[1] As of December 31, 2025, includes $166,314 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $213,442 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10.
[2] Management, development and leasing fees earned by the Management Company are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source.
[3] Sales taxes are excluded from revenues.
[4] The Company's pro rata share of net income is included in equity in earnings of unconsolidated affiliates for each period presented in the accompanying consolidated statements of operations. The Company's pro rata share of net income was $53,276, $22,932 and $11,865 for the years ended December 31, 2025, 2024 and 2023, respectively.