Fair Value Measurements

12 Months Ended

Dec. 31, 2023

13. Fair Value Measurements

Financial Assets Measured at Fair Value

The following table summarizes the fair value of our financial assets that are measured at fair value on our consolidated balance sheets as of the dates set forth below, based on their levels in the fair value hierarchy.


	As of December 31, 2023
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Real estate related fund investments	$	-	$	-	$	-	$	-
Interest rate swap and cap assets (included in "other assets")		14,989		-		14,989		-
Total assets	$	14,989	$	-	$	14,989	$	-

	As of December 31, 2022
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Real estate related fund investments	$	105,369	$	-	$	-	$	105,369
Interest rate swap and cap assets (included in "other assets")		38,804		-		38,804		-
Total assets	$	144,173	$	-	$	38,804	$	105,369

Real Estate Related Fund Investments

Real estate related fund investments are comprised of investments in mezzanine loans made by Fund X. The investments are measured at fair value on our consolidated balance sheets and are classified as Level 3. The table below summarizes the changes in the fair value of real estate related fund investments for the year ended December 31, 2023 and the period from December 12, 2022 to December 31, 2022.


				Period from
	For the Year Ended			December 12, 2022 to
(Amounts in thousands)	December 31, 2023			December 31, 2022
Beginning balance	$	105,369		$	-
Consolidation of Fund X		-			104,726
Additional investments		11,897			-
Proceeds from sale of an investment		(8,769	)		-
Net realized losses		(46,894	)		-
Net unrealized (losses) gains		(60,828	)		643
Other, net		(775	)		-
Ending balance	$	-		$	105,369

Financial Liabilities Not Measured at Fair Value

Financial liabilities not measured at fair value on our consolidated balance sheets consist of notes and mortgages payable and the revolving credit facility. The following table summarizes the carrying amounts and fair value of these financial instruments as of the dates set forth below.


	As of December 31, 2023				As of December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes and mortgages payable	$	3,817,050	$	3,517,549	$	3,858,000	$	3,566,096
Revolving credit facility		-		-		-		-
Total liabilities	$	3,817,050	$	3,517,549	$	3,858,000	$	3,566,096

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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