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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of 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

 
Summary of Changes in Fair Value of Real Estate Related Fund Investments 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

 

 
Summary of Carrying Amounts and Fair Value of Financial Instruments 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