Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

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, 2024
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate cap assets (included in "other assets")	$	3,650	$	-	$	3,650	$	-
Total assets	$	3,650	$	-	$	3,650	$	-
	As of December 31, 2023
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate swap and cap assets (included in "other assets")	$	14,989	$	-	$	14,989	$	-
Total assets	$	14,989	$	-	$	14,989	$	-

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. As of December 31, 2024 and 2023, the fair value of the investments was $0. The table below summarizes the changes in the fair value of real estate related fund investments for the year ended December 31, 2023.

	For the Year Ended
(Amounts in thousands)	December 31, 2023
Beginning balance	$	105,369
Additional investments		11,897
Proceeds from sale of an investment		(8,769	)
Net realized losses		(46,894	)
Net unrealized losses		(60,828	)
Other, net		(775	)
Ending balance	$	-

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, 2024				As of December 31, 2023
(Amounts in thousands)	Carrying  Amount		Fair Value		Carrying  Amount		Fair Value
Notes and mortgages payable	$	3,692,050	$	3,412,126	$	3,817,050	$	3,517,549
Revolving credit facility		-		-		-		-
Total liabilities	$	3,692,050	$	3,412,126	$	3,817,050	$	3,517,549