Summary of Significant Accounting Policies and Estimates (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Useful Life of Investments in Real Estate

The Company’s investments in real estate are

stated at cost and are generally depreciated on a straight-line basis over the estimated remaining useful lives of the assets as follows:


Description						Depreciable Life
Buildings						12 - 50 years
Land improvements						1 - 44 years
In-place lease intangibles						9 - 24 years
Other lease intangibles (1)						Over lease term

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(1)Other lease intangibles primarily includes above and below market leases, lease inducements, and lease commissions.

Summary of Assets Measured at Fair Value on a Recurring Basis

The following table details the Company’s assets measured at fair value on a recurring basis:


	June 30, 2024						December 31, 2023
	Level 2		Level 3		Total		Level 2		Level 3		Total
Assets:
Investments in unconsolidated real estate affiliates	$	—	$	1,571,393	$	1,571,393	$	—	$	699,570	$	699,570
Investments in real estate debt	54,190		43,435		97,625		30,974		56,235		87,209
Interest rate hedging derivatives	21,636		—		21,636		6,945		—		6,945
Foreign currency hedging derivatives	3,624		—		3,624		5,065		—		5,065
Total	$	79,450	$	1,614,828	$	1,694,278	$	42,984	$	755,805	$	798,789

Liabilities:
Interest rate hedging derivatives	914		$	—	914		$	4,651	$	—	$	4,651
Foreign currency hedging derivatives	4,189		—		4,189		6,820		—		6,820
DST financing obligation	—		26,805		26,805		—		13,694		13,694
Total	$	5,103	$	26,805	$	31,908	$	11,471	$	13,694	$	25,165

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs:


	Investments in real estate debt		Investments in unconsolidated real estate affiliates		Total Assets		DST Financing Obligation
Balance as of December 31, 2023	$	56,235	$	699,570	$	755,805	$	13,694
Purchases	—		847,169		847,169		—
Sales	(12,800)		—		(12,800)		—
Distributions received	—		(48,566)		(48,566)		—
DST Program proceeds	—		—		—		12,866
Included in net income
Loss on fair value of DST financing obligation	—		—		—		245
Income from unconsolidated real estate affiliates measured at fair value	—		73,220		73,220		—
Balance as of June 30, 2024	$	43,435	$	1,571,393	$	1,614,828	$	26,805

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details