v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 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 September 30, 2024

 

(Amounts in thousands)

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Interest rate cap assets (included in "other assets")

$

4,342

 

 

$

-

 

 

$

4,342

 

 

$

-

 

Total assets

$

4,342

 

 

$

-

 

 

$

4,342

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30, 2024 and December 31, 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 three and nine months ended September 30, 2023.

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

(Amounts in thousands)

 

September 30, 2023

 

 

September 30, 2023

 

Beginning balance

 

$

66,606

 

 

$

105,369

 

Additional investments

 

 

1,591

 

 

 

9,631

 

Net realized losses

 

 

-

 

 

 

(1,224

)

Net unrealized gains (losses)

 

 

28

 

 

 

(45,551

)

Ending balance

 

$

68,225

 

 

$

68,225

 

 

 

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 September 30, 2024

 

 

As of December 31, 2023

 

(Amounts in thousands)

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

Notes and mortgages payable

$

3,692,050

 

 

$

3,436,785

 

 

$

3,817,050

 

 

$

3,517,549

 

Revolving credit facility

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total liabilities

$

3,692,050

 

 

$

3,436,785

 

 

$

3,817,050

 

 

$

3,517,549