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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair value measurements, recurring and nonrecurring | The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy as of December 31, 2023 and 2022 (in thousands):
| December 31, 2023
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Marketable securities available-for-sale | $ | 9,591 |  |  | $ | — |  |  | $ | 9,591 |  |  | $ | — |
Interest rate cap and swap agreements (included in Other assets) | $ | 33,456 |  |  | $ | — |  |  | $ | 33,456 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Interest rate cap and swap agreements (included in Other liabilities) | $ | 17,108 |  |  | $ | — |  |  | $ | 17,108 |  |  | $ | — |
| December 31, 2022
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Marketable securities available-for-sale | $ | 11,240 |  |  | $ | — |  |  | $ | 11,240 |  |  | $ | — |
Interest rate cap and swap agreements (included in Other assets) | $ | 57,660 |  |  | $ | — |  |  | $ | 57,660 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Interest rate cap and swap agreements (included in Other liabilities) | $ | 10,142 |  |  | $ | — |  |  | $ | 10,142 |  |  | $ | — |
Fair value, by balance sheet grouping | The following table provides the carrying value and fair value of these financial instruments as of December 31, 2023 and December 31, 2022 (in thousands):
| December 31, 2023 |  | December 31, 2022
| Carrying Value (1) |  | Fair Value |  | Carrying Value (1) |  | Fair Value
Debt and preferred equity investments | $ | 346,745 |  |  | (2) |  | $ | 623,280 |  |  | (2)
Fixed rate debt | $ | 3,237,386 |  |  | $ | 3,184,338 |  |  | $ | 5,015,814 |  |  | $ | 4,784,691 |
Variable rate debt (3) | 270,000 |  |  | 268,787 |  |  | 520,148 |  |  | 519,669 |
Total debt | $ | 3,507,386 |  |  | $ | 3,453,125 |  |  | $ | 5,535,962 |  |  | $ | 5,304,360 |
(1)Amounts exclude net deferred financing costs. (2)As of December 31, 2023, debt and preferred equity investments had an estimated fair value of approximately $0.3 billion. As of December 31, 2022, debt and preferred equity investments had an estimated fair value ranging between $0.6 billion and $0.6 billion. (3)As of December 31, 2023, variable rate debt with a carrying value of $110.0 million and fair value of $108.6 million is included in the Company's alternative strategy portfolio.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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