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Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities |  | $ | 27,274 |  |  | $ | — |  |  | $ | — |  |  | $ | 33,284 |  |  | $ | — |  |  | $ | — |
Derivative financial instruments |  |  | — |  |  |  | 40,841 |  |  |  | — |  |  |  | — |  |  |  | 28,989 |  |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  | — |  |  |  | (4,692 | ) |  |  | — |  |  |  | — |  |  |  | (8,892 | ) |  |  | — |
Schedule realized and unrealized gain (loss) on marketable securities | The following table represents the realized and unrealized gain (loss) on marketable securities included in Realized and unrealized holding (losses) gains on investments and other on the Company's Condensed Consolidated Statements of Operations (in thousands):
| Three Months Ended March 31, |
| 2024 |  |  | 2023 |
Realized gain on marketable securities, net | $ | 3,994 |  |  | $ | — |
Less: previously recognized unrealized gains on marketable securities sold during the period |  | (3,994 | ) |  |  | — |
Unrealized losses on marketable securities still held as of the end of the period and through the disposition date on marketable securities sold during the period |  | (2,015 | ) |  |  | (2,059 | )
Loss on Marketable securities, net | $ | (2,015 | ) |  | $ | (2,059 | )
Schedule of Derivative Financial Instruments | The Company had the following interest rate swaps and caps for the periods presented (information is as of March 31, 2024, unless otherwise noted, and dollars in thousands):
|  |  |  |  |  |  |  |  | Strike Rate |  |  |  | Fair Value |
Derivative Instrument |  | Aggregate Notional Amount |  |  | Effective Date |  | Maturity Date |  | Low |  |  | High |  | Balance Sheet Location |  | March 31, 2024 |  |  | December 31, 2023 |
Core |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  | $ | 175,000 |  |  | Oct 2023 |  | Jul 2027 - Jul 2029 |  | 4.59% |  | — |  | 4.69% |  | Accounts payable and other liabilities |  | $ | (4,692 | ) |  | $ | (8,807 | )
Interest Rate Swaps |  |  | 681,000 |  |  | May 2022 - May 2023 |  | Mar 2025 - Jul 2030 |  | 1.98% |  | — |  | 3.61% |  | Other Assets |  |  | 33,440 |  |  |  | 22,675 |
|  | $ | 856,000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 28,748 |  |  | $ | 13,868 |
Fund II |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap |  | $ | 50,000 |  |  | Jan 2023 |  | Dec 2029 |  | 3.23% |  | — |  | 3.23% |  | Other Assets |  | $ | 1,631 |  |  | $ | 634 |
Fund III |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Cap |  | $ | 33,000 |  |  | Sep 2023 |  | Oct 2025 |  | 5.50% |  | — |  | 5.50% |  | Other Assets |  | $ | 25 |  |  | $ | 26 |
Fund IV |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Cap |  | $ | 54,500 |  |  | Dec 2023 |  | Dec 2025 |  | 6.00% |  | — |  | 6.00% |  | Other Assets |  | $ | 28 |  |  | $ | 29 |
Fund V |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  | $ | 342,940 |  |  | Apr 2022 - Mar 2024 |  | Sep 2024- Dec 2027 |  | 1.14% |  | — |  | 4.49% |  | Other Assets |  | $ | 5,445 |  |  | $ | 5,523 |
Interest Rate Caps |  |  | 72,307 |  |  | Aug 2023 - Feb 2024 |  | Jan 2025 - Sep 2025 |  | 4.50% |  | — |  | 5.00% |  | Other Assets |  |  | 272 |  |  |  | 102 |
Interest Rate Swaps |  |  | — |  |  |  |  |  |  |  |  |  |  |  | Accounts payable and other liabilities |  |  | — |  |  |  | (85 | )
|  | $ | 415,247 |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,717 |  |  | $ | 5,540 |
Total asset derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 40,841 |  |  | $ | 28,989 |
Total liability derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,692 | ) |  | $ | (8,892 | )
Schedule of Other Financial Instruments Carrying Values and Fair values | The Company’s other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable):
|  |  |  |  | March 31, 2024 |  |  | December 31, 2023 |
|  | Level |  |  | Carrying Amount |  |  | Estimated Fair Value |  |  | Carrying Amount |  |  | Estimated Fair Value |
Notes Receivable (a) |  |  | 3 |  |  | $ | 118,877 |  |  | $ | 118,577 |  |  | $ | 124,949 |  |  | $ | 124,789 |
City Point Loan (a) |  |  | 3 |  |  |  | 66,741 |  |  |  | 65,306 |  |  |  | 66,741 |  |  |  | 66,017 |
Mortgage and Other Notes Payable (a) |  |  | 3 |  |  |  | 969,776 |  |  |  | 953,467 |  |  |  | 937,200 |  |  |  | 921,563 |
Investment in non-traded equity securities (b) |  |  | 3 |  |  |  | 4,358 |  |  |  | 4,358 |  |  |  | 4,398 |  |  |  | 4,702 |
Unsecured notes payable and Unsecured line of credit (c) |  |  | 2 |  |  |  | 764,687 |  |  |  | 757,603 |  |  |  | 943,887 |  |  |  | 937,153 |
(a) The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and changes in interest rates. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environm ent. Amounts exclude discounts and loan costs. The estimated market rates are between 5.24% to 14.69% for the Company's notes receivable and City Point Loan, and 6.22% to 9.82% for the Company's mortgage and other notes payable, depending on the attributes of the specific loans. (b) Includes the Operating Partnership’s cost-method investment in Fifth Wall (Note 4). (c) The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants.

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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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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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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