XML 43 R36.htm IDEA: XBRL DOCUMENT v3.24.3

Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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):

		September 30, 2024												December 31, 2023
		Level 1				Level 2				Level 3				Level 1				Level 2				Level 3
Assets
Marketable equity securities		$	17,503			$	—			$	—			$	33,284			$	—			$	—
Derivative financial instruments			—				13,664				—				—				28,989				—
Liabilities
Derivative financial instruments			—				(10,846	)			—				—				(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 September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
Realized gain on marketable securities, net	$	2,923			$	2,371			$	10,504			$	2,371
Less: previously recognized unrealized gains on marketable securities sold during the period		(2,923	)			(2,371	)			(10,504	)			(2,371	)
Unrealized (losses) gains on marketable securities still held as of the end of the period and through the disposition date on marketable securities sold during the period		(1,242	)			1,627				(5,277	)			1,282
(Loss) gain on marketable securities, net	$	(1,242	)		$	1,627			$	(5,277	)		$	1,282

Schedule of Derivative Financial Instruments

The Company had the following interest rate swaps and caps for the periods presented (information is as of September 30, 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		September 30, 2024				December 31, 2023
Core
Interest Rate Swaps		$	275,000			Dec 2022 - Oct 2023		Jul 2027 - Dec 2029		3.21%		—		4.69%		Accounts payable and other liabilities		$	(10,212	)		$	(8,807	)
Interest Rate Swaps			581,000			May 2022 - May 2023		Mar 2025 - Jul 2030		1.98%		—		2.93%		Other Assets			13,180				22,675
		$	856,000															$	2,968			$	13,868
Fund II
Interest Rate Swap		$	50,000			Jan 2023		Dec 2029		3.23%		—		3.23%		Accounts payable and other liabilities		$	(10	)		$	—
Interest Rate Swap			—													Other Assets			—				634
		$	50,000															$	(10	)		$	634
Fund III
Interest Rate Cap		$	33,000			Sep 2023		Oct 2025		5.50%		—		5.50%		Other Assets		$	1			$	26
Fund IV
Interest Rate Cap		$	54,500			Dec 2023		Dec 2025		6.00%		—		6.00%		Other Assets		$	2			$	29
Fund V
Interest Rate Swaps		$	58,514			Apr 2022 - Mar 2023		Apr 2025 - May 2026		2.61%		—		3.47%		Other Assets		$	453			$	5,523
Interest Rate Caps			72,019			Aug 2023 - Feb 2024		Jan 2025 - Sep 2025		4.50%		—		5.00%		Other Assets			28				102
Interest Rate Swaps			185,650			Oct 2022 - Mar 2024		Oct 2024 - Dec 2027		1.17%		—		4.54%		Accounts payable and other liabilities			(624	)			(85	)
		$	316,183															$	(143	)		$	5,540
Total asset derivatives																		$	13,664			$	28,989
Total liability derivatives																		$	(10,846	)		$	(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):

						September 30, 2024								December 31, 2023
		Level				Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Notes Receivable (a)			3			$	126,576			$	127,485			$	124,949			$	124,789
City Point Loan (a)			3				66,741				68,204				66,741				66,017
Mortgage and Other Notes Payable (a)			3				959,413				952,010				937,200				921,563
Investment in non-traded equity securities (b)			3				4,163				4,172				4,398				4,702
Unsecured notes payable and Unsecured line of credit (c)			2				631,000				634,578				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 environment. Amounts exclude discounts and loan costs. The estimated market rates are between 3.68% to 12.96% for the Company’s notes receivable and City Point Loan, and 4.68% to 7.82% 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.

X

- 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 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of realized and unrealized gain (loss) on investment in security.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(9)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(7)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Name:	us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration