XML 84 R77.htm IDEA: XBRL DOCUMENT v3.25.1
Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes receivable, net [1] $ 125,701 $ 126,584
Mortgage and Other Notes Payable 1,625,783 1,537,266
Unsecured notes payable and Unsecured line of credit 569,951 569,566
Level 3 | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes receivable, net [2] 125,701 126,584
City Point Loan [2] 66,741 66,741
Mortgage and Other Notes Payable [2] 1,059,273 958,947
Investment in non-traded equity securities [3] 3,762 4,073
Level 3 | Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes receivable, net [2] 126,193 127,485
City Point Loan [2] 67,502 68,204
Mortgage and Other Notes Payable [2] 1,052,552 954,276
Investment in non-traded equity securities [3] 3,762 4,073
Level 2 | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unsecured notes payable and Unsecured line of credit [4] 575,000 589,000
Level 2 | Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unsecured notes payable and Unsecured line of credit [4] $ 576,631 $ 589,018
[1] Includes Notes receivable, net from related parties of $14.0 million and $14.8 million as of March 31, 2025 and December 31, 2024, respectively (Note 3).
[2] 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 3.92% to 13.23% for the Company’s notes receivable and City Point Loan, and 5.05% to 7.69% for the Company’s property mortgage loans and other notes payable, depending on the attributes of the specific loans.
[3] Includes the Operating Partnership’s cost-method investment in Fifth Wall (Note 4).
[4] 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.