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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities, Recurring

The Company’s financial assets and liabilities measured and reported at fair value on a recurring basis include the following as of:

						June 30, 2024																								December 31, 2023
						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Interest rate derivative assets(1)						$	—					$	12,564					$	—					$	12,564					$	—					$	6,441					$	—					$	6,441
Interest rate derivative liabilities(2)						$	—					$	(472)					$	—					$	(472)					$	—					$	(549)					$	—					$	(549)
Non-real estate investments measured at fair value(1)						$	—					$	—					$	—					$	—					$	1					$	—					$	—					$	1
Earnout liability(2)						$	—					$	—					$	—					$	—					$	—					$	—					$	(5,000)					$	(5,000)
Non-real estate investments measured at NAV(1)(3)						$	—					$	—					$	—					$	47,557					$	—					$	—					$	—					$	48,580

__________________ 

1.Included in prepaid expenses and other assets, net on the Consolidated Balance Sheets.

2.Included in accounts payable, accrued liabilities and other on the Consolidated Balance Sheets.

3.According to the relevant accounting standards, certain investments that are measured at fair value using the NAV practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets.

Schedule of Fair Value, Liabilities Measured on Recurring Basis

The following table summarizes changes in the carrying amount of the earnout liability during the six months ended June 30, 2024:

Balance, December 31, 2023						$	(5,000)
Settlement						5,000
Balance, June 30, 2024						$	—

Schedule of Fair Value Measurements, Recurring and Nonrecurring

The table below represents the carrying value and fair value of the Company’s debt as of:

			June 30, 2024												December 31, 2023
			Carrying Value						Fair Value						Carrying Value						Fair Value
LIABILITIES
Unsecured debt(1)			$	2,387,000					$	1,984,335					$	2,307,000					$	1,971,410
Secured debt(1)			$	1,740,268					$	1,724,525					$	1,653,067					$	1,634,668
Consolidated joint venture partner debt			$	66,136					$	59,974					$	66,136					$	59,966

_________________

1.Amounts represent debt excluding unamortized deferred financing costs and loan discounts/premiums.

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ 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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ 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

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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

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