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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Debt Instruments

Our material financial instruments had the following carrying values and fair values as of the dates shown (in thousands):

									March 31, 2024												December 31, 2023
			Level						Carrying Value						Fair Value						Carrying Value						Fair Value
NLOP Mortgage Loan, net (a) (b) (c)			3						$	259,807					$	280,160					$	266,844					$	291,358
NLOP Mezzanine Loan, net (a) (b) (c)			3						108,038						113,880						106,299						113,797
Non-recourse mortgages, net (a) (b) (c)			3						147,328						143,883						168,836						165,077

__________

(a)The carrying value of the NLOP Mortgage Loan, net includes unamortized deferred financing costs of $5.4 million and $6.7 million at March 31, 2024 and December 31, 2023, respectively. The carrying value of the NLOP Mezzanine Loan, net includes unamortized deferred financing costs of $1.9 million and $2.4 million at March 31, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of less than $0.1 million at December 31, 2023. There were no unamortized deferred financing costs on our Non-recourse mortgages, net as of March 31, 2024.

(b)The carrying value of the NLOP Mortgage Loan, net includes unamortized discount of $12.4 million and $15.3 million at March 31, 2024 and December 31, 2023, respectively. The carrying value of the NLOP Mezzanine Loan, net includes unamortized discount of $4.4 million and $5.6 million at March 31, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $0.4 million and $0.7 million at March 31, 2024 and December 31, 2023, respectively.

(c)We determined the estimated fair value of our NLOP Mortgage Loan, NLOP Mezzanine Loan, and non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.

Schedule of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis

The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands):

			Three Months Ended March 31,
			2024												2023
			Fair Value Measurements						Impairment Charges						Fair Value Measurements						Impairment Charges
Impairment Charges
Real estate			$	13,710					$	4,065					$	—					$	—
									$	4,065											$	—

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Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis [Table Text Block]

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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