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


	March 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Interest rate derivative assets(1)	$	—	$	3,093	$	—	$	3,093	$	—	$	4,325	$	—	$	4,325
Interest rate derivative liabilities(2)	$	—	$	(1,337)	$	—	$	(1,337)	$	—	$	(303)	$	—	$	(303)
Non-real estate investments measured at NAV(1)(3)	$	—	$	—	$	—	$	48,227	$	—	$	—	$	—	$	47,373

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.

Level 2 items include interest rate caps and swaps, which are valued on a quarterly basis using a linear regression model. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values.

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value, using Level 1 inputs, because of the short-term nature of these instruments. The fair values of debt are estimates based on rates currently prevailing for similar instruments of similar maturities using Level 2 inputs.

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


	March 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
LIABILITIES
Unsecured debt(1)	$	2,138,000	$	1,767,055	$	2,435,000	$	2,040,075
Secured debt(1)	$	2,060,667	$	2,054,936	$	1,752,667	$	1,741,090
Consolidated joint venture partner debt	$	66,136	$	61,532	$	66,136	$	60,637

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