v3.25.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
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:
March 31, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
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 
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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 Measurements, Recurring and Nonrecurring
The table below represents the carrying value and fair value of the Company’s debt as of:
March 31, 2025December 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 
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1.Amounts represent debt excluding unamortized deferred financing costs and loan discounts/premiums.