Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Fair Value for Interest Rate Options and swaps

The following table summarizes investments measured at fair value on a recurring basis, which are presented in other assets, net, and accrued liabilities and other in our condensed consolidated balance sheets (in thousands). See Note 10 for discussion regarding our derivative activity during the year.


	As of June 30, 2025								As of December 31, 2024
	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Interest rate swaps - pay-fixed, receive-floating	$	(14,179)	$	—	$	(14,179)	$	—	$	66	$	—	$	66	$	—

Interest rate caps, net (1)	$	812	$	—	$	812	$	—	$	5,262	$	—	$	5,262	$	—

(1)Interest rate caps, net, as of June 30, 2025, is inclusive of $1.6 million of interest rate caps, offset partially by $0.8 million of sold interest rate caps.

Schedule of Carrying Value and Fair Value of Non-recourse Property Debt

We classify the fair value of our fixed-rate non-recourse property debt, seller financing notes receivable, and preferred equity investment within Level 2 of the GAAP fair value hierarchy, as summarized in the following table (in thousands):


	As of June 30, 2025				As of December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Fixed-rate non-recourse property debt	$	1,952,651	$	1,864,400	$	2,144,797	$	1,963,083
Seller financing note receivable, net (1)	$	33,731	$	36,053	$	33,151	$	32,999
Preferred equity investment (2)	$	24,462	$	26,181	$	23,872	$	25,513

(1) During the year ended December 31, 2022, we provided $40.0 million of seller financing as partial consideration for the sale of our New England portfolio. The contractual interest rate on the note is 4.5%. The difference between the stated rate and the market interest rate as of the date of sale resulted in a discount recorded of $8.5 million. The seller financing note and related discount are included in other assets, net in our condensed consolidated balance sheets.

(2) In conjunction with the Value-Add JV transaction, we received a preferred equity investment within the joint venture. The contractual interest rate on the preferred equity investment is 7.25%. The difference between the stated rate and the effective interest rate as of the date of the transaction resulted in a discount recorded of $5.9 million. The preferred equity investment and related discount are included in investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets.