Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

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:

	September 30, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Interest rate derivative assets(1)	$	—	$	19,559	$	—	$	19,559	$	—	$	9,292	$	—	$	9,292
Interest rate derivative liabilities(2)	$	—	$	(2,221)	$	—	$	(2,221)	$	—	$	—	$	—	$	—
Non-real estate investments measured at fair value(1)	$	3	$	—	$	—	$	3	$	544	$	—	$	—	$	544
Stock purchase warrant(1)	$	—	$	2	$	—	$	2	$	—	$	95	$	—	$	95
Earnout liability(2)	$	—	$	—	$	(6,283)	$	(6,283)	$	—	$	—	$	(9,300)	$	(9,300)
Non-real estate investments measured at NAV(1)(3)	$	—	$	—	$	—	$	48,830	$	—	$	—	$	—	$	46,785

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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, Liabilities Measured on Recurring Basis

The following table summarizes changes in the carrying amount of the earnout liability during the nine months ended September 30, 2023:

Balance, December 31, 2022	$	(9,300)
Remeasurement to fair value	3,017
Balance, September 30, 2023	$	(6,283)

Schedule of Fair Value Measurements, Recurring and Nonrecurring

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

	September 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
LIABILITIES
Unsecured debt(1)	$	2,635,000	$	2,200,793	$	2,660,000	$	2,364,871
Secured debt(1)	$	1,798,118	$	1,776,417	$	1,950,088	$	1,927,297
Consolidated joint venture partner debt	$	66,136	$	59,558	$	66,136	$	60,327

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