Summary of assets measured at fair value on a recurring basis |
The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets that are measured at fair value on a recurring basis. The Company does not have any liabilities that are measured at a fair value on a recurring basis for the periods presented. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | Fair Value Measurements Using | | Fair Value Measurements Using | thousands | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Interest rate derivative assets | $ | 14,710 | | | $ | — | | | $ | 14,710 | | | $ | — | | | $ | 10,318 | | | $ | — | | | $ | 10,318 | | | $ | — | | | | | | | | | | | | | | | | | |
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Summary of assets and liabilities not measured at fair value on a recurring basis |
The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | thousands | Fair Value Hierarchy | Carrying Amount | | Estimated Fair Value | | Carrying Amount | | Estimated Fair Value | Assets: | | | | | | | | | Cash and Restricted cash | Level 1 | $ | 905,766 | | | $ | 905,766 | | | $ | 1,053,057 | | | $ | 1,053,057 | | Accounts receivable, net (a) | Level 3 | 109,682 | | | 109,682 | | | 115,045 | | | 115,045 | | Notes receivable, net (b) | Level 3 | 1,108 | | | 1,108 | | | 1,558 | | | 1,558 | | | | | | | | | | | Liabilities: | | | | | | | | | Fixed-rate debt (c) | Level 2 | 3,716,807 | | | 3,358,601 | | | 3,601,121 | | | 3,294,431 | | Variable-rate debt (c) | Level 2 | 1,839,538 | | | 1,839,538 | | | 1,751,489 | | | 1,751,489 | |
(a)Accounts receivable, net is shown net of an allowance of $10.5 million at June 30, 2024, and $15.0 million at December 31, 2023. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information on the allowance. (b)Notes receivable, net is shown net of an immaterial allowance at June 30, 2024, and December 31, 2023. (c)Excludes related unamortized financing costs.
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Summary of non-financial asset measured at fair value on a non-recurring basis |
The below table includes a non-financial asset that was measured at fair value on a non-recurring basis resulting in the property being impaired: | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | thousands | Total Fair Value Measurement (a) | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | 2023 | | | | | | | | Seaport Net investment in real estate | $ | 321,180 | | | $ | — | | | $ | — | | | $ | 321,180 | | Seaport Investments in unconsolidated ventures | 40,225 | | | — | | | — | | | 40,225 | | The fair value was measured as of the impairment date in the third quarter of 2023 using a discounted cash flow analysis to determine fair value, with capitalization rates ranging from 5.5% to 6.75%, discount rates ranging from 8.5% to 13.3%, and restaurant multiples ranging from 8.3 to 11.8.
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