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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Valuations for Each Type of Fair Value Measurement

The following table summarizes the inputs to the valuations for each type of fair value measurement:

Fair Value Measurement Type

 

Valuation Inputs

Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”)

 

Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets.

Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners

 

Quoted market price of Common Shares.

Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable)

 

Indicative rates provided by lenders of similar loans.

Public unsecured notes

 

Quoted market prices for each underlying issuance.

Derivatives

 

Readily observable market parameters such as forward yield curves and credit default swap data.

 
Summary of Carrying and Fair Values of Financial Instruments The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at March 31, 2024 and December 31, 2023, respectively (amounts in thousands):

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

Carrying Value

 

 

Estimated Fair
Value (Level 2)

 

 

Carrying Value

 

 

Estimated Fair
Value (Level 2)

 

Mortgage notes payable, net

 

$

1,633,870

 

 

$

1,498,775

 

 

$

1,632,902

 

 

$

1,509,706

 

Unsecured debt, net

 

 

5,575,859

 

 

 

5,100,252

 

 

 

5,757,548

 

 

 

5,346,488

 

Total debt, net

 

$

7,209,729

 

 

$

6,599,027

 

 

$

7,390,450

 

 

$

6,856,194

 

 
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at March 31, 2024 and December 31, 2023, respectively (amounts in thousands):

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Description

 

Balance Sheet
Location

 

3/31/2024

 

 

Quoted Prices in
Active Markets for
Identical Assets/Liabilities
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Executive Retirement Plan

 

Other Assets

 

$

103,917

 

 

$

103,917

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Executive Retirement Plan

 

Other Liabilities

 

$

103,917

 

 

$

103,917

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable Noncontrolling Interests –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Partnership/Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Limited Partners

 

Mezzanine

 

$

298,219

 

 

$

—

 

 

$

298,219

 

 

$

—

 

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Description

 

Balance Sheet
Location

 

12/31/2023

 

 

Quoted Prices in
Active Markets for
Identical Assets/Liabilities
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Executive Retirement Plan

 

Other Assets

 

$

108,478

 

 

$

108,478

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Executive Retirement Plan

 

Other Liabilities

 

$

108,478

 

 

$

108,478

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable Noncontrolling Interests –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Partnership/Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Limited Partners

 

Mezzanine

 

$

289,248

 

 

$

—

 

 

$

289,248

 

 

$

—

 
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income

The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the quarters ended March 31, 2024 and 2023, respectively (amounts in thousands):

 

March 31, 2024
Type of Cash Flow Hedge

 

Amount of
Gain/(Loss)
Recognized in OCI
on Derivative

 

 

Location of
Gain/(Loss)
Reclassified from
Accumulated OCI
into Income

 

Amount of
Gain/(Loss)
Reclassified from
Accumulated
OCI into Income

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

Interest Rate Contracts:

 

 

 

 

 

 

 

 

Forward Starting Swaps

 

$

—

 

 

Interest expense

 

$

(610

)

Total

 

$

—

 

 

 

 

$

(610

)

 

March 31, 2023
Type of Cash Flow Hedge

 

Amount of
Gain/(Loss)
Recognized in OCI
on Derivative

 

 

Location of
Gain/(Loss)
Reclassified from
Accumulated OCI
into Income

 

Amount of
Gain/(Loss)
Reclassified from
Accumulated
OCI into Income

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

Interest Rate Contracts:

 

 

 

 

 

 

 

 

Forward Starting Swaps

 

$

(9,780

)

 

Interest expense

 

$

(1,095

)

Total

 

$

(9,780

)

 

 

 

$

(1,095

)
Summary of Real Estate Technology Investment Securities included in Other Assets

The following table summarizes the Company’s real estate technology investment securities included in other assets as of March 31, 2024 and December 31, 2023 (amounts in thousands):

 

 

 

March 31, 2024

 

 

December 31, 2023

 

Real Estate Technology Investments

 

$

26,373

 

 

$

19,312