FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Face Values, Carrying Amounts and Fair Values of Financial Instruments

The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of June 30, 2024 and December 31, 2023 whose carrying amounts do not approximate their fair value (in thousands):

	As of June 30, 2024						As of December 31, 2023
	Face Value (1)		Carrying Amount (2)		Fair Value		Face Value (1)		Carrying Amount (2)		Fair Value
Financial assets:
Loans receivable	$	391,490	$	381,686	$	397,123	$	372,873	$	362,775	$	383,141
Preferred equity investments	57,141		57,329		59,201		57,681		57,849		59,526
Financial liabilities:
Senior Notes	1,750,000		1,735,653		1,577,367		1,750,000		1,735,253		1,567,428
Secured indebtedness	47,134		46,315		35,080		48,143		47,301		36,279

(1)    Face value represents amounts contractually due under the terms of the respective agreements.

(2)    Carrying amount represents the book value of financial instruments, including unamortized premiums/discounts and deferred financing costs.

Schedule of Fair Value of Financial Instruments

The Company determined the fair value of financial instruments as of June 30, 2024 whose carrying amounts do not approximate their fair value with valuation methods utilizing the following types of inputs (in thousands):

			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
Loans receivable	$	397,123	$	—	$	—	$	397,123
Preferred equity investments	59,201		—		—		59,201
Financial liabilities:
Senior Notes	1,577,367		—		1,577,367		—
Secured indebtedness	35,080		—		—		35,080

Schedule of Items Measured at Fair Value on a Recurring Basis

During the six months ended June 30, 2024, the Company recorded the following amounts measured at fair value (in thousands):

			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring Basis:
Financial assets:
Interest rate swaps	$	4,204	$	—	$	4,204	$	—
Interest rate collars	926		—		926		—
Forward starting interest rate swaps	17,096		—		17,096		—
Cross currency interest rate swaps	4,252		—		4,252		—