XML 61 R38.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Fair Value Information of Financial Instruments

The following table summarizes fair value estimates for our financial instruments (in thousands):


	December 31, 2025							December 31, 2024
Asset (Liability)	Book Value				Fair Value			Book Value				Fair Value
Interest and rent receivables	$	19,210			$	19,907		$	36,327			$	36,432
Loans(1)		624,243		(2)		624,369			467,120		(2)		470,380
Debt, net		(9,697,835	)			(8,980,547	)		(8,848,112	)			(7,301,395	)

(1)

Includes all loan investments other than those accounted for under the fair value option method, as noted below.

(2)

Includes $7.5 million and $7.9 million of mortgage loans, a $388.9 million and $315.5 million shareholder loans included in investments in unconsolidated real estate joint ventures, $45.4 million and $39.7 million of loans that are part of our investments in unconsolidated operating entities, and $182.4 million and $104.0 million of other loans at December 31, 2025 and December 31, 2024, respectively.

Equity Interest in Related Party and Related Loans Measured at Fair Value on Recurring Basis

At December 31, 2025 and 2024, the amounts recorded under the fair value option method were as follows (in thousands):


	December 31, 2025				December 31, 2024
Asset (Liability)	Fair Value		Original Cost		Fair Value		Original Cost		Asset Type Classification
Mortgage loans	$	116,113	$	151,692	$	111,985	$	129,968	Mortgage loans
Equity investment and other loans		4,285		264,160		154,229		910,594	Investments in unconsolidated operating entities/Other loans