FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Carrying amounts and fair values of financial instruments

The table below summarizes the carrying amounts and fair values of our financial instruments either recorded or disclosed on a recurring basis (dollars in thousands):

	As of December 31, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents (1)	$	897,850	$	897,850	$	508,794	$	508,794
Escrow deposits and restricted cash (1)	59,383		59,383		54,668		54,668
Stock warrants (3)(4)(5)	40,192		40,192		59,281		59,281
Secured mortgage loans and other, net (3)(4)	144,872		146,229		27,986		27,947
Non-mortgage loans receivable, net (3)(4)(5)	28,129		27,640		26,152		25,200
Derivative instruments (3)(5)	12,908		12,908		19,782		19,782
Liabilities:
Senior notes payable and other debt, gross (3)(4)	13,618,802		13,411,066		13,568,598		13,104,091
Derivative instruments (3)(6)	5,887		5,887		2,525		2,525
Redeemable OP Units (2)	200,420		200,420		173,452		173,452

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(1)The carrying amount approximates fair value due to the short maturity of these instruments.

(2)Level 1 within fair value hierarchy.

(3)Level 2 within fair value hierarchy.

(4)Level 3 within fair value hierarchy.

(5)Included in Other assets on our Consolidated Balance Sheets.

(6)Included in Accounts payable and other liabilities on our Consolidated Balance Sheets.    

(7)During the years ended December 31, 2024 and 2023, there were no material transfers of financial assets or liabilities within the fair value hierarchy.