FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025				As of December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents (1)	$	188,617	$	188,617	$	897,850	$	897,850
Escrow deposits and restricted cash (1)	53,934		53,934		59,383		59,383
Secured loans receivable and investments, net (3)(4)	182,504		183,309		144,872		146,229
Non-mortgage loans receivable, net (3)(4)(5)	20,871		20,227		28,129		27,640
Derivative instruments (3)(4)(5)	11,928		11,928		53,100		53,100
Liabilities:
Senior notes payable and other debt, gross (3)(4)	$	12,664,182	$	12,838,914	$	13,618,802	$	13,411,066
Derivative instruments (3)(6)	7,875		7,875		5,887		5,887
Temporary Equity:
Redeemable OP Units (2)	$	235,964	$	235,964	$	200,420	$	200,420

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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.