Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Carry Amounts and Fair Value of Financial Instruments

The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands):

	June 30, 2022(3)				December 31, 2021(3)
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net(2)	$	413,962	$	432,914	$	415,811	$	437,607
Marketable debt securities(2)	21,345		21,345		21,003		21,003
Interest rate swap instruments(2)	1,629		1,629		—		—
Interest rate cap instruments(2)	—		—		397		397
Bank line of credit and commercial paper(2)	1,448,569		1,448,569		1,165,975		1,165,975
Senior unsecured notes(1)	4,655,852		4,360,241		4,651,933		5,054,747
Mortgage debt(2)	349,329		339,356		352,081		352,800

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(1)Level 1: Fair value calculated based on quoted prices in active markets.

(2)Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, mortgage debt, interest rate swap instruments, and interest rate cap instruments, standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit and commercial paper, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating.

(3)During the six months ended June 30, 2022 and year ended December 31, 2021, there were no material transfers of financial assets or liabilities within the fair value hierarchy.