Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of the Carrying Values and Fair Values of Financial Instruments

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

	December 31,
	2024(3)				2023(3)
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net(2)	$	717,190	$	729,637	$	218,450	$	218,450
Interest rate swap assets(2)	35,120		35,120		21,359		21,359
Bank line of credit and commercial paper(2)	150,000		150,000		720,000		720,000
Term loans(2)	1,646,043		1,646,043		496,824		496,824
Senior unsecured notes(1)	6,563,256		6,373,528		5,403,378		5,144,667
Mortgage debt(2)	356,750		350,292		256,097		244,135

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

(2)Level 2: For loans receivable, net, interest rate swap instruments, and mortgage debt, fair value is based on standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, 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 years ended December 31, 2024 and 2023, there were no material transfers of financial assets or liabilities within the fair value hierarchy.