Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

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,
	2025(3)				2024(3)
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net(2)	$	606,020	$	620,575	$	655,917	$	668,364
Interest rate swap assets(2)	5,626		5,626		35,120		35,120
Bank line of credit and commercial paper(2)	1,078,850		1,078,850		150,000		150,000
Term loans(2)	1,647,113		1,647,113		1,646,043		1,646,043
Senior unsecured notes(1)	6,772,722		6,813,448		6,563,256		6,373,528
Mortgage debt(2)	349,209		347,291		356,750		350,292
Interest rate swap liabilities(2)	9,635		9,635		—		—

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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, 2025 and 2024, there were no material transfers of financial assets or liabilities within the fair value hierarchy.