Fair Value Measurements

6 Months Ended

Jun. 30, 2026

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):

	June 30, 2026(3)				December 31, 2025(3)
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net(2)	$	261,398	$	270,460	$	606,020	$	620,575
Interest rate swap assets(2)	14,085		14,085		5,626		5,626
Bank line of credit and commercial paper(2)	1,495,994		1,495,994		1,078,850		1,078,850
Term loans(2)	1,646,282		1,646,282		1,647,113		1,647,113
Senior unsecured notes(1)	6,785,697		6,738,530		6,772,722		6,813,448
Mortgage debt(2)	104,213		103,707		349,209		347,291
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 six months ended June 30, 2026 and year ended December 31, 2025, there were no material transfers of financial assets or liabilities within the fair value hierarchy.