Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Estimate of Fair Value Differs From Carrying Amounts

The following are financial instruments for which the Company’s estimated fair value differs from the carrying amount (in thousands):

		June 30, 2024				December 31, 2023
	Fair Value Hierarchy	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Assets:
Mortgage and other financing receivables (1)	Level 3	$	469,694	$	460,853	$	130,745	$	122,323
Liabilities:
Notes payable, net (2)
Senior unsecured notes	Level 2	$	6,614,230	$	5,943,296	$	7,262,851	$	6,671,450
Term loans	Level 3	$	508,774	$	510,216	$	-	$	-
Credit facility	Level 3	$	214,249	$	220,655	$	-	$	-
Mortgages payable, net (3)	Level 3	$	337,456	$	312,653	$	353,945	$	329,955

(1)The carrying value includes allowance for credit losses of $5.8 million and $1.3 million as of June 30, 2024 and December 31, 2023, respectively.

(2)The carrying value includes deferred financing costs of $68.1 million and $65.0 million as of June 30, 2024 and December 31, 2023, respectively.

(3)The carrying value includes deferred financing costs of $1.0 million and $1.2 million as of June 30, 2024 and December 31, 2023, respectively.

Summary of Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis

The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023, aggregated by the level of the fair value hierarchy within which those measurements fall (in thousands):

	Balance at June 30, 2024		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	1,612	$	1,612	$	-	$	-
Interest rate swaps derivative assets	$	7,820	$	-	$	7,820	$	-
Liabilities:
Embedded derivative liability	$	33,191	$	-	$	-	$	33,191

	Balance at  December 31, 2023		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	330,057	$	330,057	$	-	$	-
Liabilities:
Embedded derivative liability	$	30,914	$	-	$	-	$	30,914

Assets measured at fair value on a non-recurring basis at December 31, 2023 were as follows (in thousands):

	Balance at  December 31, 2023		Level 1		Level 2		Level 3
Real estate	$	11,724	$	-	$	-	$	11,724

Summary of Change in Fair Value of Embedded Derivative Liability

The table below presents the change in fair value of the embedded derivative liability measured using Level 3 inputs for the six months ended June 30, 2024 and 2023 (in thousands):

	Six Months Ended June 30,
	2024			2023
Balance as of January 1,	$	30,914		$	56,000
Settlements		(802	)		-
Change in fair value (included in Other income, net)		3,079			-
Balance as of June 30,	$	33,191		$	56,000