Fair Value Measurements (Tables)

9 Months Ended

Sep. 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):

		September 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	$	456,917	$	459,049	$	130,745	$	122,323
Liabilities:
Notes payable, net (2)
Senior unsecured notes	Level 2	$	7,109,218	$	6,728,623	$	7,262,851	$	6,671,450
Term loans	Level 3	$	857,722	$	861,493	$	-	$	-
Mortgages payable, net (3)	Level 3	$	335,275	$	321,280	$	353,945	$	329,955

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

(2)The carrying value includes deferred financing costs of $65.6 million and $65.0 million as of September 30, 2024 and December 31, 2023, respectively.

(3)The carrying value includes deferred financing costs of $0.9 million and $1.2 million as of September 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 September 30, 2024 and December 31, 2023, aggregated by the level of the fair value hierarchy within which those measurements fall (in thousands):

	Balance at September 30, 2024		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	2,355	$	2,355	$	-	$	-
Liabilities:
Interest rate swaps derivative liabilities	$	14,230	$	-	$	14,230	$	-
Embedded derivative liability	$	28,421	$	-	$	-	$	28,421

	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 nine months ended September 30, 2024 and 2023 (in thousands):

	Nine Months Ended September 30,
	2024			2023
Balance as of January 1,	$	30,914		$	56,000
Settlements		(802	)		-
Change in fair value (included in Other income, net)		(1,691	)		7,000
Balance as of September 30,	$	28,421		$	63,000