Fair Value Disclosure of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Estimate of Fair Value Differs From Carrying Amount

The following table presents the carrying amount and estimated fair value of Company's financial instruments not measured at fair value as of December 31, 2024 and 2023 (in thousands):

		December 31, 2024				December 31, 2023
	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Assets:
Mortgage and other financing receivables (1)	Level 3	$	444,966	$	443,234	$	130,745	$	122,323
Liabilities:
Notes payable, net (2)
Senior unsecured notes	Level 2	$	7,106,835	$	6,538,784	$	7,262,851	$	6,671,450
Unsecured term loans	Level 3	$	857,903	$	861,296	$	-	$	-
Mortgages payable, net (3)	Level 3	$	496,438	$	469,734	$	353,945	$	329,955

(1)The carrying value includes allowance for credit losses of $6.8 million and $1.3 million as of December 31, 2024 and 2023, respectively.

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

(3)The carrying value includes deferred financing costs of $1.1 million and $1.2 million as of December 31, 2024 and 2023, respectively.

Summary of Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis

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

	Balance at December 31, 2024		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	2,290	$	2,290	$	-	$	-
Interest rate swaps derivative assets	$	7,239	$	-	$	7,239	$	-
Liabilities:
Embedded derivative liability	$	19,864	$	-	$	-	$	19,864

	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 are 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 summarizes the change in the fair value of the embedded derivative liability for the years ended December 31, 2024 and 2023 (in thousands):

	Year Ended December 31,
	2024			2023
Balance as of January 1,	$	30,914		$	56,000
Settlements		(10,920	)		(22,446	)
Change in fair value (included in Other income, net)		(130	)		(734	)
Change in fair value (included in Paid-in capital)		-			(1,906	)
Balance as of December 31,	$	19,864		$	30,914