Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Estimate of Fair Value Differs From Carrying Amounts

The following table presents the carrying amount and estimated fair value of Company's financial instruments not measured at fair value as of June 30, 2025 and December 31, 2024 (in thousands):

		June 30, 2025				December 31, 2024
	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Mortgage and other financing receivables (1)	Level 3	$	440,991	$	442,005	$	444,966	$	443,234
Liabilities:
Notes payable, net (2)
Senior unsecured notes	Level 2	$	6,858,422	$	6,434,010	$	7,106,835	$	6,538,784
Unsecured term loans	Level 3	$	858,807	$	860,899	$	857,903	$	861,296
Mortgages payable, net (3)	Level 3	$	441,489	$	424,923	$	496,438	$	469,734

(1)The carrying value includes and the fair value excludes allowance for credit losses of $6.8 million as of both June 30, 2025 and December 31, 2024.

(2)The carrying value includes and the fair value excludes deferred financing costs of $66.8 million and $65.0 million as of June 30, 2025 and December 31, 2024, respectively.

(3)The carrying value includes and the fair value excludes deferred financing costs of $1.0 million and $1.1 million as of June 30, 2025 and December 31, 2024, 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 as of June 30, 2025 and December 31, 2024, aggregated by the level of the fair value hierarchy within which those measurements fall (in thousands):

	Balance at June 30, 2025		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	2,781	$	2,781	$	-	$	-
Liabilities:
Interest rate swaps derivative liabilities	$	8,470	$	-	$	8,470	$	-
Embedded derivative liability	$	17,035	$	-	$	-	$	17,035

	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

Assets measured at fair value on a non-recurring basis at June 30, 2025, were as follows (in thousands):

	Balance at  June 30, 2025		Level 1		Level 2		Level 3
Real estate	$	16,800	$	-	$	-	$	16,800

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 measured using Level 3 inputs for the six months ended June 30, 2025 and 2024 (in thousands):

	Six Months Ended June 30,
	2025			2024
Balance as of January 1,	$	19,864		$	30,914
Settlements		(370	)		(802	)
Change in fair value (included in Other income, net)		(2,459	)		3,079
Balance as of June 30,	$	17,035		$	33,191