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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Carrying Amounts and Fair Values of Financial Instruments | The table below summarizes the carrying amounts and fair values of our financial instruments either recorded or disclosed on a recurring basis (dollars in thousands):
| As of June 30, 2025 |  | As of December 31, 2024
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Assets: |  |  |  |  |  |  |
Cash and cash equivalents (1) | $ | 614,200 |  |  | $ | 614,200 |  |  | $ | 897,850 |  |  | $ | 897,850 |
Escrow deposits and restricted cash (1) | 62,557 |  |  | 62,557 |  |  | 59,383 |  |  | 59,383 |
Secured loans receivable and investments, net (3)(4) | 183,652 |  |  | 184,534 |  |  | 144,872 |  |  | 146,229 |
Non-mortgage loans receivable, net (3)(4)(5) | 20,915 |  |  | 20,528 |  |  | 28,129 |  |  | 27,640 |
Derivative instruments (3)(4)(5) | 22,286 |  |  | 22,286 |  |  | 53,100 |  |  | 53,100 |
Liabilities: |  |  |  |  |  |  |
Senior notes payable and other debt, gross (3)(4) | $ | 13,154,874 |  |  | $ | 13,135,881 |  |  | $ | 13,618,802 |  |  | $ | 13,411,066 |
Derivative instruments (3)(6) | 7,365 |  |  | 7,365 |  |  | 5,887 |  |  | 5,887 |
Temporary Equity: |  |  |  |  |  |  |
Redeemable OP Units (2) | $ | 213,288 |  |  | $ | 213,288 |  |  | $ | 200,420 |  |  | $ | 200,420 |
______________________________ (1)The carrying amount approximates fair value due to the short maturity of these instruments. (2)Level 1 within fair value hierarchy. (3)Level 2 within fair value hierarchy. (4)Level 3 within fair value hierarchy. (5)Included in Other assets on our Consolidated Balance Sheets. (6)Included in Accounts payable and other liabilities on our Consolidated Balance Sheets.

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