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Fair Value Measurements (Tables) | 6 Months Ended
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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 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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