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Fair Value Disclosure of Financial Instruments (Tables) | 12 Months Ended
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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 |

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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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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