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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 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 March 31, 2025 and December 31, 2024 (in thousands):
|  |  |  | March 31, 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 |  | $ | 421,849 |  |  | $ | 424,573 |  |  | $ | 444,966 |  |  | $ | 443,234 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes payable, net (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior unsecured notes |  | Level 2 |  | $ | 6,605,944 |  |  | $ | 6,092,201 |  |  | $ | 7,106,835 |  |  | $ | 6,538,784 |
Unsecured term loans |  | Level 3 |  | $ | 858,355 |  |  | $ | 861,073 |  |  | $ | 857,903 |  |  | $ | 861,296 |
Credit facility |  | Level 3 |  | $ | 115,684 |  |  | $ | 120,474 |  |  | $ | - |  |  | $ | - |
Mortgages payable, net (3) |  | Level 3 |  | $ | 444,148 |  |  | $ | 425,129 |  |  | $ | 496,438 |  |  | $ | 469,734 |
(1) The carrying value includes and the fair value excludes allowance for credit losses o f $6.8 million as of both March 31, 2025 and December 31, 2024. (2) The carrying value includes and the fair value excludes deferred financing costs of $66.9 million and $65.0 million as of March 31, 2025 and December 31, 2024, respectively. (3) The carrying value includes and the fair value excludes deferred financing costs of $1.1 million as of both March 31, 2025 and December 31, 2024.
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 March 31, 2025 and December 31, 2024, aggregated by the level of the fair value hierarchy within which those measurements fall (in thousands):
|  | Balance at March 31, 2025 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps derivative assets |  | $ | 384 |  |  | $ | - |  |  | $ | 384 |  |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps derivative liabilities |  | $ | 3,414 |  |  | $ | - |  |  | $ | 3,414 |  |  | $ | - |
Embedded derivative liability |  | $ | 19,810 |  |  | $ | - |  |  | $ | - |  |  | $ | 19,810 |
|  | 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 |
Summary of Change in Fair Value of Embedded Derivative Liability | The table below summarizes the change in the fair value of the embedded derivative l iability measured using Level 3 inputs for the three months ended March 31, 2025 and 2024 (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Balance as of January 1, |  | $ | 19,864 |  |  | $ | 30,914 |
Settlements |  |  | (370 | ) |  |  | (547 | )
Change in fair value (included in Other income, net) |  |  | 316 |  |  |  | 1,842 |
Balance as of March 31, |  | $ | 19,810 |  |  | $ | 32,209 |

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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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