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FINANCIAL INSTRUMENTS | 6 Months Ended
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Jun. 30, 2025
Financial Instruments [Abstract] |
FINANCIAL INSTRUMENTS | NOTE 17 – FINANCIAL INSTRUMENTS The net carrying amount of cash and cash equivalents, restricted cash, contractual receivables, other assets and accrued expenses and other liabilities reported in the Consolidated Balance Sheets approximates fair value because of the short maturity of these instruments (Level 1). At June 30, 2025 and December 31, 2024, the net carrying amounts and fair values of our other financial instruments were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2025 | ​ | December 31, 2024
​ |  | Carrying |  | Fair |  | Carrying |  | Fair
​ |  | Amount |  | Value |  | Amount |  | Value
​ | ​ | (in thousands)
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments in direct financing leases – net |  | $ | — | ​ | $ | — |  | $ | 9,453 |  | $ | 9,453
Real estate loans receivable – net | ​ |  | 1,416,820 | ​ |  | 1,440,769 | ​ |  | 1,428,298 | ​ |  | 1,447,262
Non-real estate loans receivable – net | ​ |  | 333,340 | ​ |  | 338,042 | ​ |  | 332,274 | ​ |  | 340,025
Total | ​ | $ | 1,750,160 | ​ | $ | 1,778,811 | ​ | $ | 1,770,025 | ​ | $ | 1,796,740
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Revolving Credit Facility | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
2026 mortgage loan | ​ |  | 260,942 | ​ |  | 263,816 | ​ |  | 243,310 | ​ |  | 247,063
2025 term loan | ​ | ​ | 428,234 | ​ | ​ | 428,500 | ​ | ​ | 427,044 | ​ | ​ | 428,500
OP Term Loan | ​ |  | — | ​ |  | — | ​ |  | 49,966 | ​ |  | 50,000
4.50% notes due 2025 – net | ​ |  | — | ​ |  | — | ​ |  | 399,968 | ​ |  | 399,856
5.25% notes due 2026 – net | ​ |  | 599,611 | ​ |  | 600,294 | ​ |  | 599,259 | ​ |  | 600,714
4.50% notes due 2027 – net | ​ |  | 697,499 | ​ |  | 701,393 | ​ |  | 696,766 | ​ |  | 691,040
4.75% notes due 2028 – net | ​ |  | 547,437 | ​ |  | 552,354 | ​ |  | 546,933 | ​ |  | 542,553
3.63% notes due 2029 – net | ​ | ​ | 494,912 | ​ | ​ | 475,960 | ​ | ​ | 494,308 | ​ | ​ | 461,180
5.20% notes due 2030 – net | ​ | ​ | 589,138 | ​ | ​ | 603,366 | ​ | ​ | — | ​ | ​ | —
3.38% notes due 2031 – net | ​ | ​ | 689,857 | ​ | ​ | 640,549 | ​ | ​ | 688,962 | ​ | ​ | 620,809
3.25% notes due 2033 – net | ​ | ​ | 692,803 | ​ | ​ | 604,282 | ​ | ​ | 692,343 | ​ | ​ | 585,389
Total | ​ | $ | 5,000,433 | ​ | $ | 4,870,514 | ​ | $ | 4,838,859 | ​ | $ | 4,627,104
​ Fair value estimates are subjective in nature and are dependent on a number of important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument (see Note 2 – Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the year ended December 31, 2024). The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. The following methods and assumptions were used in estimating fair value disclosures for financial instruments.
| ● | Real estate loans receivable: The fair value of the real estate loans receivables are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3).
| ● | Non-real estate loans receivable: Non-real estate loans receivable are primarily comprised of notes receivable. The fair values of notes receivable are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3).
| ● | Revolving Credit Facility, OP Term Loan and 2025 Term Loan: The carrying amount of these approximate fair value because the borrowings are interest rate adjusted. Differences between carrying value and the fair value in the table above are due to the inclusion of deferred financing costs and discounts in the carrying value.
| ● | 2026 mortgage loan: The 2026 mortgage loan was recorded at fair market value in July 2024, as of the date it was assumed. The fair market value was determined by discounting the remaining contractual cash flows using a current market rate of interest of comparable debt instruments. Differences between carrying value and the fair value in the table above are due to the inclusion of deferred financing costs in the carrying value.
| ● | Senior notes: The fair value of the senior unsecured notes payable was estimated based on (Level 1) publicly available trading prices.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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