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FINANCIAL INSTRUMENTS
 6 Months Ended
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.