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Fair Value Measurements and Disclosures
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Disclosures Fair Value Measurements and Disclosures
Assets and Liabilities Reported at Fair Value

The only assets we record at fair value on a recurring basis in our consolidated financial statements are the marketable securities related to our Deferred Compensation Plan (see Note 17 “Employee Benefit Plans” for additional information). The following table sets forth the fair value of our Deferred Compensation Plan assets as of December 31, 2024 and 2023:

Fair Value (Level 1) (1)
20242023
Description(in thousands)
Deferred Compensation Plan assets (2)
$27,965 $28,089 
____________________
(1)Based on quoted prices in active markets for identical securities.
(2)The Deferred Compensation Plan assets are held in a limited rabbi trust.

Financial Instruments Disclosed at Fair Value

The following table sets forth the carrying value and the fair value of our other financial instruments as of December 31, 2024 and 2023: 

December 31,
20242023
Carrying Value
Fair Value (1)
Carrying Value
Fair Value (1)
(in thousands)
Assets
Certificates of deposit (2)
$— $— $256,581 $256,581 
Liabilities
Secured debt, net$598,199 $569,061 $603,225 $585,826 
Unsecured debt, net3,999,566 3,681,914 4,325,153 3,927,104 
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(1)Fair value calculated using Level 2 inputs, which are based on model-derived valuations in which significant inputs and significant value drivers are observable in active markets.
(2)The carrying value of the certificates of deposit approximated their fair values due to their short-term maturities. See Note 5 “Marketable Securities” for additional information.