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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Estimated Fair Value and Carrying Value of Liabilities

The table below presents the estimated fair value and carrying value of our secured notes payable, the carrying value includes unamortized loan premium/discount and excludes unamortized deferred loan fees:

(In thousands)			September 30, 2025						December 31, 2024
Fair value			$	5,575,966					$	5,429,586
Carrying value			$	5,603,462					$	5,524,643

The table below presents the estimated fair value and carrying value of our ground lease liability:

(In thousands)			September 30, 2025						December 31, 2024
Fair value			$	4,328					$	3,764
Carrying value			$	10,812					$	10,822

Schedule of Financial Instruments Measured at Fair Value

The table below presents the estimated fair value of our derivatives.

(In thousands)			September 30, 2025						December 31, 2024
Derivative Assets:
Fair value - consolidated derivatives(1)			$	30,805					$	77,620
Fair value - unconsolidated Fund's derivatives(2)			$	—					$	6,459
Derivative Liabilities:
Fair value - consolidated derivatives(1)			$	6,188					$	—

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(1)    Consolidated derivatives, which reflect 100%, not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts on our consolidated balance sheets. The fair values exclude accrued interest which is included in interest payable on our consolidated balance sheets. See "Loan Guarantees" in Note 16 regarding Partnership X swap guarantees.

(2)    We consolidated Partnership X commencing on January 1, 2025. See Note 3 regarding the consolidation of Partnership X. For the comparable period, the Unconsolidated Fund's derivatives, reflect 100%, not our pro-rata share, of our unconsolidated Fund's derivatives. Our pro-rata share of the amounts related to the unconsolidated Fund's derivatives is included in our Investment in unconsolidated Fund on our consolidated balance sheets. See Note 6 for more information about our Fund, including our equity interest percentage.

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Section 50
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