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Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Details) - USD ($) $ in Thousands | Jun. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |
Notes receivable, net | [1] | $ 154,682 | $ 126,584
Mortgage and Other Notes Payable |  | 1,804,137 | 1,537,266
Unsecured notes payable and Unsecured line of credit |  | 743,049 | 569,566
Level 3 | Carrying Amount |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |
Notes receivable, net | [2] | 154,682 | 126,584
City Point Loan | [2] | 66,741 | 66,741
Mortgage and Other Notes Payable | [2] | 1,010,972 | 958,947
Investment in non-traded equity securities | [3] | 3,512 | 4,073
Level 3 | Estimated Fair Value |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |
Notes receivable, net | [2] | 156,695 | 127,485
City Point Loan | [2] | 67,722 | 68,204
Mortgage and Other Notes Payable | [2] | 1,005,986 | 954,276
Investment in non-traded equity securities | [3] | 3,512 | 4,073
Level 2 | Carrying Amount |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |
Unsecured notes payable and Unsecured line of credit | [4] | 803,500 | 589,000
Level 2 | Estimated Fair Value |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |
Unsecured notes payable and Unsecured line of credit | [4] | $ 807,503 | $ 589,018
[1] | Includes Notes receivable, net from related parties of $14.1 million and $14.8 million as of June 30, 2025 and December 31, 2024, respectively (Note 3).
[2] | The Company estimates the fair value of financial instruments using a discounted cash flow model. This model incorporates assumptions such as current market rates and, where applicable, the credit quality of the borrower or tenant. In addition, the Company evaluates the value of the underlying collateral, considering factors such as collateral quality, borrower creditworthiness, time to maturity, and prevailing market conditions. These fair value estimates exclude unamortized discounts and deferred loan costs. As of the reporting date, the estimated market interest rates used in the valuation ranged from 3.93% to 13.11% for the Company’s notes receivable and City Point Loan, and from 5.27% to 7.70% for the Company’s property mortgage loans and other notes payable, depending on the specific characteristics of each loan.
[3] | Includes the Operating Partnership’s cost-method investment in Fifth Wall (Note 4).
[4] | The Company estimates the fair value of its unsecured notes payable and unsecured line of credit using quoted market prices in active or brokered markets, when available. In instances where observable market prices are not available due to limited or no trading activity, the Company estimates fair value using a discounted cash flow model. This model incorporates a rate that reflects the average yield of comparable instruments issued by market participants with similar credit risk profiles.

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- Definition Fair value portion of loans held-for-sale including, but not limited to, mortgage loans and finance receivables. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2)(i) -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 (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -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 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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