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Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Details) - USD ($) $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |
Notes receivable, net | [1] | $ 154,765 | $ 126,584
Mortgage and Other Notes Payable |  | 1,862,008 | 1,537,266
Unsecured notes payable and Unsecured line of credit |  | 818,093 | 569,566
Level 3 | Carrying Amount |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |
Notes receivable, net | [2] | 154,765 | 126,584
City Point Loan | [2] | 34,821 | 66,741
Mortgage and Other Notes Payable | [2],[3] | 983,079 | 958,947
Investment in non-traded equity securities | [4] | 3,307 | 4,073
Level 3 | Estimated Fair Value |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |
Notes receivable, net | [2] | 157,315 | 127,485
City Point Loan | [2] | 35,368 | 68,204
Mortgage and Other Notes Payable | [2],[3] | 978,302 | 954,276
Investment in non-traded equity securities | [4] | 3,307 | 4,073
Level 2 | Carrying Amount |  |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |  |
Unsecured notes payable and Unsecured line of credit | [5],[6] | 890,000 | 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 | [5],[6] | $ 892,920 | $ 589,018
[1] | Includes Notes receivable, net from related parties of $14.2 million and $14.8 million as of September 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 3.30% to 12.97% for the Company’s notes receivable and City Point Loan, and from 5.13% to 7.08% for the Company’s property mortgage loans and other notes payable, depending on the specific characteristics of each loan.
[3] | Carrying amounts exclude unamortized debt issuance costs and unamortized premiums totaling $5.3 million and $1.2 million as of September 30, 2025, and $5.5 million and $0.2 million as of December 31, 2024, respectively.
[4] | Includes the Operating Partnership’s cost-method investment in Fifth Wall (Note 4).
[5] | Carrying amounts exclude unamortized debt issuance costs of $6.9 million and $5.4 million as of September 30, 2025 and December 31, 2024, respectively.
[6] | 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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