XML 40 R22.htm IDEA: XBRL DOCUMENT
v3.25.4

Fair Value of Assets and Liabilities | 12 Months Ended
--- | ---
Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities The table below presents certain of our assets carried at fair value at December 31, 2025, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
|  |  |  | Fair Value at Reporting Date Using
Description |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Non-recurring Fair Value Measurement Assets: |  |  |  |  |  |  |  |
Assets of properties held for sale (1) |  | $ | 610 |  |  | $ | — |  |  | $ | 610 |  |  | $ | — |
(1)We recorded impairment charges totaling $101 during the year ended December 31, 2025, to reduce the carrying value of one net lease property in our consolidated balance sheet to its estimated fair value, less estimated costs to sell of $37, based on a negotiated sales price with a third party buyer (Level 2 inputs as defined in the fair value hierarchy under GAAP). In addition to the assets included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, revolving credit facility, VFN, net lease mortgage notes, senior notes and security deposits. At December 31, 2025 and 2024, the fair values of these financial instruments approximated their carrying values in our consolidated balance sheets due to their short-term nature or floating interest rates, except as follows:
| December 31, 2025 |  | December 31, 2024
| Carrying |  | Fair |  | Carrying |  | Fair
| Value (1) |  | Value |  | Value (1) |  | Value
Senior Unsecured Notes, due 2026 at 5.25% | $ | — |  |  | $ | — |  |  | $ | 348,730 |  |  | $ | 339,889 |
Senior Unsecured Notes, due 2026 at 4.75% | — |  |  | — |  |  | 448,957 |  |  | 425,237 |
Senior Unsecured Notes, due 2027 at 4.95% | 399,164 |  |  | 401,716 |  |  | 398,428 |  |  | 373,796 |
Senior Guaranteed Unsecured Notes, due 2027 at 5.50% | 447,858 |  |  | 442,985 |  |  | 446,758 |  |  | 420,809 |
Senior Secured Notes, due 2027 at zero coupon | 501,256 |  |  | 524,263 |  |  | — |  |  | — |
Net Lease Mortgage Notes, due 2028 at 5.60% | 578,368 |  |  | 598,113 |  |  | 568,283 |  |  | 585,236 |
Senior Unsecured Notes, due 2028 at 3.95% | 397,645 |  |  | 377,596 |  |  | 396,505 |  |  | 335,056 |
Senior Guaranteed Unsecured Notes, due 2029 at 8.375% | 686,738 |  |  | 703,780 |  |  | 682,934 |  |  | 676,725 |
Senior Unsecured Notes, due 2029 at 4.95% | 422,056 |  |  | 368,382 |  |  | 421,269 |  |  | 338,071 |
Senior Unsecured Notes, due 2030 at 4.375% | 395,318 |  |  | 338,932 |  |  | 394,189 |  |  | 301,752 |
Senior Secured Notes, due 2031 at 8.625% | 976,121 |  |  | 1,050,370 |  |  | 972,073 |  |  | 1,040,590 |
Senior Guaranteed Unsecured Notes, due 2032 at 8.875% | 484,904 |  |  | 493,225 |  |  | 482,577 |  |  | 462,755 |
Total financial liabilities | $ | 5,289,428 |  |  | $ | 5,299,362 |  |  | $ | 5,560,703 |  |  | $ | 5,299,916 |
(1)Carrying value includes unamortized discounts, premiums and certain debt issuance costs. At December 31, 2025 and 2024, we estimated the fair values of our senior notes using an average of the bid and ask price of our then outstanding issuances of senior notes (Level 2 inputs). At December 31, 2025 and 2024, we estimated the fair value of our net lease mortgage notes using discounted cash flow analyses and current prevailing market rates as of the measurement date (Level 3 inputs). As Level 3 inputs are unobservable, our estimated value may differ materially from the actual fair value.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -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 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration