v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The table below summarizes the carrying amounts and fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis (in thousands):
 
June 30, 2025(3)
December 31, 2024(3)
 Carrying
Value		Fair ValueCarrying
Value		Fair Value
Loans receivable, net(2)
$716,529 $731,987 $717,190 $729,637 
Interest rate swap assets(2)
9,922 9,922 35,120 35,120 
Bank line of credit and commercial paper(2)
775,000 775,000 150,000 150,000 
Term loans(2)
1,646,605 1,646,605 1,646,043 1,646,043 
Senior unsecured notes(1)
6,268,532 6,220,427 6,563,256 6,373,528 
Mortgage debt(2)
351,116 349,125 356,750 350,292 
Interest rate swap liabilities(2)
9,012 9,012 — — 
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(1)Level 1: Fair value is calculated based on quoted prices in active markets.
(2)Level 2: For loans receivable, net, interest rate swap instruments, and mortgage debt, fair value is based on standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating.
(3)During the six months ended June 30, 2025 and year ended December 31, 2024, there were no material transfers of financial assets or liabilities within the fair value hierarchy.