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 Value		Carrying 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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(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.