v3.26.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Value and Carrying Value of Liabilities The table below presents the estimated fair value and carrying value of our secured notes payable, the carrying value includes unamortized loan premium/discount and excludes unamortized deferred loan fees:
(In thousands)March 31, 2026December 31, 2025
Fair value$5,579,500 $5,566,229 
Carrying value$5,609,712 $5,594,452 
The table below presents the estimated fair value and carrying value of our ground lease liability:
(In thousands)March 31, 2026December 31, 2025
Fair value$4,298 $4,301 
Carrying value$10,803 $10,808 
Schedule of Financial Instruments Measured at Fair Value
The table below presents the estimated fair value of our derivatives.

(In thousands)March 31, 2026December 31, 2025
Derivative Assets:
Fair value - consolidated derivatives(1)
$21,863 $22,310 
Derivative Liabilities:
Fair value - consolidated derivatives(1)
$2,042 $6,437 
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(1)    Consolidated derivatives, which reflect 100%, not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts on our consolidated balance sheets. The fair values exclude accrued interest which is included in interest payable on our consolidated balance sheets. See "Loan Guarantees" in Note 15 regarding Partnership X swap guarantees.