Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Summary of assets measured at fair value on a recurring basis

The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets and liabilities that are measured at fair value on a recurring basis.


	March 31, 2026											December 31, 2025
	Fair Value Measurements Using											Fair Value Measurements Using
thousands	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Derivative assets	$	3,829		$	—		$	3,621		$	208	$	3,113		$	—		$	3,113		$	—
Derivative liabilities	1,556			—			1,556			—		689			—			689			—

Summary of assets and liabilities not measured at fair value on a recurring basis

The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows:


		March 31, 2026				December 31, 2025
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash, cash equivalents, and restricted cash (a)	Level 1	$	1,582,073	$	1,582,073	$	1,199,225	$	1,199,225
Accounts receivable, net (b)	Level 3	131,559		131,559		134,122		134,122
Notes receivable, net (c)	Level 3	3,572		3,572		2,932		2,932

Liabilities:
Fixed-rate debt (d)	Level 2	4,169,868		3,955,001		3,923,855		3,794,729
Variable-rate debt (d)	Level 2	1,668,396		1,668,396		1,220,359		1,220,359

(a)Cash, cash equivalents, and restricted cash include demand deposits, money market mutual funds, and U.S. Treasury bills with original maturities of 90 days or less.

(b)Accounts receivable, net is shown net of an allowance of $8.0 million at March 31, 2026, and $7.2 million at December 31, 2025. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information on the allowance.

(c)Notes receivable, net is shown net of an immaterial allowance at March 31, 2026, and December 31, 2025.

(d)Excludes related unamortized financing costs.

Summary of fair value measurements, nonrecurring

The below table includes a non-financial asset received as consideration in a land swap transaction and measured at fair value on a non-recurring basis:


				Fair Value Measurements Using
thousands	Segment	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Town Green (a)	Strategic Developments	$	28,900	$	—	$	—	$	28,900

(a)The fair value was determined based on an independent property appraisal using market‑participant assumptions as of June 2025. Refer to Note 3 - Acquisitions and Dispositions for additional information.