v3.26.1
Fair Value of Assets and Liabilities
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities
Our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, amounts due from related persons, accounts payable, a revolving credit facility, a term loan, senior notes, mortgage notes payable, amounts due to related persons, other accrued expenses and security deposits. At September 30, 2025 and December 31, 2024, the fair values of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature or floating interest rates, except as follows:
 As of September 30, 2025As of December 31, 2024
Financial Instrument
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
Senior unsecured notes, 4.500% interest rate, due in 2025 (2)
$— $— $171,607 $169,302 
Senior unsecured notes, 2.650% interest rate, due in 2026
133,497 27,213 139,578 106,078 
Senior unsecured notes, 2.400% interest rate, due in 2027
78,109 14,800 80,486 49,475 
Senior secured notes, 3.250% interest rate, due in 2027
369,303 347,466 363,432 383,806 
Senior secured notes, 9.000% interest rate, due in March 2029
279,932 305,754 275,632 293,100 
Senior secured notes, 9.000% interest rate, due in September 2029
632,710 390,399 637,052 529,436 
Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030 (3)
18,139 10,752 — — 
Senior unsecured notes, 3.450% interest rate, due in 2031
101,723 19,375 113,511 49,688 
Senior unsecured notes, 6.375% interest rate, due in 2050
157,241 27,540 157,096 80,676 
Mortgage notes payable173,610 182,291 172,912 177,295 
Total$1,944,264 $1,325,590 $2,111,306 $1,838,856 
(1)Includes net unamortized debt premiums, discounts and issuance costs totaling $52,128 and $90,218 as of September 30, 2025 and December 31, 2024, respectively.
(2)These senior notes were redeemed in January 2025.
(3)These senior notes were issued in March 2025.
We estimated the fair values of our senior notes (except for our senior priority guaranteed unsecured notes due 2030 and senior unsecured notes due 2050) using an average of the bid and ask price of the notes (Level 2 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair value of our senior unsecured notes due 2050 based on the closing price on The Nasdaq Stock Market LLC, or Nasdaq, (Level 1 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair values of our senior priority guaranteed unsecured notes due 2030 and our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates (Level 3 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. Because Level 3 inputs are unobservable, our estimated fair values may differ materially from the actual fair values. The fair values presented are estimates and may not represent what investors may expect to receive as a result of the Chapter 11 Cases.