v3.26.1
Fair Value of Assets and Liabilities
 12 Months Ended
Dec. 31, 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, a debtor-in-possession secured term loan, amounts due to related persons, other accrued expenses and security deposits. At December 31, 2025 and 2024, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except as follows:
 As of December 31, 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
$— $— $171,607 $169,302 
Senior unsecured notes, 2.650% interest rate, due in 2026
133,929 13,393 139,578 106,078 
Senior unsecured notes, 2.400% interest rate, due in 2027
78,306 7,831 80,486 49,475 
Senior secured notes, 3.250% interest rate, due in 2027
417,994 336,485 363,432 383,806 
Senior secured notes, 9.000% interest rate, due in March 2029
281,366 306,444 275,632 293,100 
Senior secured notes, 9.000% interest rate, due in September 2029
609,999 530,699 637,052 529,436 
Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030
14,439 4,918 — — 
Senior unsecured notes, 3.450% interest rate, due in 2031
102,402 10,240 113,511 49,688 
Senior unsecured notes, 6.375% interest rate, due in 2050
162,000 12,312 157,096 80,676 
Mortgage notes payable173,840 182,223 172,912 177,295 
Total $1,974,275 $1,404,545 $2,111,306 $1,838,856 
(1)Includes net unamortized debt premiums, discounts and issuance costs totaling $22,115 and $90,218 as of December 31, 2025 and 2024, respectively.
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.