v3.26.1
Fair Value of Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025, 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 March 31, 2026As of December 31, 2025
Financial Instrument
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
Senior unsecured notes, 2.650% interest rate, due in 2026
$133,929 $8,538 $133,929 $13,393 
Senior unsecured notes, 2.400% interest rate, due in 2027
78,306 3,810 78,306 7,831 
Senior secured notes, 3.250% interest rate, due in 2027
417,994 369,887 417,994 336,485 
Senior secured notes, 9.000% interest rate, due in March 2029
282,799 301,500 281,366 306,444 
Senior secured notes, 9.000% interest rate, due in September 2029
609,999 488,939 609,999 530,699 
Senior priority guaranteed unsecured notes, 8.000% interest rate, due in 2030
14,439 4,503 14,439 4,918 
Senior unsecured notes, 3.450% interest rate, due in 2031
102,402 7,168 102,402 10,240 
Senior unsecured notes, 6.375% interest rate, due in 2050
162,000 1,685 162,000 12,312 
Mortgage notes payable174,073 180,359 173,840 182,223 
Total$1,975,941 $1,366,389 $1,974,275 $1,404,545 
(1)Includes net unamortized debt premiums, discounts and issuance costs totaling $20,449 and $22,115 as of March 31, 2026 and December 31, 2025, 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 OTC Pink Market, (Level 2 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair values of our senior 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.