v3.26.1
Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes receivable, net [1] $ 154,501 $ 154,892
Mortgage and Other Notes Payable 1,637,018 [2] 1,862,906
Unsecured notes payable and Unsecured line of credit 1,113,650 879,462
Level 3 | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes receivable, net [3] 154,501 154,892
City Point Loan [4] 0 34,821
Mortgage and Other Notes Payable [3],[5] 481,751 897,616
Investment in non-traded equity securities [6] 2,528 3,307
Level 3 | Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes receivable, net [3] 155,433 157,325
City Point Loan [4] 0 35,346
Mortgage and Other Notes Payable [3],[5] 474,745 894,607
Investment in non-traded equity securities [6] 2,528 3,307
Level 2 | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unsecured notes payable and Unsecured line of credit [7],[8] 1,170,573 975,750
Level 2 | Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unsecured notes payable and Unsecured line of credit [7],[8] $ 1,171,644 $ 981,271
[1] Includes Notes receivable, net from related parties of $14.4 million and $14.3 million as of June 30, 2026 and December 31, 2025, respectively (Note 3).
[2] The table does not reflect available extension options. The Company has the option to extend $160.3 million, $48.5 million, and $55.0 million of maturities in 2026, 2027, and 2028, respectively, subject to customary conditions.
[3] The Company estimates the fair value of financial instruments using a discounted cash flow model. This model incorporates assumptions such as current market rates and, where applicable, the credit quality of the borrower or tenant. In addition, the Company evaluates the value of the underlying collateral, considering factors such as collateral quality, borrower creditworthiness, time to maturity, and prevailing market conditions. These fair value estimates exclude unamortized discounts and deferred loan costs. As of the reporting date, the estimated market interest rates used in the valuation ranged from 3.46% to 11.21% for the Company’s notes receivable and City Point Loan, and from 5.26% to 7.12% for the Company’s property mortgage loans and other notes payable, depending on the specific characteristics of each loan.
[4] The City Point Loan was repaid in June 2026 (Note 10).
[5] Carrying amounts exclude unamortized debt issuance costs of $2.2 million and $4.6 million and unamortized premiums of $0.5 million and $0.9 million as of June 30, 2026 and December 31, 2025, respectively.
[6] Includes the Operating Partnership’s cost-method investment in Fifth Wall (Note 4).
[7] Carrying amounts exclude unamortized debt issuance costs of $13.6 million and $6.8 million as of June 30, 2026 and December 31, 2025, respectively.
[8] The Company estimates the fair value of its unsecured notes payable and unsecured line of credit using quoted market prices in active or brokered markets, when available. In instances where observable market prices are not available due to limited or no trading activity, the Company estimates fair value using a discounted cash flow model. This model incorporates a rate that reflects the average yield of comparable instruments issued by market participants with similar credit risk profiles.