v3.26.1
Fair Value Of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates. Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows:

June 30, 2026December 31, 2025
Carrying
Value		Fair ValueCarrying
Value		Fair Value
(In thousands)
Mortgages and notes payable, net$1,801,227 $1,798,447 $1,579,090 $1,572,977 
Senior notes and debentures, net$2,488,519 $2,320,212 $2,887,190 $2,743,096 
Exchangeable senior notes, net$478,166 $531,953 $476,820 $492,912 

The following table is a summary of our outstanding interest rate swap agreements as of June 30, 2026:
Interest Rate SwapNotional AmountMaturity Date of Related Swap AgreementsWeighted Average Interest RateBalance Sheet LocationFair Value
(in millions)(in millions)
$750 million term loan$450.0 March 1, 20284.17 %Prepaid expenses and other assets$4.6 
Hoboken49.8 December 15, 20293.67 %Prepaid expenses and other assets3.4 
$499.8 $8.0 

The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. For the three and six months ended June 30, 2026, the value of our interest rate swaps increased $2.7 million and $5.4 million, respectively (including $0.6 million and $1.3 million, respectively, reclassified from other comprehensive income as a decrease to interest expense). A summary of our net financial assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:
June 30, 2026December 31, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
(In thousands)
Interest rate swaps$— $8,030 $— $8,030 $— $2,601 $— $2,601 
Three of our equity method investees have interest rate swaps which qualify for cash flow hedge accounting. For the three and six months ended June 30, 2026, our share of the change in fair value of the related swaps included in "accumulated other comprehensive income" was $0.5 million and $0.9 million, respectively.