| Schedule of Assets and Liabilities Recurring and Nonrecurring Measured at Fair Value |
The table below presents certain of our assets that are measured on a recurring basis at fair value as of June 30, 2026 and December 31, 2025, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Quoted Prices in | | Significant Other | | Significant | | | | | Active Markets for | | Observable | | Unobservable | | | | | Identical Assets | | Inputs | | Inputs | | | Total | | (Level 1) | | (Level 2) | | (Level 3) | As of June 30, 2026 | | | | | | | | | | | | | | | | | | Interest rate cap (1) | | $ | 53 | | | $ | — | | | $ | 53 | | | $ | — | | Investment in Seaport JV (2) | | $ | 74,134 | | | $ | — | | | $ | — | | | $ | 74,134 | | Investment in LSMD JV (2) | | $ | 46,738 | | | $ | — | | | $ | — | | | $ | 46,738 | | | | | | | | | | | As of December 31, 2025 | | | | | | | | | | | | | | | | | | Interest rate cap (1) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | Investment in Seaport JV (2) | | $ | 73,471 | | | $ | — | | | $ | — | | | $ | 73,471 | | Investment in LSMD JV (2) | | $ | 46,655 | | | $ | — | | | $ | — | | | $ | 46,655 | |
(1)The fair values of our interest rate cap derivatives are based on prevailing market prices in secondary markets for similar derivative contracts as of the measurement date. (2)The assumptions we made in the fair value analysis are based on the location, type and nature of each property, and current and anticipated market conditions. The discount rates, exit capitalization rates and holding periods used to determine the fair value of our investments in the unconsolidated joint ventures' significant unobservable inputs are shown in the table below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Exit | | | | | Valuation | | Discount | | Capitalization | | Holding | | | Technique | | Rates | | Rates | | Periods | As of June 30, 2026 | | | | | | | | | | Investment in Seaport JV | | Discounted cash flow | | 7.00% | | 6.00% | | 10 years | | Investment in LSMD JV | | Discounted cash flow | | 6.25% - 8.75% | | 5.25% - 9.00% | | 10 years | | | | | | | | | | As of December 31, 2025 | | | | | | | | | | Investment in Seaport JV | | Discounted cash flow | | 7.00% | | 6.00% | | 10 years | | Investment in LSMD JV | | Discounted cash flow | | 6.25% - 8.75% | | 5.25% - 8.00% | | 10 - 12 years |
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| Schedule of the Change in Fair Value of the Investment in the Unconsolidated Joint Venture |
The table below presents a summary of the changes in fair value for our investments in the unconsolidated joint ventures: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Beginning balance | $ | 119,622 | | | $ | 133,797 | | | $ | 120,126 | | | $ | 126,859 | | | Equity in earnings of unconsolidated joint ventures | 1,850 | | | 2,654 | | | 1,946 | | | 3,792 | | Contributions to unconsolidated joint ventures | — | | | 2,700 | | | — | | | 8,500 | | | Distributions from unconsolidated joint ventures | (600) | | | — | | | (1,200) | | | — | | | Ending balance | $ | 120,872 | | | $ | 139,151 | | | $ | 120,872 | | | $ | 139,151 | |
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| Schedule of Carrying Value and Fair Value of the Financial Instruments |
The fair values of these financial instruments approximated their carrying values in our condensed consolidated financial statements as of such dates, except as follows: | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | As of December 31, 2025 | | Carrying | | Estimated | | Carrying | | Estimated | | Value (1) | | Fair Value | | Value (1) | | Fair Value | Senior unsecured notes, 4.750% interest rate, due 2028 | $ | 497,926 | | | $ | 490,500 | | | $ | 497,290 | | | $ | 482,635 | | Senior secured notes, 7.250% interest rate, due 2030 | 366,019 | | | 385,988 | | | 365,005 | | | 383,434 | | Senior unsecured notes, 4.375% interest rate, due 2031 | 495,990 | | | 457,700 | | | 495,561 | | | 440,000 | | Senior unsecured notes, 5.625% interest rate, due 2042 | 343,873 | | | 249,480 | | | 343,683 | | | 224,140 | | Senior unsecured notes, 6.250% interest rate, due 2046 | 244,338 | | | 183,700 | | | 244,192 | | | 175,000 | | | Secured debt and finance leases | 454,688 | | | 476,736 | | | 455,093 | | | 484,932 | | | Total | $ | 2,402,834 | | | $ | 2,244,104 | | | $ | 2,400,824 | | | $ | 2,190,141 | |
(1)Includes unamortized net discounts, premiums and debt issuance costs, if any.
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