The table below summarizes the carrying amounts and fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis (in thousands):


	September 30, 2026(3)				December 31, 2025(3)
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net(2)	$	284,203	$	290,947	$	606,020	$	620,575


Interest rate swap assets(2)	29,908		29,908		5,626		5,626

Bank line of credit and commercial paper(2)	1,489,500		1,489,500		1,078,850		1,078,850
Term loans(2)	1,646,725		1,646,725		1,647,113		1,647,113
Senior unsecured notes(1)	6,142,101		5,918,687		6,772,722		6,813,448
Mortgage debt(2)	104,019		103,526		349,209		347,291
Interest rate swap liabilities(2)	—		—		9,635		9,635

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(2)Level 2: For loans receivable, net, interest rate swap instruments, and mortgage debt, fair value is based on standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating.

(3)During the nine months ended September 30, 2026 and year ended December 31, 2025, there were no material transfers of financial assets or liabilities within the fair value hierarchy.