Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Estimated Fair Value and Carrying Value of Liabilities

The table below presents the estimated fair value and carrying value of our secured notes payable, the carrying value includes unamortized loan premium and excludes unamortized deferred loan fees:

(In thousands)	September 30, 2024		December 31, 2023
Fair value	$	5,468,427	$	5,484,032
Carrying value	$	5,538,173	$	5,573,127

The table below presents the estimated fair value and carrying value of our ground lease liability:

(In thousands)	September 30, 2024		December 31, 2023
Fair value	$	4,494	$	4,496
Carrying value	$	10,827	$	10,836

Schedule of Financial Instruments Measured at Fair Value

The table below presents the estimated fair value of our derivatives. We did not have any consolidated or unconsolidated derivatives in a liability position for the periods presented.

(In thousands)	September 30, 2024		December 31, 2023
Derivative Assets:
Fair value - consolidated derivatives(1)	$	76,910	$	170,880
Fair value - unconsolidated Fund's derivatives(2)	$	6,002	$	9,150

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(1)    Consolidated derivatives, which reflect 100%, not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts on our consolidated balance sheets. The fair values exclude accrued interest which is included in interest payable on our consolidated balance sheets.

(2)    Unconsolidated Fund's derivatives, which reflect 100%, not our pro-rata share, of our unconsolidated Fund's derivatives. Our pro-rata share of the amounts related to the unconsolidated Fund's derivatives is included in our Investment in unconsolidated Fund on our consolidated balance sheets. See Note 6 for more information about our Fund, including our equity interest percentage, and see "Guarantees" in Note 16 regarding our Fund's derivatives.