Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022:

	December 31, 2023
			Fair Value
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Derivative instruments - forward-starting interest rate swap (1)	$	1,563	$	—	$	1,563	$	—
Financial liabilities:
Derivative instruments - forward-starting interest rate swap (1)	$	11,218	$	—	$	11,218	$	—

	December 31, 2022
			Fair Value
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Short-term investments (2)	$	217,342	$	—	$	217,342	$	—

____________________

(1)The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820.

(2)The carrying value of these investments is equal to their fair value due to the short-term nature of the investments as well as their credit quality.

Schedule Of Estimated Fair Value

The estimated fair values of our financial instruments at December 31, 2023 and 2022 for which fair value is only disclosed are as follows:

	December 31, 2023				December 31, 2022
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investments in leases - financing receivables (1)	$	18,211,102	$	17,717,435	$	16,740,770	$	17,871,771
Investments in loans and securities (2)	1,144,177		1,060,249		685,793		675,456
Cash and cash equivalents	522,574		522,574		208,933		208,933
Financial liabilities:
Debt (3)
Revolving Credit Facility	$	173,804	$	173,804	$	—	$	—
MGM Grand/Mandalay Bay CMBS Debt	2,773,758		2,627,984		—		—
Senior Unsecured Notes	13,776,563		13,469,176		13,739,675		13,020,636

____________________

(1)Represents our asset acquisitions structured as sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for as financings under ASC 310. Except as noted below, the fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. In relation to the Century Canadian Portfolio component of the Century Master Lease, the Bowlero Master Lease and the Chelsea Piers Lease, given the proximity of the date of our investment to the date of the financial statements, we determined that the fair value materially approximates the purchase price of the acquisition of these financial assets.

(2)The fair value of investments in loans is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. The fair value of our senior secured notes was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.

(3)The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.