Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Carry Amounts and Fair Value of Financial Instruments

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, 2023(3)				December 31, 2022(3)
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net(2)	$	225,881	$	226,379	$	374,832	$	369,425
Marketable debt securities(2)	—		—		21,702		21,702
Interest rate swap instruments(2)	38,680		38,680		30,259		30,259

Bank line of credit and commercial paper(2)	424,000		424,000		995,606		995,606
Term loans(2)	496,603		496,603		495,957		495,957
Senior unsecured notes(1)	5,401,461		4,882,158		4,659,451		4,238,124
Mortgage debt(2)	342,349		317,221		346,599		330,867

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(1)Level 1: Fair value is calculated based on quoted prices in active markets.

(2)Level 2: Fair value is based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, interest rate swap instruments, and mortgage debt, 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, 2023 and year ended December 31, 2022, there were no material transfers of financial assets or liabilities within the fair value hierarchy.