v3.26.1
Fair Value Measurements and Disclosures
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Disclosures Fair Value Measurements and Disclosures
Assets Measured at Fair Value on a Recurring Basis

The only assets we record at fair value on a recurring basis in our consolidated financial statements are the marketable securities related to our Deferred Compensation Plan. The following table sets forth the fair value of our Deferred Compensation Plan:
Fair Value (Level 1) (1)
March 31, 2026December 31, 2025
Description(in thousands)
Deferred Compensation Plan assets (2)
$31,417 $30,807 
________________________
(1)    Based on quoted prices in active markets for identical securities.
(2)    The Deferred Compensation Plan assets are held in a limited rabbi trust.

Assets Measured at Fair Value on a Non-Recurring Basis

As of March 31, 2026, we classified two residential properties as held for sale (see Note 2 “Dispositions and Real Estate Held For Sale” for additional information) and recognized an impairment charge of approximately $61.8 million during the quarter to reduce the carrying amount of these properties to their estimated fair value, less estimated closing costs. The estimated fair values of these properties are classified as Level 3 as we utilized unobservable inputs, including pending offers from third-parties. There were no significant assets measured at fair value on a non-recurring basis as of December 31, 2025.

Fair Value (Level 3)
March 31, 2026
Description(in thousands)
Impaired real estate assets held for sale
$202,000 

The fair value table above excludes closing costs of approximately $13.2 million as of March 31, 2026.

Financial Instruments Disclosed at Fair Value

The following table sets forth the carrying value and the fair value of our other financial instruments:

March 31, 2026December 31, 2025
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Liabilities(in thousands)
Secured debt, net $591,398 $582,204 $592,685 $587,244 
Unsecured debt, net $3,997,993 $3,757,890 $3,996,774 $3,834,485 
Fair value is calculated using Level 2 inputs, which are based on model-derived valuations in which significant inputs and value drivers are observable in active markets.