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Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Summary of Impairment Charge

The following table summarizes the Company's impairment charges, resulting primarily from changes in the Company's long-term hold strategy, with respect to the individual properties:

 

 

For the Three Months Ended
June 30,

 

 

For the Six Months Ended
June 30,

 

(in thousands, except number of properties)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Number of properties

 

 

1

 

 

 

 

 

 

1

 

 

 

1

 

Impairment charge

 

$

1,380

 

 

$

 

 

$

1,380

 

 

$

2,012

 

Summary of Restricted Cash Restricted cash consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Escrow funds and other

 

$

6,634

 

 

$

6,100

 

Undistributed 1031 proceeds

 

 

5,529

 

 

 

 

 

 

$

12,163

 

 

$

6,100

 

Summary of Rents Received in Advance Rent received in advance consisted of the following:

 

(in thousands)

 

June 30,
2022

 

 

December 31,
2021

 

Rent received in advance

 

$

13,533

 

 

$

15,162

 

Balances of Financial Instruments Measured at Fair Value on Recurring Basis

The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 11):

 

 

 

June 30, 2022

 

(in thousands)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Interest rate swap, assets

 

$

26,562

 

 

$

 

 

$

26,562

 

 

$

 

 

 

 

December 31, 2021

 

(in thousands)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Interest rate swap, liabilities

 

$

(27,171

)

 

$

 

 

$

(27,171

)

 

$

 

 

Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets

The following table summarizes the carrying amount reported on the Condensed Consolidated Balance Sheets and the Company's estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps:

 

(in thousands)

 

June 30,
2022

 

 

December 31,
2021

 

Carrying amount

 

$

1,856,377

 

 

$

1,699,160

 

Fair value

 

 

1,758,160

 

 

 

1,785,701