Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

The following table presents certain of our assets measured at fair value at December 31, 2021, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset:


			Fair Value at Reporting Date Using
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Non-recurring Fair Value Measurements Assets
Assets of properties held for sale (1)	$	10,600	$	—	$	10,600	$	—

(1)We recorded impairment charges of $6,991 to reduce the carrying value of two properties that are classified as held for sale in our consolidated balance sheet to their estimated fair value, less estimated costs to sell of $555, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP). See Note 3 for more information.

Schedule of Fair Value and Carrying Value of Financial Instruments

At December 31, 2021 and 2020, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except as follows:


	As of December 31, 2021				As of December 31, 2020
Financial Instrument	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
Senior unsecured notes, 4.15% interest rate, due in 2022 (2)	$	—	$	—	$	298,853	$	306,192
Senior unsecured notes, 4.00% interest rate, due in 2022	299,500		304,148		298,579		306,756
Senior unsecured notes, 4.25% interest rate, due in 2024	344,581		365,449		342,299		365,435
Senior unsecured notes, 4.50% interest rate, due in 2025	639,370		687,749		635,921		688,399
Senior unsecured notes, 2.650% interest rate, due in 2026 (3)	297,213		298,502		—		—
Senior unsecured notes, 2.400% interest rate, due in 2027 (4)	346,845		339,764		—		—
Senior unsecured notes, 3.450% interest rate, due in 2031 (5)	395,744		388,458		—		—
Senior unsecured notes, 5.875% interest rate, due in 2046 (6)	—		—		301,264		322,028
Senior unsecured notes, 6.375% interest rate, due in 2050	156,519		177,098		156,326		171,590
Mortgage notes payable	98,178		100,294		169,729		174,952
Total	$	2,577,950	$	2,661,462	$	2,202,971	$	2,335,352

(1)Includes unamortized debt premiums, discounts and issuance costs totaling $32,351 and $39,871 as of December 31, 2021 and 2020, respectively.

(2)These senior notes were redeemed in September 2021.

(3)These senior notes were issued in May 2021.

(4)These senior notes were issued in August 2021.

(5)These senior notes were issued in September 2021.

(6)These senior notes were redeemed in June 2021.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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