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Fair Value of Assets and Liabilities
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities
The following table presents certain of our assets measured at fair value at December 31, 2024, categorized by 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
DescriptionTotalQuoted 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)
$25,909 $— $25,909 $— 
(1)We recorded an impairment charge of $19,042 to reduce the carrying values of three properties that are classified as held for sale in our condensed consolidated balance sheet to their estimated fair values less estimated costs to sell of $739, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP). See Note 4 for more information.
In addition to the assets described above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, accounts payable, a revolving credit facility, a term loan, senior notes, mortgage notes payable, amounts due to related persons, other accrued expenses and security deposits. At December 31, 2024 and 2023, 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, 2024As of December 31, 2023
Financial Instrument
Carrying Value(1)
Fair Value
Carrying Value(1)
Fair Value
Senior unsecured notes, 4.25% interest rate, due in 2024
$— $— $349,144 $331,510 
Senior unsecured notes, 4.50% interest rate, due in 2025
171,607 169,302 646,266 510,445 
Senior unsecured notes, 2.650% interest rate, due in 2026
139,578 106,078 298,464 185,934 
Senior unsecured notes, 2.400% interest rate, due in 2027
80,486 49,475 348,086 196,147 
Senior secured notes, 3.250% interest rate, due in 2027
363,432 383,806 — — 
Senior secured notes, 9.000% interest rate, due in March 2029
275,632 293,100 — — 
Senior secured notes, 9.000% interest rate, due in September 2029
637,052 529,436 — — 
Senior unsecured notes, 3.450% interest rate, due in 2031
113,511 49,688 396,614 199,060 
Senior unsecured notes, 6.375% interest rate, due in 2050
157,096 80,676 156,904 83,916 
Mortgage notes payable172,912 177,295 172,131 179,813 
Total $2,111,306 $1,838,856 $2,367,609 $1,686,825 
(1)Includes unamortized debt premiums, discounts and issuance costs totaling $90,218 and $21,711 as of December 31, 2024 and 2023, respectively.

We estimated the fair values of our senior notes (except for our senior unsecured notes due 2050) using an average of the bid and ask price of the notes (Level 2 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair values of our senior unsecured notes due 2050 based on the closing price on Nasdaq (Level 1 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair values of our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates (Level 3 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. Because Level 3 inputs are unobservable, our estimated fair values may differ materially from the actual fair values.