Fair Value Measures (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Reconciliations of the changes in liabilities with Level 3 inputs

The following are reconciliations of the changes in assets and liabilities with Level 3 inputs in the fair value hierarchy for the nine months ended September 30, 2021 and 2020 (in thousands):

	Investment in Retained REITs
Beginning balance, January 1, 2021	$	7,255
Unrealized gain included in other income, net	693
Ending Balance, September 30, 2021	$	7,948
Beginning balance, January 1, 2020	$	7,552
Unrealized loss included in other income, net	(609)
Ending Balance, September 30, 2020	$	6,943

Reconciliations of the changes in assets with Level 3 inputs

The following are reconciliations of the changes in assets and liabilities with Level 3 inputs in the fair value hierarchy for the nine months ended September 30, 2021 and 2020 (in thousands):

	Investment in Retained REITs
Beginning balance, January 1, 2021	$	7,255
Unrealized gain included in other income, net	693
Ending Balance, September 30, 2021	$	7,948
Beginning balance, January 1, 2020	$	7,552
Unrealized loss included in other income, net	(609)
Ending Balance, September 30, 2020	$	6,943

Fair value, by balance sheet grouping

The fair values of the Company’s financial instruments are reported below (dollar amounts in thousands):

	Level	Carrying Amount at September 30, 2021		Fair Value at September 30, 2021		Carrying Amount at December 31, 2020		Fair Value at December 31, 2020
Liabilities (1):
Mortgage notes payable and other debt, net	2	$	991,699	$	1,031,324	$	1,334,689	$	1,384,490
Corporate bonds, net	2	4,625,208		5,044,711		4,622,951		5,123,588
Credit facility	2	88,000		88,000		—		—
Total liabilities		$	5,704,907	$	6,164,035	$	5,957,640	$	6,508,078

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(1)Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.