Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Assets and Liabilities Measured at Fair Vale on a Recurring Basis by Level within Fair Value Hierarchy

The table below sets forth the estimated fair value of our interest rate swaps as of September 30, 2020 and December 31, 2019, which we measure on a recurring basis by level within the fair value hierarchy (in thousands).


	Fair Value Measurement Using
	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2020
Interest Rate Swap Asset	$	—	$	—	$	—	$	—
Interest Rate Swap Liability	$	(20,869)	$	—	$	(20,869)	$	—
December 31, 2019
Interest Rate Swap Asset	$	766	$	—	$	766	$	—
Interest Rate Swap Liability	$	(8,488)	$	—	$	(8,488)	$	—

Carrying Value and Estimated Fair Value of Notes Payable

The table below sets forth the carrying value and the estimated fair value of our notes payable as of September 30, 2020 and December 31, 2019 (in thousands):


	Fair Value Measurement Using
Liabilities	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Carrying Value
Notes Payable at:
September 30, 2020	$	942,427	$	—	$	—	$	942,427	$	906,608
December 31, 2019	$	882,813	$	—	$	—	$	882,813	$	857,842