XML 38 R29.htm IDEA: XBRL DOCUMENT v3.23.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Interest Rate Swap Derivatives Measured at Fair Value
Information regarding the Company's interest rate swaps measured at fair value, which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (dollars in thousands):
Fair Value
Number of ContractsNotional AmountOther Assets, netInterest Rate Swap Liabilities
As of September 30, 2023
Interest Rate Swaps17$1,335,000 $60,380 $— 
As of December 31, 2022
Interest Rate Swaps19$1,410,000 $51,466 $(483)

The following table presents the effect of our derivative instruments on our consolidated financial statements (dollars in thousands):
Fair value at December 31, 2021$(33,757)
Swap ineffectiveness
7 
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)
7,427 
Unrealized gains on interest rate swaps included in accumulated other comprehensive income (loss)
80,213 
Fair value at September 30, 2022$53,890 
Fair value at December 31, 2022$50,983 
(Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)
(26,309)
Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss)
35,706 
Fair value at September 30, 2023$60,380 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The following table presents the carrying value and estimated fair value of our fixed rate private placement notes and mortgages (dollars in thousands):
Carrying Value(1)
Fair Value
September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Liabilities
Private Placement Notes$1,350,000 $1,230,000 $1,082,649 $1,014,153 
Mortgage Notes229,785 299,570 212,239 282,758 
(1) Carrying value represents the principal balance outstanding