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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024
Interest Rate Swaps14$1,335,000 $34,436 $— 
As of December 31, 2023
Interest Rate Swaps17$1,335,000 $29,610 $3,450 
The following table presents the effect of our derivative instruments on our consolidated financial statements (dollars in thousands):
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)(17,250)
Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss)15,273 
Fair value at June 30, 2023$49,006 
Fair value at December 31, 2023$26,160 
(Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)(18,718)
Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss)26,994 
Fair value at June 30, 2024$34,436 
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
June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Liabilities
Private Placement Notes$1,600,000 $1,600,000 $1,414,436 $1,417,147 
Mortgage Notes217,665 222,757 206,676 211,480 
(1) Carrying value represents the principal balance outstanding