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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 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 September 30, 2024
Interest Rate Swaps12$1,085,000 $13,122 $7,774 
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)(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 
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)(26,572)
Unrealized (losses) gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss)5,760 
Fair value at September 30, 2024$5,348 
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, 2024December 31, 2023September 30, 2024December 31, 2023
Liabilities
Private Placement Notes$1,950,000 $1,600,000 $1,834,086 $1,417,147 
Mortgage Notes217,147 222,757 212,044 211,480 
(1) Carrying value represents the principal balance outstanding