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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Summary of balance sheet fair values

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following:

 

 

 

June 30, 2022

 

 

December 31, 2021

 

(in thousands)

 

Carrying
Amount

 

 

Fair Value

 

 

Carrying
Amount

 

 

Fair Value

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable

 

$

3,737,380

 

 

 

3,525,203

 

 

 

3,718,944

 

 

 

4,103,533

 

Summary of assets measured on recurring basis

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:

 

 

Fair Value Measurements as of June 30, 2022

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Unobservable Inputs

 

(in thousands)

Balance

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

Securities

$

40,746

 

 

 

40,746

 

 

 

—

 

 

 

—

 

Available-for-sale debt securities

 

14,439

 

 

 

—

 

 

 

14,439

 

 

 

—

 

Interest rate derivatives

 

3,950

 

 

 

—

 

 

 

3,950

 

 

 

—

 

Total

$

59,135

 

 

 

40,746

 

 

 

18,389

 

 

 

—

 

 

 

Fair Value Measurements as of December 31, 2021

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Unobservable Inputs

 

(in thousands)

Balance

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

Securities

$

49,513

 

 

 

49,513

 

 

 

—

 

 

 

—

 

Available-for-sale debt securities

 

15,599

 

 

 

—

 

 

 

15,599

 

 

 

—

 

Interest rate derivatives

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

$

65,112

 

 

 

49,513

 

 

 

15,599

 

 

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest rate derivatives

$

(2,858

)

 

 

—

 

 

 

(2,858

)

 

 

—

 

Summary of assets measured on non-recurring basis

The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a nonrecurring basis:

 

 

Fair Value Measurements as of December 31, 2021

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Unobservable Inputs

 

 

Total Gains

 

(in thousands)

Balance

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

(Losses)

 

Operating properties

$

140,500

 

 

 

—

 

 

 

—

 

 

 

140,500

 

 

 

(84,277

)