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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
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:
|  | September 30, 2023 |  |  | December 31, 2022 |
(in thousands) |  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Notes payable, net |  | $ | 3,992,093 |  |  |  | 3,588,977 |  |  |  | 3,726,754 |  |  |  | 3,333,378 |
Unsecured credit facilities |  | $ | 77,000 |  |  |  | 77,000 |  |  |  | — |  |  |  | — |
Summary of Assets and Liabilities Measured at Fair Value 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 September 30, 2023 |
|  |  |  | 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 | $ | 33,881 |  |  |  | 33,881 |  |  |  | — |  |  |  | — |
Available-for-sale debt securities |  | 14,423 |  |  |  | — |  |  |  | 14,423 |  |  |  | — |
Interest rate derivatives |  | 21,328 |  |  |  | — |  |  |  | 21,328 |  |  |  | — |
Total | $ | 69,632 |  |  |  | 33,881 |  |  |  | 35,751 |  |  |  | — |
| Fair Value Measurements as of December 31, 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 | $ | 40,089 |  |  |  | 40,089 |  |  |  | — |  |  |  | — |
Available-for-sale debt securities |  | 14,492 |  |  |  | — |  |  |  | 14,492 |  |  |  | — |
Interest rate derivatives |  | 6,575 |  |  |  | — |  |  |  | 6,575 |  |  |  | — |
Total | $ | 61,156 |  |  |  | 40,089 |  |  |  | 21,067 |  |  |  | — |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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