Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2024

All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below:


	March 31, 2024				December 31, 2023
	Carrying Amounts		Fair Value		Carrying Amounts		Fair Value

Notes payable	$	4,817,892	$	4,539,051	$	4,422,099	$	4,155,332
Unsecured Credit Facility	493,552		500,000		511,426		518,500
Total debt obligations, net	$	5,311,444	$	5,039,051	$	4,933,525	$	4,673,832

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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


	Fair Value Measurements as of March 31, 2024
	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Marketable securities(1)	$	19,519	$	715	$	18,804	$	—
Interest rate derivatives	$	10,335	$	—	$	10,335	$	—

Liabilities:
Interest rate derivatives	$	(685)	$	—	$	(685)	$	—

	Fair Value Measurements as of December 31, 2023
	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Marketable securities(1)	$	19,914	$	656	$	19,258	$	—
Interest rate derivatives	$	4,364	$	—	$	4,364	$	—

Liabilities:
Interest rate derivatives	$	(6,877)	$	—	$	(6,877)	$	—

(1)As of March 31, 2024 and December 31, 2023, marketable securities included $0.1 million and $0.2 million of net unrealized losses, respectively. As of March 31, 2024, the contractual maturities of the Company’s marketable securities were within the next five years.

The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis. During the three months ended March 31, 2024, no properties were remeasured to fair value as a result of impairment testing. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the year ended December 31, 2023, excluding the properties sold prior to December 31, 2023:







	Fair Value Measurements as of December 31, 2023
	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Impairment of Real Estate Assets
Assets:
Properties(1)(2)	$	14,987	$	—	$	—	$	14,987	$	11,705

(1)Excludes properties disposed of prior to December 31, 2023.

(2)The carrying value of The Quentin Collection, which was remeasured to fair value based on an income approach valuation using the direct capitalization method during the year ended December 31, 2023, is $15.0 million. The capitalization rate of 8.75% utilized in the analysis was based upon unobservable inputs that the Company believes to be within a reasonable range of current market rates for the property.