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Fair Value Measurements and Disclosures

9 Months Ended

Sep. 30, 2023

Assets and Liabilities Reported at Fair Value

The only assets we record at fair value on our consolidated financial statements are the marketable securities related to our Deferred Compensation Plan. The following table sets forth the fair value of our deferred compensation plan assets as of September 30, 2023 and December 31, 2022:


	Fair Value (Level 1) (1)
	September 30, 2023		December 31, 2022
Description	(in thousands)
Deferred compensation plan assets (2)	$	25,959	$	23,547

________________________

(1) Based on quoted prices in active markets for identical securities.

(2) The deferred compensation plan assets are held in a limited rabbi trust.

Financial Instruments Disclosed at Fair Value

The following table sets forth the carrying value and the fair value of our other financial instruments as of September 30, 2023 and December 31, 2022:


	September 30, 2023				December 31, 2022
	Carrying Value		Fair Value (1)		Carrying Value		Fair Value (1)
	(in thousands)
Assets
Certificates of deposit (2)	$	252,830	$	252,830	$	—	$	—
Liabilities
Secured debt, net	$	604,480	$	565,256	$	242,938	$	225,847
Unsecured debt, net	$	4,330,326	$	3,741,167	$	4,020,058	$	3,500,420

________________________

(1)Fair value calculated using Level 2 inputs, which are based on model-derived valuations in which significant inputs and significant value drivers are observable in active markets.

(2)The carrying value of the certificates of deposit approximate their fair values due to their short-term maturities. The Company intends to hold the certificates of deposit until their maturity dates in January and April 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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