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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Borrowings

The following is a summary of borrowings as of September 30, 2022 and December 31, 2021 (in thousands):

			September 30, 2022												December 31, 2021
			Recorded Principal Balance(1)						Fair Value						Recorded Principal Balance(1)						Fair Value
Revolving credit facility			$	55,000					$	55,000					$	—					$	—
Term loans			947,769						956,036						943,127						955,919
Senior unsecured notes due 2031			342,828						253,106						342,320						344,099
Secured portfolio loan facilities			391,973						339,974						391,612						394,356
Mortgages(2)			135,369						133,175						214,663						221,741
Total			$	1,872,939					$	1,737,291					$	1,891,722					$	1,916,115

(1)As of September 30, 2022 and December 31, 2021, respectively, recorded principal balances include: (i) net deferred financing fees of $8.6 million and $13.2 million; (ii) assumed market debt adjustments of $1.4 million and $1.5 million; and (iii) notes payable discounts of $7.2 million and $7.7 million.

(2)Our finance lease liability is included in the mortgages line item, as presented.

Summary of Recurring and Nonrecurring Fair Value

Fair value measurements that occurred as of and during the nine months ended September 30, 2022 and the year ended December 31, 2021 were as follows (in thousands):

			September 30, 2022												December 31, 2021
			Level 1			Level 2			Level 3						Level 1			Level 2			Level 3
Recurring
Marketable securities			$	7,283		$	—		$	—					$	5,551		$	—		$	—
Derivative assets(1)			—			26,319			—						—			—			—
Derivative liabilities			—			—			—						—			(24,096)			—
Earn-out liability			—			—			—						—			(52,436)			—
Nonrecurring
Impaired real estate assets, net(2)			$	—		$	—		$	—					$	—		$	24,000		$	—

(1)We record derivative assets in Other Assets, Net on our consolidated balance sheets.

(2)The carrying value of impaired real estate assets may have subsequently increased or decreased after the measurement date due to capital improvements, depreciation, or sale.

Summary of Nonrecurring Fair Value

We recorded the following expense upon impairment of real estate assets (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Impairment of real estate assets			$	—					$	698					$	—					$	6,754

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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