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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Borrowings

The following is a summary of borrowings as of September 30, 2024 and December 31, 2023 (in thousands):

			September 30, 2024												December 31, 2023
			Recorded Principal Balance(1)						Fair Value						Recorded Principal Balance(1)						Fair Value
Revolving credit facility			$	36,000					$	36,119					$	181,000					$	181,714
Term loans			580,195						588,207						956,132						970,238
Senior unsecured notes due 2031			344,235						300,902						343,698						284,865
Senior unsecured notes due 2034			341,764						364,833						—						—
Senior unsecured notes due 2035			341,293						343,410						—						—
Secured portfolio loan facilities			392,936						367,058						392,575						351,339
Mortgages(2)			68,365						67,206						95,867						94,966
Total			$	2,104,788					$	2,067,735					$	1,969,272					$	1,883,122

(1)As of September 30, 2024 and December 31, 2023, respectively, recorded principal balances include: (i) net deferred financing fees of $6.4 million and $10.3 million; (ii) assumed market debt adjustments of $0.2 million and $0.9 million; and (iii) notes payable discounts of $22.7 million and $6.3 million.

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

Schedule of Recurring and Nonrecurring Fair Value

Fair value measurements that occurred as of and during the nine months ended September 30, 2024 and the year ended December 31, 2023 were as follows (in thousands):

			September 30, 2024												December 31, 2023
			Level 1			Level 2			Level 3						Level 1			Level 2			Level 3
Recurring
Marketable securities(1)			$	9,299		$	—		$	—					$	8,566		$	—		$	—
Derivative assets(1)(2)			—			1,809			—						—			12,669			—

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

(2)The fair values of the derivative assets exclude associated accrued interest receivable of $0.6 million and $1.7 million as of September 30, 2024 and December 31, 2023, respectively.

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://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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