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Fair Value Disclosures
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value DisclosuresThe Company has certain financial instruments that are required to be measured under the FASB’s Fair Value Measurement guidance. The Company currently does not have any non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.
Derivative Financial Instruments
The Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives also use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of June 30, 2023, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives and therefore, classified its derivatives as Level 2 within the fair value reporting hierarchy.

The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type.

Assets and Liabilities Measured at Fair Value on a Recurring Basis at
June 30, 2023 and December 31, 2022
(Dollars in thousands)
DescriptionQuoted Prices in Active Markets for Identical Assets (Level I)Significant Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)		Balance at
end of period
June 30, 2023
Cross-Currency Swaps (1)$— $626 $— $626 
Currency Forward Agreements (1)— 4,741 — 4,741 
Interest Rate Swap Agreements (1)— 1,359 — 1,359 
December 31, 2022
Cross-Currency Swaps (1)$— $1,523 $— $1,523 
Currency Forward Agreements (1)— 8,686 — 8,686 
Interest Rate Swap Agreements (1)— 1,240 — 1,240 
(1) Included in "Other assets" in the accompanying consolidated balance sheets.
Non-recurring fair value measurements
The table below presents the Company's assets measured at fair value on a non-recurring basis as of June 30, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements are classified.
Assets Measured at Fair Value on a Non-Recurring Basis at June 30, 2023 and December 31, 2022
(Dollars in thousands)
DescriptionQuoted Prices in
Active Markets
for Identical
Assets (Level I)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)		Balance at
end of period
June 30, 2023
Real estate investments, net (1)$— $— $27,190 $27,190 
December 31, 2022
Real estate investments, net$— $4,700 $33,670 $38,370 
Operating lease right-of-use asset— — 7,006 7,006 
Mortgage notes and related accrued interest receivable, net— — 7,780 7,780 
Investment in joint ventures— — — — 
Other assets (2)— — 1,316 1,316 

(1) As further discussed in Note 4, during the six months ended June 30, 2023, the Company recorded an impairment charge of $43.8 million related to real estate investments, net, on nine properties. Management estimated the fair values of these investments taking into account various factors including independent appraisals, shortened hold periods and market conditions. The significant inputs and assumptions used in the real estate appraisals included market rents ranging from $4.50 per square foot to $20 per square foot, discount rates ranging from 9.50% to 11.50% and terminal capitalization rates ranging from 8.50% to 10.25%. These measurements were classified within Level 3 of the fair value hierarchy because many of the assumptions were not observable.
(2) Includes collateral-dependent notes receivable, which are presented within "Other assets" in the accompanying consolidated balance sheets.

Fair Value of Financial Instruments
The following methods and assumptions were used by the Company to estimate the fair value of each class of financial instruments at June 30, 2023 and December 31, 2022:

Mortgage notes receivable and related accrued interest receivable, net:
The fair value of the Company’s mortgage notes and related accrued interest receivable, net, is estimated by discounting the future cash flows of each instrument using current market rates. At June 30, 2023, the Company had a carrying value of $466.5 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.91%. The fixed-rate mortgage notes bear interest at rates of 6.99% to 12.32%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 7.00% to 10.00%, management estimates the fair value of the fixed-rate mortgage notes receivable to be approximately $510.5 million with an estimated weighted average market rate of 7.66% at June 30, 2023.

At December 31, 2022, the Company had a carrying value of $457.3 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.92%. The fixed-rate mortgage notes bear interest at rates of 6.99% to 12.14%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 7.15% to 10.00%, management estimates the fair value of the fixed-rate mortgage notes receivable to be $500.0 million with an estimated weighted average market rate of 7.70% at December 31, 2022.
Derivative instruments:
Derivative instruments are carried at their fair value.

Debt instruments:
The fair value of the Company's debt is estimated by discounting the future cash flows of each instrument using current market rates. At June 30, 2023, the Company had a carrying value of $25.0 million in variable-rate debt outstanding with an average interest rate of approximately 5.23%. The carrying value of the variable-rate debt outstanding approximated the fair value at June 30, 2023.

At December 31, 2022, the Company had a carrying value of $25.0 million in variable-rate debt outstanding with a weighted average interest rate of approximately 4.43%. The carrying value of the variable-rate debt outstanding approximated the fair value at December 31, 2022.

At both June 30, 2023 and December 31, 2022, the $25.0 million of variable-rate debt outstanding, discussed above, had been effectively converted to a fixed rate by an interest rate swap agreement. See Note 10 for additional information related to the Company's interest rate swap agreement.

At June 30, 2023, the Company had a carrying value of $2.82 billion in fixed-rate long-term debt outstanding with a weighted average interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using June 30, 2023 market rates of 7.24% to 8.28%, management estimates the fair value of the fixed rate debt to be approximately $2.45 billion with an estimated weighted average market rate of 7.77% at June 30, 2023.

At December 31, 2022, the Company had a carrying value of $2.82 billion in fixed-rate long-term debt outstanding with an average weighted interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using December 31, 2022 market rates of 7.42% to 8.35%, management estimates the fair value of the fixed rate debt to be approximately $2.39 billion with an estimated weighted average market rate of 7.94% at December 31, 2022.
Assets Measured At Fair Value On A Recurring Basis
The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type.

Assets and Liabilities Measured at Fair Value on a Recurring Basis at
June 30, 2023 and December 31, 2022
(Dollars in thousands)
DescriptionQuoted Prices in Active Markets for Identical Assets (Level I)Significant Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)		Balance at
end of period
June 30, 2023
Cross-Currency Swaps (1)$— $626 $— $626 
Currency Forward Agreements (1)— 4,741 — 4,741 
Interest Rate Swap Agreements (1)— 1,359 — 1,359 
December 31, 2022
Cross-Currency Swaps (1)$— $1,523 $— $1,523 
Currency Forward Agreements (1)— 8,686 — 8,686 
Interest Rate Swap Agreements (1)— 1,240 — 1,240 
(1) Included in "Other assets" in the accompanying consolidated balance sheets.
Fair Value Measurements, Nonrecurring [Table Text Block]
The table below presents the Company's assets measured at fair value on a non-recurring basis as of June 30, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements are classified.
Assets Measured at Fair Value on a Non-Recurring Basis at June 30, 2023 and December 31, 2022
(Dollars in thousands)
DescriptionQuoted Prices in
Active Markets
for Identical
Assets (Level I)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)		Balance at
end of period
June 30, 2023
Real estate investments, net (1)$— $— $27,190 $27,190 
December 31, 2022
Real estate investments, net$— $4,700 $33,670 $38,370 
Operating lease right-of-use asset— — 7,006 7,006 
Mortgage notes and related accrued interest receivable, net— — 7,780 7,780 
Investment in joint ventures— — — — 
Other assets (2)— — 1,316 1,316