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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of fair value assets and liabilities measured on recurring basis | The table below sets forth our financial assets and liabilities accounted for at fair value on a recurring basis as of September 30, 2023 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands):
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: (1) |  |  |  |  |  |  |  |
Marketable securities in deferred compensation plan |  | $ | 1,748 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,748 |
Interest rate derivatives |  | — |  |  | 6,736 |  |  | — |  |  | 6,736 |
Total assets |  | $ | 1,748 |  |  | $ | 6,736 |  |  | $ | — |  |  | $ | 8,484 |
Liabilities: (2) |  |  |  |  |  |  |  |
Deferred compensation plan liability |  | $ | — |  |  | $ | 1,748 |  |  | $ | — |  |  | $ | 1,748 |
(1)Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet. (2)Included in the line entitled “other liabilities” on our consolidated balance sheet.
Schedule of quantitative information about significant unobservable inputs | The table below sets forth quantitative information about significant unobservable inputs used for the Level 3 fair value measurements reported above as of September 30, 2023 (dollars in thousands):
Valuation Technique |  | Fair Values on Measurement Date |  | Unobservable Input |  | Range (Weighted Average (1))
Discounted cash flow (2) |  | $ | 257,800 |  |  | Terminal capitalization rate |  | 6.5% - 9.5% (8.0%)
|  |  |  | Discount rate |  | 7.5% - 10.5% (9.0%)
Comparable sales price (3) |  | $ | 53,500 |  |  | Comparable sales price |  | N/A
(1)Weighted average calculation based on relative fair value. (2)This technique was used for the operating properties in Baltimore, Maryland and Washington, D.C. For the properties in Baltimore, Maryland, the terminal capitalization rate was 9.5% and the discount rate was 10.5%. For the property in Washington, D.C., the terminal capitalization rate was 6.5% and the discount rate was 7.5%. (3)This technique was used for the operating properties in Northern Virginia and a parcel of land in Baltimore, Maryland.

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- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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