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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Quantitative Disclosure of The Fair Value For Each Major Category Of Assets And Liabilities

The following financial instruments are remeasured at fair value on a recurring basis:

Fair Value Measurements as of

Cash Flow Hedges: (a)

December 31, 2022

December 31, 2021

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Derivative interest rate swaps (b)(c)

—

$

26,721

—

—

(4,322)

—

(a)During the twelve months subsequent to December 31, 2022, an estimated $11,447 of derivative interest rate assets recognized in accumulated comprehensive income (loss) will be reclassified into earnings.

(b)The Company's derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively. IAGM's derivative assets or liabilities are recognized as a part of investment in unconsolidated entities.

(c)As of December 31, 2022 and 2021, the Company determined that the credit valuation adjustments associated with nonperformance risk are not significant to the overall valuation of its derivatives. As a result, the Company's derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy.

Assets Measured at Fair Value on Non-Recurring Basis

The following table summarizes activity for the Company’s assets measured at fair value on a non-recurring basis and the related impairment charges for the years ended December 31, 2022, 2021, and 2020:

			December 31, 2022												December 31, 2021												December 31, 2020
			Level 3						Impairment Loss						Level 3						Impairment Loss						Level 3						Impairment Loss
Investment properties			$	—					$	—					$	—					$	—					$	5,500					$	9,002

Fair Value of Financial Instruments Presented at Carrying Values

The table below represents the estimated fair value of financial instruments presented at carrying values in the Company's consolidated financial statements as of December 31, 2022 and 2021:

			December 31, 2022																		December 31, 2021
			Carrying Value						Estimated  Fair Value						Market Interest Rate						Carrying Value						Estimated  Fair Value						Market Interest Rate
Mortgages payable			$	109,812					$	100,218					6.81		%				$	105,955					$	104,938					4.44		%
Senior notes			250,000						235,820						6.05		%				—						—						N/A
Term loans			400,000						401,170						5.11		%				400,000						400,470						2.39		%
Revolving line of credit			—						—						N/A						31,000						31,062						2.39		%

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ 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 (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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