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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of 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
|  | September 30, 2024 |  | December 31, 2023
Cash Flow Hedges: (a) (b) |  | Level 1 |  | Level 2 (c) |  | Level 3 |  | Level 1 |  | Level 2 (c) |  | Level 3
Derivative interest rate swaps |  | — |  |  | $ | 10,688 |  |  | — |  |  | — |  |  | $ | 18,074 |  |  | — |
(a)During the twelve months subsequent to September 30, 2024, an estimated $6,820 of derivative interest rate balances recognized in accumulated comprehensive income will be reclassified into earnings. (b)As of September 30, 2024 and December 31, 2023, 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. (c)Derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively.
Schedule of Fair Value of Financial Instruments Presented at Carrying Values | The table below summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of September 30, 2024 and December 31, 2023:
| September 30, 2024 |  | December 31, 2023
| Carrying Value |  | Estimated Fair Value |  | Market Interest Rate |  | Carrying Value |  | Estimated Fair Value |  | Market Interest Rate
Mortgages payable | $ | 93,380 |  |  | $ | 89,237 |  |  | 5.86 | % |  | $ | 168,548 |  |  | $ | 161,320 |  |  | 6.86 | %
Senior notes | 250,000 |  |  | 243,513 |  |  | 5.62 | % |  | 250,000 |  |  | 233,635 |  |  | 6.31 | %
Term loans | 400,000 |  |  | 400,224 |  |  | 4.65 | % |  | 400,000 |  |  | 399,539 |  |  | 5.10 | %
Revolving line of credit | — |  |  | — |  |  | N/A |  | — |  |  | — |  |  | N/A

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- Definition 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 -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + 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/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 -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 + Details
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