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Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Recurring Measurements
The following financial instruments are remeasured at fair value on a recurring basis:
Fair Value Measurements as of
September 30, 2024December 31, 2023
Cash Flow Hedges: (a) (b)
Level 1Level 2 (c)Level 3Level 1Level 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.
Nonrecurring Measurements
Investment Properties
During the three and nine months ended September 30, 2023, the Company had no Level 3 nonrecurring fair value measurements.
During the three months ended September 30, 2024, the Company recorded an impairment of real estate assets of $3,854 on one retail property after receiving and accepting a letter of intent to purchase the property for less than its carrying value. The estimated fair value of the property was based on this negotiated letter of intent. Subsequent to the impairment, the carrying value of the asset was $56,033.
Financial Instruments Not Measured at Fair Value
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, 2024December 31, 2023
Carrying ValueEstimated 
Fair Value		Market
Interest Rate		Carrying ValueEstimated 
Fair Value		Market
Interest Rate
Mortgages payable$93,380 $89,237 5.86 %$168,548 $161,320 6.86 %
Senior notes250,000 243,513 5.62 %250,000 233,635 6.31 %
Term loans400,000 400,224 4.65 %400,000 399,539 5.10 %
Revolving line of credit— — N/A— — N/A
The market interest rates used to estimate the fair value of the Company's mortgages payable, senior notes, term loans, and revolving line of credit reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company. The Company classifies its debt instrument valuations within Level 2 of the fair value hierarchy.