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Fair Value of Assets and Liabilities
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities
Note 14. Fair Value of Assets and Liabilities
The table below presents certain of our assets carried at fair value at June 30, 2024, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
Fair Value at Reporting Date Using
DescriptionTotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Non-recurring Fair Value Measurement Assets:
Assets of properties held for sale (1)(2)
$44,025 $— $40,211 $3,814 
(1)We recorded impairment charges totaling $33,449 during the six months ended June 30, 2024, to reduce the carrying value of eight hotels and two net lease properties in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $1,497, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP).
(2)We recorded impairment charges totaling $3,889 during the six months ended June 30, 2024, to reduce the carrying value of three net lease properties in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $270, based on brokers’ opinion of values (Level 3 inputs as defined in the fair value hierarchy under GAAP).
In addition to the assets included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, revolving credit facility, net lease mortgage notes, senior notes and security deposits. At June 30, 2024 and December 31, 2023, the fair values of these financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows:
June 30, 2024December 31, 2023
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
Senior Unsecured Notes, due 2025 at 4.50%
$— $— $349,181 $341,688 
Senior Unsecured Notes, due 2025 at 7.50%
— — 796,007 808,888 
Senior Unsecured Notes, due 2026 at 5.25%
348,165 338,891 347,601 339,780 
Senior Unsecured Notes, due 2026 at 4.75%
448,652 421,650 448,347 419,909 
Senior Unsecured Notes, due 2027 at 4.95%
398,050 363,492 397,672 362,108 
Senior Guaranteed Unsecured Notes, due 2027 at 5.50%
446,195 418,023 445,631 412,002 
Net Lease Mortgage Notes, due 2028 at 5.60%
563,727 581,308 558,876 585,784 
Senior Unsecured Notes, due 2028 at 3.95%
395,930 334,992 395,355 327,708 
Senior Guaranteed Unsecured Notes, due 2029 at 8.375%
681,075 688,107 — — 
Senior Unsecured Notes, due 2029 at 4.95%
420,873 322,443 420,477 351,726 
Senior Unsecured Notes, due 2030 at 4.375%
393,623 282,532 393,056 310,524 
Senior Secured Notes, due 2031 at 8.625%
970,051 1,042,310 968,017 1,047,430 
Senior Guaranteed Unsecured Notes, due 2032 at 8.875%
481,460 466,370 — — 
Total financial liabilities$5,547,801 $5,260,118 $5,520,220 $5,307,547 
(1)Carrying value includes unamortized discounts, premiums and certain debt issuance costs.
At June 30, 2024 and December 31, 2023, we estimated the fair values of our senior notes using an average of the bid and ask price of the notes (Level 2 inputs) as of the measurement dates. At June 30, 2024 and December 31, 2023, we estimated the fair value of our net lease mortgage notes using discounted cash flow analyses and current prevailing market rates as of the measurement dates (Level 3 inputs). As Level 3 inputs are unobservable, our estimated value may differ materially from the actual fair value.