XML 41 R26.htm IDEA: XBRL DOCUMENT v3.23.3
Summary Of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2023
Summary Of Significant Accounting Policies [Line Items]  
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
The Company follows the authoritative guidance for fair value measurements.
The table below presents for September 30, 2023 and December 31, 2022, the financial instruments that are being valued for disclosure purposes as well as the Level at which they are categorized (as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”).
Financial InstrumentLevel
Unsecured senior notes (1)Level 1
Related party note receivableLevel 3
Sales-type lease receivableLevel 3
Mortgage notes payableLevel 3
Unsecured line of creditLevel 3
Unsecured term loanLevel 3
_______________
(1)If trading volume for the period is low, the valuation could be categorized as Level 2.
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following table presents the aggregate carrying value of the Company’s related party note receivable, net, sales-type lease receivable, net, mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and unsecured term loan, net and the Company’s corresponding estimate of fair value as of September 30, 2023 and December 31, 2022 (in thousands):
 September 30, 2023December 31, 2022
 Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Related party note receivable, net$88,807 $90,348 $78,576 $79,220 
Sales-type lease receivable, net13,475 13,257 12,811 13,045 
Total$102,282 $103,605 $91,387 $92,265 
Mortgage notes payable, net$3,275,974 $2,658,844 $3,272,368 $2,744,479 
Unsecured senior notes, net10,488,568 9,163,931 10,237,968 9,135,512 
Unsecured line of credit— — — — 
Unsecured term loan, net1,197,173 1,195,007 730,000 730,000 
Total$14,961,715 $13,017,782 $14,240,336 $12,609,991 
Schedule of Derivative Assets at Fair Value [Table Text Block]
In addition to the financial instruments noted above, the Company uses interest rate swap agreements to manage its interest rate risk (See Note 7). The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of September 30, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
The following table presents the aggregate fair value of the Company’s interest rate swaps as of September 30, 2023 and December 31, 2022 (in thousands):
Fair valueSeptember 30, 2023December 31, 2022
Interest rate swaps$5,457 $—