Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Balance Sheet Fair Values

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except those instruments listed below:

	March 31, 2024				December 31, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Notes receivable(1)	$	30,634		30,634		2,109		2,109
Financial liabilities:
Notes payable, net	$	4,387,181		4,143,622		4,001,949		3,763,152
Unsecured credit facilities(1)	$	30,000		30,000		152,000		152,000

(1)The carrying amounts approximated its fair values due to the variable nature of the terms or the timing of issuance.

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:

	Fair Value Measurements as of March 31, 2024
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)	Balance			(Level 1)		(Level 2)			(Level 3)
Assets:
Securities	$	126,225			126,225		—			—
Available-for-sale debt securities		14,362			—		14,362			—
Interest rate derivatives		16,711			—		16,711			—
Total	$	157,298			126,225		31,073			—
Liabilities:
Interest rate derivatives	$	(393	)		—		(393	)		—

	Fair Value Measurements as of December 31, 2023
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)	Balance			(Level 1)		(Level 2)			(Level 3)
Assets:
Securities	$	37,039			37,039		—			—
Available-for-sale debt securities		14,953			—		14,953			—
Interest rate derivatives		14,213			—		14,213			—
Total	$	66,205			37,039		29,166			—
Liabilities:
Interest rate derivatives	$	(1,335	)		—		(1,335	)		—