Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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 for the following:

	June 30, 2021				December 31, 2020
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Notes payable	$	3,650,307		4,066,737		3,658,405		4,102,382
Unsecured credit facilities	$	—		—		264,679		265,226

Summary of assets measured 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 June 30, 2021
				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	$	47,734			47,734		—			—
Available-for-sale debt securities		15,922			—		15,922			—
Total	$	63,656			47,734		15,922			—
Liabilities:
Interest rate derivatives	$	(4,729	)		—		(4,729	)		—

	Fair Value Measurements as of December 31, 2020
				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	$	44,986			44,986		—			—
Available-for-sale debt securities		15,706			—		15,706			—
Total	$	60,692			44,986		15,706			—
Liabilities:
Interest rate derivatives	$	(9,291	)		—		(9,291	)		—

Summary of assets measured on non-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 nonrecurring basis:

	Fair Value Measurements as of June 30, 2021
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Gains
(in thousands)	Balance		(Level 1)		(Level 2)		(Level 3)		(Losses)
Investments in real estate partnerships	$	27,657		—		27,657		—	$	(9,741	)

	Fair Value Measurements as of December 31, 2020
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Gains
(in thousands)	Balance		(Level 1)		(Level 2)		(Level 3)		(Losses)
Operating properties	$	25,000		—		25,000		—		(17,532	)