FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Face Value, Carrying Amounts and Fair Value

The following were the face values, carrying amounts and fair values of the Company’s notes payable as of September 30, 2022 and December 31, 2021, which carrying amounts generally do not approximate the fair values (in thousands):

	September 30, 2022						December 31, 2021
	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial liabilities:
Notes payable	$	1,626,333	$	1,621,277	$	1,611,382	$	1,472,290	$	1,465,398	$	1,469,580

Fair Value, Assets Measured on Recurring Basis

As of September 30, 2022, the Company measured the following financial instruments at fair value (in thousands):

			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring Basis:
Real estate equity securities	$	116,555	$	116,555	$	—	$	—
Asset derivatives - interest rate swaps (1)	$	42,530	$	—	$	42,530	$	—

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(1) Includes nine forward interest rate swaps. See Note 8 “Derivative Instruments”. Also includes a $9.6 million asset related to the fair value of two off-market interest rate swaps determined to be hybrid financial instruments for which the Company elected to apply the fair value option.