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Fair Value Measures (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):
Level 1Level 2Level 3
Balance as of March 31, 2023
Derivative assets$— $4,540 $— $4,540 
Level 1Level 2Level 3
Balance as of December 31, 2022
Derivative assets$— $6,308 $— $6,308 
Schedule of Provisions for Impairment
The following table summarizes our provisions for impairment during the periods indicated below (dollars in thousands):
Three Months Ended March 31,
20232022
Number of properties3 2 
Carrying value of impaired properties$28,357 $8,728 
Provisions for impairment(3,754)(1,602)
Estimated fair value$24,603 $7,126 
Schedule of Assets Measured at Fair Value on a Non-recurring Basis
The following table presents certain of the Company’s assets measured at fair value on a non-recurring basis as of March 31, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those assets fall (in thousands):
Level 1
Level 2(1)
Level 3(1)
Balance as of March 31, 2023
Assets of properties held and used$— $4,400 $20,203 $24,603 
Level 1
Level 2 (1)
Level 3 (1)
Balance as of December 31, 2022
Assets of properties held and used$— $38,900 $11,957 $50,857 
Assets of properties held for sale— 2,502 — 2,502 
Total$— $41,402 $11,957 $53,359 
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(1)The fair value of the level 2 category was derived using negotiated sales prices with third parties and the fair value of the level 3 category was derived using discounted cash flow analysis and management estimates of selling prices.
Schedule of Fair Value, by Balance Sheet Grouping The fair values of the Company’s long-term financial instruments are reported below (dollars in thousands):
Level
Carrying Value at March 31, 2023
Fair Value at March 31, 2023
Carrying Value at December 31, 2022
Fair Value at December 31, 2022
Liabilities (1):
Mortgages payable2355,000 338,371 355,000 332,323 
Credit facility term loan2175,000 175,000 175,000 175,000 
Total$530,000 $513,371 $530,000 $507,323 
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(1)Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.