Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands):


			Level 1		Level 2		Level 3
			Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs		Significant Unobservable Inputs
	Total
Fair value as of March 31, 2022:
Assets:
Short-term government securities (cash and cash equivalents)	$	149,997	$	149,997	$	—	$	—
Interest rate swaps (prepaids and other assets)	9,700		—		9,700		—

Total assets	$	159,697	$	149,997	$	9,700	$	—


			Level 1		Level 2		Level 3
			Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs		Significant Unobservable Inputs
	Total
Fair value as of December 31, 2021:
Asset:
Short-term government securities (cash and cash equivalents)	$	158,197	$	158,197	$	—	$	—
Interest rate swaps (prepaids and other assets)	$	2,485	$	—	$	2,485	$	—
Total assets	$	160,682	$	158,197	$	2,485	$	—

Liabilities:
Interest rate swaps (other liabilities)	$	459	$	—	$	459	$	—
Total liabilities	$	459	$	—	$	459	$	—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair value within the fair value hierarchy and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands):


	March 31, 2022		December 31, 2021
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities	$	—	$	—
Level 2 Significant Observable Inputs	990,555		1,079,234
Level 3 Significant Unobservable Inputs	362,563		366,103
Total fair value of debt	$	1,353,118	$	1,445,337

Recorded value of debt	$	1,396,537	$	1,397,076