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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Schedule of Fair Value Measurement Inputs

The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of September 30, 2022 and December 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall:


	Balance		Fair Value Measurements Using
Description	September 30, 2022		(Level 1)		(Level 2)		(Level 3)
Interest rate swap assets	$	16,586	$	—	$	16,586	$	—
Impaired real estate assets(1)	$	1,056	$	—	$	1,056	$	—


	Balance		Fair Value Measurements Using
Description	December 31, 2021		(Level 1)		(Level 2)		(Level 3)
Interest rate swap liabilities	$	(6,258)	$	—	$	(6,258)	$	—
Impaired real estate assets(2)	$	12,735	$	—	$	—	$	12,735

(1) Represents non-recurring fair value measurement. The fair value is calculated as of the impairment date. $1,056 was based on an observable contract and the Company determined that the fair value of the property falls within Level 2 of the fair value reporting hierarchy.

(2) Represents non-recurring fair value measurement. The Company measured a $12,735 fair value of real estate assets based on a discounted cash flow analysis using a discount rate ranging from 8.0% to 10.0% and a residual capitalization rate ranging from 7.5% to 8.0%. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy.

Schedule of Carrying Amounts and Fair Value of Financial Instruments

The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments, excluding held for sale assets, as of September 30, 2022 and December 31, 2021:


	As of September 30, 2022				As of December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value



Liabilities
Debt	$	1,620,348	$	1,399,498	$	1,497,064	$	1,491,868

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details