Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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:

	March 31, 2022				December 31, 2021
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Notes payable	$	3,716,717		3,782,877		3,718,944		4,103,533

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 March 31, 2022
			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	$	46,358		46,358		—		—
Available-for-sale debt securities		14,974		—		14,974		—
Interest rate derivatives		1,242		—		1,242		—
Total	$	62,574		46,358		16,216		—

	Fair Value Measurements as of December 31, 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	$	49,513			49,513		—			—
Available-for-sale debt securities		15,599			—		15,599			—
Interest rate derivatives		—			—		-			—
Total	$	65,112			49,513		15,599			—
Liabilities:
Interest rate derivatives	$	(2,858	)		—		(2,858	)		—

Summary of assets measured on non-recurring basis

The following table presents 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 December 31, 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)
Operating properties	$	140,500		—		—		140,500		(84,277	)