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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2020
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:

 

 

 

September 30, 2020

 

 

December 31, 2019

 

(in thousands)

 

Carrying

Amount

 

 

Fair Value

 

 

Carrying

Amount

 

 

Fair Value

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable

 

$

3,723,923

 

 

 

4,072,114

 

 

 

3,435,161

 

 

 

3,688,604

 

Unsecured credit facilities

 

$

264,605

 

 

 

264,075

 

 

 

484,383

 

 

 

489,496

 

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 September 30, 2020

 

 

 

 

 

 

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

$

40,849

 

 

 

40,849

 

 

 

 

 

 

 

Available-for-sale debt securities

 

11,146

 

 

 

 

 

 

11,146

 

 

 

 

Interest rate derivatives

 

 

 

 

 

 

 

 

 

 

 

Total

$

51,995

 

 

 

40,849

 

 

 

11,146

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate derivatives

$

(10,417

)

 

 

 

 

 

(10,417

)

 

 

 

 

 

Fair Value Measurements as of December 31, 2019

 

 

 

 

 

 

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

$

39,599

 

 

 

39,599

 

 

 

 

 

 

 

Available-for-sale debt securities

 

10,755

 

 

 

 

 

 

10,755

 

 

 

 

Interest rate derivatives

 

2,987

 

 

 

 

 

 

2,987

 

 

 

 

Total

$

53,341

 

 

 

39,599

 

 

 

13,742

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate derivatives

$

(1,515

)

 

 

 

 

 

(1,515

)

 

 

 

Summary of assets measured on non-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 nonrecurring basis as of December 31, 2019:

 

Fair Value Measurements as of December 31, 2019

 

 

 

 

 

 

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

$

71,131

 

 

 

 

 

 

28,131

 

 

 

43,000

 

 

 

(50,553

)