Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 approximates their fair values, except for the following:

	December 31,
	2020				2019
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Notes payable	$	3,658,405		4,102,382	$	3,435,161		3,688,604
Unsecured credit facilities	$	264,679		265,226	$	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 December 31, 2020
(in thousands)	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Securities	$	44,986			44,986		—			—
Available-for-sale debt securities		15,706			—		15,706			—
Total	$	60,692			44,986		15,706			—
Liabilities:
Interest rate derivatives	$	(9,291	)		—		(9,291	)		—

	Fair Value Measurements as of December 31, 2019
(in thousands)	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (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 non-recurring basis:

	Fair Value Measurements as of December 31, 2020
(in thousands)	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Operating properties	$	25,000		—		25,000		—		(17,532	)

	Fair Value Measurements as of December 31, 2019
(in thousands)	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Operating properties	$	71,131		—		28,131		43,000		(50,553	)