Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of certain of the entity's assets carried at fair value, categorized by the level of inputs used in the valuation of each asset

The table below presents certain of our assets carried at fair value at December 31, 2023, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.


			Fair Value at Reporting Date Using
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Non-recurring Fair Value Measurements Assets:
Assets of properties held for sale (1)	$	10,446	$	—	$	—	$	10,446

(1) We recorded a loss on asset impairment, net of $3,206 during the year ended December 31, 2023, to reduce the carrying value of one hotel and nine net lease properties in our consolidated balance sheets to their estimated fair value less costs to sell based on brokers’ opinion of values (Level 3 inputs as defined in the fair value hierarchy under GAAP).

Schedule of fair value of additional financial instruments

At December 31, 2023 and 2022, the fair values of these financial instruments approximated their carrying values in our consolidated balance sheets due to their short-term nature or floating interest rates, except as follows:


	December 31, 2023				December 31, 2022
	Carrying		Fair		Carrying		Fair
	Value (1)		Value		Value (1)		Value
Senior Unsecured Notes, due 2023 at 4.50%	$	—	$	—	$	499,925	$	491,345
Senior Unsecured Notes, due 2024 at 4.65%	—		—		349,510		334,292
Senior Unsecured Notes, due 2024 at 4.35%	—		—		822,487		749,983
Senior Unsecured Notes, due 2025 at 4.50%	349,181		341,688		348,493		301,893
Senior Unsecured Notes, due 2025 at 7.50%	796,007		808,888		793,673		762,344
Senior Unsecured Notes, due 2026 at 5.25%	347,601		339,780		346,472		292,282
Senior Unsecured Notes, due 2026 at 4.75%	448,347		419,909		447,736		354,128
Senior Unsecured Notes, due 2027 at 4.95%	397,672		362,108		396,916		315,040
Senior Unsecured Notes, due 2027 at 5.50%	445,631		412,002		444,505		387,522
Net Lease Mortgage Notes, due 2028 at 5.60%	558,876		585,784		—		—
Senior Unsecured Notes, due 2028 at 3.95%	395,355		327,708		394,206		283,996
Senior Unsecured Notes, due 2029 at 4.95%	420,477		351,726		419,684		293,718
Senior Unsecured Notes, due 2030 at 4.375%	393,056		310,524		391,923		264,280
Senior Secured Notes, due 2031 at 8.625%	968,017		1,047,430		—		—
Total financial liabilities	$	5,520,220	$	5,307,547	$	5,655,530	$	4,830,823

(1)Carrying value includes unamortized discounts, premiums and certain debt issuance costs.