Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures (Tables)

v3.23.2
Fair Value Measures (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):
Level 1 Level 2 Level 3
Balance as of June 30, 2023
Derivative assets $ —  $ 3,026  $ —  $ 3,026 
Level 1 Level 2 Level 3
Balance as of December 31, 2022
Derivative assets $ —  $ 6,308  $ —  $ 6,308 
Schedule of Provisions for Impairment
The following table summarizes our provisions for impairment during the periods indicated below (dollars in thousands):
Six Months Ended June 30,
2023 2022
Number of properties 4  6 
Carrying value of impaired properties $ 38,147  $ 31,319 
Provisions for impairment (15,573) (9,360)
Estimated fair value $ 22,574  $ 21,959 
Schedule of Assets Measured at Fair Value on a Non-recurring Basis
The following table presents certain of the Company’s assets measured at fair value on a non-recurring basis as of June 30, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those assets fall (in thousands):
Level 1
Level 2(1)
Level 3(1)
Balance as of June 30, 2023
Assets of properties held and used $ —  $ 5,825  $ 3,000  $ 8,825 
Assets of properties held for sale —  13,749  —  13,749 
Total $ —  $ 19,574  $ 3,000  $ 22,574 
Level 1
Level 2 (1)
Level 3 (1)
Balance as of December 31, 2022
Assets of properties held and used $ —  $ 38,900  $ 11,957  $ 50,857 
Assets of properties held for sale —  2,502  —  2,502 
Total $ —  $ 41,402  $ 11,957  $ 53,359 
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(1)The fair value of the level 2 category was derived using negotiated sales prices with third parties and the fair value of the level 3 category was derived using discounted cash flow analysis and management estimates of selling prices.
Schedule of Fair Value, by Balance Sheet Grouping The fair values of the Company’s long-term financial instruments are reported below (dollars in thousands):
Level
Carrying Value at June 30, 2023
Fair Value at June 30, 2023
Carrying Value at December 31, 2022
Fair Value at December 31, 2022
Assets:
Derivative assets 2 $ 3,026  $ 3,026  $ 6,308  $ 6,308 
Liabilities (1):
Mortgages payable 2 355,000  324,818  355,000  332,323 
Credit facility term loan 2 —  —  175,000  175,000 
Credit facility revolver 2 175,000  175,000  —  — 
Total $ 530,000  $ 499,818  $ 530,000  $ 507,323 
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(1)Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.