Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures (Tables)

v3.23.3
Fair Value Measures (Tables)
 9 Months Ended
Sep. 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 September 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 September 30, 2023
Derivative assets $ —  $ 986  $ —  $ 986 
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):
Nine Months Ended September 30,
2023 2022
Number of properties 6  10 
Carrying value of impaired properties $ 54,803  $ 98,633 
Provisions for impairment (26,976) (54,161)
Estimated fair value $ 27,827  $ 44,472 
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 September 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 September 30, 2023
Assets of properties held and used $ —  $ 10,000  $ 2,762  $ 12,762 
Assets of properties held for sale —  1,316  —  1,316 
Total $ —  $ 11,316  $ 2,762  $ 14,078 
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 September 30, 2023
Fair Value at September 30, 2023
Carrying Value at December 31, 2022
Fair Value at December 31, 2022
Assets:
Derivative assets 2 $ 986  $ 986  $ 6,308  $ 6,308 
Liabilities (1):
Mortgages payable 2 355,000  332,924  355,000  332,323 
Credit facility term loan 2 —  —  175,000  175,000 
Credit facility revolver 2 175,000  175,000  —  — 
Total $ 530,000  $ 507,924  $ 530,000  $ 507,323 
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(1)Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.