Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2023 |
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| Fair Value Disclosures [Abstract] |
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| Fair Value Measurements, Recurring |
The Company’s financial assets that were accounted for at fair value on a recurring basis were as follows (in thousands):
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Fair Value Hierarchy Level |
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Description |
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Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
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Derivatives held at March 31, 2023 |
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Interest rate swap assets |
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$ |
26,140 |
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$ |
— |
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$ |
26,140 |
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$ |
— |
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Interest rate swap liabilities |
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$ |
(299 |
) |
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$ |
— |
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$ |
(299 |
) |
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$ |
— |
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| Fair Value Measurements, Nonrecurring |
The Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates were as follows (in thousands):
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Fair Value Hierarchy Level |
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Description |
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Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
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Assets held at March 31, 2023 |
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Impaired at March 31, 2023 |
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$ |
28,426 |
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$ |
— |
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$ |
— |
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$ |
28,426 |
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Assets held at December 31, 2022 |
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Impaired at June 30, 2022 |
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$ |
4,700 |
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$ |
— |
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$ |
— |
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$ |
4,700 |
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Impaired at September 30, 2022 |
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$ |
4,094 |
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$ |
— |
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$ |
— |
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$ |
4,094 |
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Impaired at December 31, 2022 |
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$ |
29,636 |
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$ |
— |
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$ |
— |
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$ |
29,636 |
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| Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale |
The Company estimated property fair value using price per square foot from unobservable inputs. The unobservable inputs for these properties are as follows:
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Unobservable Input |
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Asset Type |
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Property Count |
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Price Per Square Foot Range |
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Weighted Average Price Per Square Foot |
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Square Footage |
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March 31, 2023 |
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PSA, LOI or BOV |
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Retail |
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10 |
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$13.93 - $183.69 |
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$ |
92.54 |
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209,409 |
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PSA, LOI or BOV |
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Office |
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1 |
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$104.74 |
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$ |
104.74 |
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45,686 |
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PSA, LOI or BOV |
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Data Center |
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1 |
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$22.61 |
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$ |
22.61 |
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188,475 |
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December 31, 2022 |
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PSA, LOI or BOV |
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Retail |
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12 |
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$30.00 - $384.88 |
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$ |
93.60 |
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223,225 |
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PSA, LOI or BOV |
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Data Center |
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1 |
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$24.94 |
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$ |
24.94 |
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188,475 |
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Comparable Properties |
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Retail |
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3 |
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$26.05 - $197.15 |
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$ |
56.36 |
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100,195 |
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Comparable Properties |
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Office |
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2 |
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$71.69 - $135.00 |
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$ |
98.97 |
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73,000 |
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| Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments |
The following table discloses fair value information for these financial instruments (in thousands):
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March 31, 2023 |
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December 31, 2022 |
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Carrying
Value |
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Estimated
Fair Value |
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Carrying
Value |
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Estimated
Fair Value |
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Loans receivable, net(1) |
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$ |
56,270 |
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$ |
57,821 |
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$ |
23,023 |
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$ |
23,462 |
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2019 Credit Facility |
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98,000 |
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97,999 |
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55,500 |
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55,502 |
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2022 Term Loans, net (2) |
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792,813 |
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801,667 |
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792,309 |
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802,363 |
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Senior Unsecured Notes, net (2) |
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2,723,503 |
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2,390,320 |
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2,722,514 |
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2,310,547 |
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Mortgages payable, net (2) |
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4,841 |
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4,650 |
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4,986 |
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4,685 |
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(1) The carrying value of the loans receivable are net of an allowance for credit losses. (2) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.
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