Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.23.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of fair value assets and liabilities measured on recurring basis
The table below sets forth our financial assets and liabilities accounted for at fair value on a recurring basis as of September 30, 2023 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands):
Description Quoted Prices in
Active Markets for
Identical Assets (Level 1)		 Significant Other
Observable Inputs
(Level 2)		 Significant
Unobservable 
Inputs
(Level 3)		 Total
Assets: (1)        
Marketable securities in deferred compensation plan $ 1,748  $ —  $ —  $ 1,748 
Interest rate derivatives —  6,736  —  6,736 
Total assets $ 1,748  $ 6,736  $ —  $ 8,484 
Liabilities: (2)        
Deferred compensation plan liability $ —  $ 1,748  $ —  $ 1,748 
(1)Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
(2)Included in the line entitled “other liabilities” on our consolidated balance sheet.
Schedule of quantitative information about significant unobservable inputs
The table below sets forth quantitative information about significant unobservable inputs used for the Level 3 fair value measurements reported above as of September 30, 2023 (dollars in thousands):
Valuation Technique Fair Values on Measurement Date Unobservable Input Range (Weighted Average (1))
Discounted cash flow (2) $ 257,800  Terminal capitalization rate
6.5% - 9.5% (8.0%)
Discount rate
7.5% - 10.5% (9.0%)
Comparable sales price (3) $ 53,500  Comparable sales price N/A
(1)Weighted average calculation based on relative fair value.
(2)This technique was used for the operating properties in Baltimore, Maryland and Washington, D.C. For the properties in Baltimore, Maryland, the terminal capitalization rate was 9.5% and the discount rate was 10.5%. For the property in Washington, D.C., the terminal capitalization rate was 6.5% and the discount rate was 7.5%.
(3)This technique was used for the operating properties in Northern Virginia and a parcel of land in Baltimore, Maryland.