Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Carrying Amount and Fair Value of Financial Instrument

The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. There were no transfers between levels in the fair value hierarchy for the nine months ended September 30, 2019. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated:

	As of September 30, 2019				As of December 31, 2018
Financial Instrument	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	6,587	$	6,587	$	9,316	$	9,316
Restricted cash		8,960		8,960		6,729		6,729
Derivative assets		982		982		8,307		8,307

Liabilities
Debt:
Unsecured credit facility		153,915		156,303		153,983		155,743
Term loans		298,594		300,000		248,380		250,000
Mortgages		526,821		528,140		583,125		577,112
Derivative liabilities		12,415		12,415		—		—