Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated:

	As of September 30, 2020				As of December 31, 2019
Financial Instrument	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	9,891	$	9,891	$	9,888	$	9,888
Restricted cash		7,218		7,218		4,545		4,545
Derivative assets		—		—		953		953

Liabilities
Debt:
Unsecured credit facility		239,938		241,803		183,966		186,302
Term loans		298,673		300,000		298,418		300,000
Mortgages		465,626		484,096		503,188		505,510
Derivative liabilities		33,453		33,453		7,769		7,769