Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Disaggregated Revenue by Source

The table below presents our revenues disaggregated by revenue source.

	For the year ended December 31,
	2020		2019		2018
Rental revenue (1)	$	203,512	$	195,120	$	184,330
Other property revenue (2)		7,655		7,500		6,382
Other revenue		739		603		520
Total revenue	$	211,906	$	203,223	$	191,232

(1)

Amounts include all revenue streams derived from lease and non-lease components accounted for under FASB ASC Topic 842.

(2)

Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASB ASC Topic 606.

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

	As of December 31, 2020				As of December 31, 2019
Financial Instrument	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	8,751	$	8,751	$	9,888	$	9,888
Restricted cash		4,864		4,864		4,545		4,545
Derivative assets		—		—		953		953

Liabilities
Debt:
Unsecured credit facility		183,110		184,802		183,966		186,302
Term loans		298,759		300,000		298,418		300,000
Mortgages		463,817		479,929		503,188		505,510
Derivative liabilities		29,842		29,842		7,769		7,769