Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

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 three months ended March 31, 2021. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated:

	As of March 31, 2021				As of December 31, 2020
Financial Instrument	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	8,653	$	8,653	$	8,751	$	8,751
Restricted cash		4,449		4,449		4,864		4,864
Derivative assets		2,810		2,810		-		-

Liabilities
Debt:
Unsecured credit facility		192,782		194,302		183,110		184,802
Term loans		298,846		300,000		298,759		300,000
Mortgages		456,003		470,234		463,817		479,929
Derivative liabilities		19,540		19,540		29,842		29,842