Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2021. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated:

	As of June 30, 2021				As of December 31, 2020
Financial Instrument	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	7,566	$	7,566	$	8,751	$	8,751
Restricted cash		6,441		6,441		4,864		4,864
Derivative assets		853		853		—		—

Liabilities
Debt:
Unsecured credit facility		118,150		119,503		183,110		184,802
Unsecured term loans		497,752		500,000		298,759		300,000
Mortgages (1)		440,561		454,257		463,817		479,929
Derivative liabilities		19,386		19,386		29,842		29,842

(1)

Includes indebtedness associated with real estate held for sale.