Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Disaggregated Revenue by Source

The table below presents our revenues disaggregated by revenue source.

	For the year ended December 31,
	2021		2020		2019
Rental revenue (1)	$	240,829	$	203,512	$	195,120
Other property revenue (2)		8,663		7,655		7,500
Other revenue		760		739		603
Total revenue	$	250,252	$	211,906	$	203,223

(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, 2021				As of December 31, 2020
Financial Instrument	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	35,972	$	35,972	$	8,751	$	8,751
Restricted cash		29,699		29,699		4,864		4,864
Derivative assets		2,488		2,488		-		-

Liabilities
Debt:
Unsecured Revolver		274,109		274,109		183,110		184,802
Unsecured Term loans		497,951		497,951		298,759		300,000
Secured credit facilities		664,618		668,352		-		-
Mortgages		1,268,658		1,282,495		463,817		479,929
Derivative liabilities		11,896		11,896		29,842		29,842