Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Carrying Amount and Fair Value of Financial Instrument

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


	As of September 30, 2023				As of December 31, 2022
Financial Instrument	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	17,216	$	17,216	$	16,084	$	16,084
Restricted cash	31,772		31,772		27,933		27,933
Derivative assets	53,258		53,258		41,109		41,109

Liabilities
Debt:
Unsecured Revolver	240,235		242,468		164,283		169,842
Unsecured Term loans	597,390		601,772		596,612		611,265
Secured credit facilities	638,204		565,371		660,542		580,332
Mortgages (1)	1,239,881		1,116,377		1,210,208		1,088,579

(1)Includes indebtedness associated with real estate held for sale of $40,593.

In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis as required by U.S. GAAP. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges. As discussed further in Note 3 “Investments in Real Estate”, we recognized an impairment charge of $11,268 during the three months ended September 30, 2023 at the property classified as held for sale as of September 30, 2023. The impairment charge was determined by comparing the fair value of the property to its carrying value. The fair value was based on an internally prepared valuation whose principal assumptions were unobservable cap rates that ranged from 6.0% - 6.5% and was determined to be a Level 3 fair value measurement within the fair value hierarchy.