Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024				As of December 31, 2023
Financial Instrument	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	21,275	$	21,275	$	22,852	$	22,852
Restricted cash	20,625		20,625		27,880		27,880
Derivative assets	38,845		38,845		29,937		29,937

Liabilities
Debt:
Unsecured Revolver	108,094		109,370		233,362		235,607
Unsecured Term loans	597,698		601,508		597,544		602,589
Secured credit facilities	604,019		547,901		606,099		554,198
Mortgages (1)	967,287		886,882		1,112,404		1,029,028

(1)Includes indebtedness associated with real estate held for sale of $64,825.

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 $15,107 during the three months ended March 31, 2024 at one of the properties classified as held for sale as of March 31, 2024. The impairment charge was determined by comparing the fair value of the property to its carrying value. The fair value was based on executed purchase and sale agreements and was determined to be a Level 3 fair value measurement within the fair value hierarchy.