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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Quantitative Disclosure of The Fair Value For Each Major Category Of Assets And Liabilities

The following financial instruments are remeasured at fair value on a recurring basis:

Fair Value Measurements as of

Cash Flow Hedges: (a)

December 31, 2021

December 31, 2020

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Derivative interest rate liabilities (b)(c)

—

$

(4,322)

—

—

(12,449)

—

(a)During the twelve months subsequent to December 31, 2021, an estimated $3,068 of derivative interest rate liabilities recognized in accumulated comprehensive loss will be reclassified into earnings.

(b)The Company's and IAGM's derivative liabilities are recognized as a part of other liabilities and investment in unconsolidated entities, respectively, on the Company's consolidated balance sheets.

(c)As of December 31, 2021 and 2020, the Company determined that the credit valuation adjustments associated with nonperformance risk are not significant to the overall valuation of its derivatives. As a result, the Company's derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy.

Assets Measured at Fair Value on Non-Recurring Basis

The following table summarizes activity for the Company’s assets measured at fair value on a non-recurring basis and the related impairment charges for the years ended December 31, 2021, 2020, and 2019:

			December 31, 2021												December 31, 2020												December 31, 2019
			Level 3						Impairment Loss						Level 3						Impairment Loss						Level 3						Impairment Loss
Investment properties			$	—					$	—					$	5,500					$	9,002					$	42,250					$	2,359

Fair Value of Financial Instruments Presented at Carrying Values

The table below represents the estimated fair value of financial instruments presented at carrying values in the Company's consolidated financial statements as of December 31, 2021 and 2020:

			December 31, 2021												December 31, 2020
			Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Mortgages payable			$	105,955					$	104,938					$	107,261					$	106,494
Term loans			$	400,000					$	400,470					$	400,000					$	400,055
Revolving line of credit			$	31,000					$	31,062					$	50,000					$	50,032

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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-Section 50
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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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