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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of estimated fair value of derivatives measured by level of fair value hierarchy

The Company’s financial assets and liabilities measured and reported at fair value on a recurring basis include the following as of:

						June 30, 2021																								December 31, 2020
						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Interest rate cap derivative asset(1)						$	—					$	5					$	—					$	5					$	—					$	5					$	—					$	5
Interest rate swap derivative liabilities(2)						$	—					$	(6,532)					$	—					$	(6,532)					$	—					$	(10,106)					$	—					$	(10,106)
Non-real estate investments measured at fair value(1)						$	2,030					$	1,672					$	—					$	3,702					$	—					$	750					$	—					$	750
Stock purchase warrant(1)						$	—					$	1,839					$	—					$	1,839					$	—					$	—					$	—					$	—
Non-real estate investments measured at NAV(1)(3)						$	—					$	—					$	—					$	17,944					$	—					$	—					$	—					$	3,338

___________ 

1.Included in prepaid expenses and other assets, net on the Consolidated Balance Sheets.

2.Included in accounts payable, accrued liabilities and other on the Consolidated Balance Sheets.

3.According to the relevant accounting standards, certain investments that are measured at fair value using the NAV practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets.

Schedule of carrying value and fair value of notes payable

The table below represents the carrying value and fair value of the Company’s investment in securities and debt as of:

			June 30, 2021												December 31, 2020
			Carrying Value						Fair Value						Carrying Value						Fair Value
ASSETS
U.S. Government securities			$	132,222					$	136,436					$	135,115					$	140,270
LIABILITIES
Unsecured debt(1)			$	1,925,000					$	2,058,872					$	1,925,000					$	2,072,833
Secured debt(1)			$	1,593,813					$	1,592,751					$	1,507,276					$	1,503,960
In-substance defeased debt			$	129,971					$	130,267					$	131,707					$	131,633
Joint venture partner debt			$	66,136					$	69,288					$	66,136					$	68,346

_________________

1.Amounts represent debt excluding net deferred financing costs.

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are 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. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-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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