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Fair Value Measurements
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company is required to disclose fair value information about all financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate fair value. The Company measures and discloses the estimated fair value of financial assets and liabilities utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities, (ii) "significant other observable inputs," and (iii) "significant unobservable inputs." "Significant other observable inputs" can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. "Significant unobservable inputs" are typically based on an entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers between the levels in the fair value hierarchy during the three months ended March 31, 2021 and the year ended December 31, 2020.
The following table sets forth the assets and liabilities that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2021 and December 31, 2020:
Assets/(Liabilities)Total Fair ValueQuoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable InputsSignificant Unobservable Inputs
March 31, 2021
Interest Rate Swap Liability$(37,559)$— $(37,559)$— 
Corporate Owned Life Insurance Asset$4,609 $— $4,609 $— 
Mutual Funds Asset$6,939 $6,939 $— $— 
Deferred Compensation Liability$(8,554)$— $(8,554)$— 
December 31, 2020
Interest Rate Swap Liability$(53,975)$— $(53,975)$— 
Corporate Owned Life Insurance Asset$4,454 $— $4,454 $— 
Mutual Funds Asset$6,643 $6,643 $— $— 
Deferred Compensation Liability$(10,599)$— $(10,599)$— 
Real Estate
For the three months ended March 31, 2021, in connection with the preparation and review of the Company's financial statements, the Company determined that two of the Company's properties were impaired based on expected hold period and selling price. The Company considered these inputs as Level 3 measurements within the fair value hierarchy. The following table is a summary of the quantitative information related to the non-recurring fair value measurement for the impairment of the Company's real estate properties for the three months ended March 31, 2021
Range of Inputs or Inputs
Unobservable Inputs:2200 Channahon RoadHouston Westway I
Expected selling price per square foot $8.30$72.90
Estimated hold period
Less than one year
Less than one year
Financial Instruments Disclosed at Fair Value
Financial instruments as of March 31, 2021 and December 31, 2020 consisted of cash and cash equivalents, restricted cash, accounts receivable, accrued expenses and other liabilities, and mortgage payable and other borrowings, as defined in Note 5, Debt. With the exception of the mortgage loans in the table below, the amounts of the financial instruments presented in the consolidated financial statements substantially approximate their fair value as of March 31, 2021 and December 31, 2020. The fair value of the ten mortgage loans in the table below is estimated by discounting each loan’s principal balance over the remaining term of the mortgage using current borrowing rates available to the Company for debt instruments with similar terms and maturities. The Company determined that the mortgage debt valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt.
 March 31, 2021December 31, 2020
 Fair Value
Carrying Value (1)
Fair Value
Carrying Value (1)
BOA Loan$354,417 $375,000 $355,823 $375,000 
BOA/KeyBank Loan$262,283 $250,000 $263,454 $250,000 
AIG Loan II$120,491 $126,241 $121,011 $126,792 
AIG Loan$101,596 $103,383 $102,033 $103,870 
Midland Mortgage Loan$97,600 $97,619 $97,709 $98,155 
Samsonite Loan$20,603 $19,908 $21,030 $20,165 
HealthSpring Mortgage Loan$20,204 $20,073 $20,462 $20,208 
Pepsi Bottling Ventures Loan$18,767 $18,496 $18,942 $18,587 
Highway 94 Loan$14,148 $14,453 $14,447 $14,689 
Emporia Partners Mortgage Loan$1,526 $1,502 $1,654 $1,627 
Total$1,011,635 $1,026,675 $1,016,565 $1,029,093 
(1)The carrying values do not include the debt premium/(discount) or deferred financing costs as of March 31, 2021 and December 31, 2020. See Note 5, Debt, for details.