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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measure at Fair Value on a Recurring Basis

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 Value						Quoted Prices in Active Markets for Identical Assets and Liabilities						Significant Other Observable Inputs						Significant 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)					$	—

Quantitative Information Related to Non-recurring Fair Value Measurements

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 Road

Houston Westway I

Expected selling price per square foot

$8.30

$72.90

Estimated hold period

Less than one year

Less than one year

Schedule of Carrying Values and Estimated Fair Values of Financial Instruments

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, 2021												December 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.

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ 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 (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ 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 (b)
-URI http://asc.fasb.org/extlink&oid=117815213&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=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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