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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of 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 December 31, 2023 and 2022:

Assets/(Liabilities)						Total Fair Value						Quoted Prices in Active Markets for Identical Assets and Liabilities						Significant Other Observable Inputs						Significant Unobservable Inputs
December 31, 2023
Interest Rate Swap Asset						$	26,942					$	—					$	26,942					$	—
Mutual Funds Asset						$	7,148					$	7,148					$	—					$	—
December 31, 2022
Interest Rate Swap Asset						$	41,404					$	—					$	41,404					$	—
Mutual Funds Asset						$	6,191					$	6,191					$	—					$	—

Schedule of Quantitative Information Related to Non-Recurring Fair Value Measurements

The following table is a summary of the quantitative fair value information for thirteen properties using the discounted cash flow approach, which the Company considered as Level 3 measurements within the fair value hierarchy:

						Range of Inputs or Input
Unobservable Inputs						Southwest						Northeast						West						Southeast
Market rent per square foot						$16.00 - $27.00						$15.00 - $30.00						$21.00						$14.00
Discount rate						8.50% - 15.00%						8.00% - 15.00%						9.00%						15.00%
Terminal capitalization rate						8.00% - 10.50%						6.50% - 9.00%						8.50%						9.00%

The following table is a summary of the quantitative fair value information for four properties using estimated selling prices based on quoted market values and comparable property sales, which the Company considered as Level 3 measurements within the fair value hierarchy:

Range of Inputs

Unobservable Inputs

Southwest

Northeast

West

Midwest

Estimated selling price (per square foot)

$235.00

$227.00

$30.00

$158.00

Anticipated hold period

One year

One year

One year

One year

The following table is a summary of the quantitative fair value information for fifteen properties in the Other reporting unit as of the valuation date using the discounted cash flow approach, which the Company considered as Level 3 measurements within the fair value hierarchy:

						Range of Inputs
Unobservable Inputs						Reporting Unit: Other
Market rent per square foot						$5.00 - $27.50
Discount rate						7.25% - 15.00%
Terminal capitalization rate						6.25% - 9.50%

The following table is a summary of the quantitative fair value information for three properties in the Other reporting unit as of the valuation date using estimated selling prices based on quoted market values and comparable property sales, which the Company considered as Level 3 measurements within the fair value hierarchy:

						Range of Inputs
Unobservable Inputs						Reporting Unit: Other
Estimated selling price (per square foot)						$38.92 - $74.07

Schedule of Carrying Values and Estimated Fair Values of Financial Instruments

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.

			December 31,
			2023												2022
			Fair Value						Carrying Value (1)						Fair Value						Carrying Value (1)
BOA II Loan			$	220,730					$	250,000					$	226,361					$	250,000
AIG Loan II			115,340						119,953						111,872						122,328
AIG Loan			92,444						92,444						89,526						99,794
Samsonite Mortgage Loan			—						—						17,998						17,998
HealthSpring Mortgage Loan			—						—						19,107						19,107
Pepsi Bottling Ventures Mortgage Loan			17,439						17,439						17,014						17,836
Highway 94 Mortgage Loan			11,709						11,709						11,941						12,740
Total			$	457,662					$	491,545					$	493,819					$	539,803

(1)The carrying values do not include the debt premium/(discount) or deferred financing costs as of December 31, 2023 and 2022. See Note 5, Debt, for details.

X

- 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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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