XML 41 R25.htm IDEA: XBRL DOCUMENT v3.21.2
Summary Of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2021
Summary Of Significant Accounting Policies [Line Items]  
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. The table below presents the financial instruments that are being valued for disclosure purposes as well as the Level at which they are categorized (as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”)).
Financial InstrumentLevel
Unsecured senior notes (1)Level 1
Related party note receivableLevel 3
Notes receivableLevel 3
Mortgage notes payableLevel 3
Unsecured line of credit (2)Level 3
_______________
(1)If trading value for the period is low, the valuation could be categorized as Level 2.
(2)As of June 30, 2021, there were no amounts outstanding under the unsecured line of credit.
Because the Company’s valuations of its financial instruments are based on the above Levels and involve the use of estimates, the actual fair values of its financial instruments may differ materially from those estimates.
The following table identifies the range and weighted average of significant unobservable inputs for the Company’s Level 3 fair value measured instruments.
Financial InstrumentLevelRangeWeighted Average
Related party note receivableLevel 33.60%3.60%
Notes receivableLevel 3
3.60% - 8.00%
5.83%
Mortgage notes payableLevel 3
2.40% - 4.75%
2.88%
Fair Value, by Balance Sheet Grouping [Table Text Block] The following table presents the aggregate carrying value of the Company’s related party note receivable, net, notes receivable, net, mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and unsecured term loan, net and the Company’s corresponding estimate of fair value as of June 30, 2021 and December 31, 2020 (in thousands):
 June 30, 2021December 31, 2020
 Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Related party note receivable, net$77,872 $83,779 $77,552 $84,579 
Notes receivable, net19,087 19,709 18,729 19,372 
Total$96,959 $103,488 $96,281 $103,951 
Mortgage notes payable, net$2,901,709 $3,053,824 $2,909,081 $3,144,150 
Unsecured senior notes, net9,634,356 10,385,016 9,639,287 10,620,527 
Unsecured line of credit— — — — 
Unsecured term loan, net— — 499,390 500,326 
Total$12,536,065 $13,438,840 $13,047,758 $14,265,003