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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Quantitative Disclosure of the Fair Value for Each Major Category of Assets and Liabilities
The following financial instruments are remeasured at fair value on a recurring basis:
Fair Value Measurements as of
September 30, 2020December 31, 2019
Cash Flow Hedges: (a)
Level 1Level 2Level 3Level 1Level 2Level 3
Derivative interest rate assets (b)$— $— $— $— $1,057 $— 
Derivative interest rate liabilities (c)— (13,798)— — — — 
(a)During the twelve months subsequent to September 30, 2020, an estimated $4,172 of derivative interest rate liabilities recognized in accumulated comprehensive income (loss) will be reclassified into earnings.
(b)Recognized as a part of deferred costs and other assets, net, on the condensed consolidated balance sheets.
(c)Recognized as a part of other liabilities on the condensed consolidated balance sheets.
Fair Value of Financial Instruments Presented at Carrying Values
The table below summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of September 30, 2020 and December 31, 2019:
September 30, 2020December 31, 2019
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Mortgages payable$107,580 $107,194 $176,051 $178,937 
Term loans$400,000 $400,014 $400,000 $400,020 
Revolving line of credit$150,000 $150,172 $— $—