| 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 June 30, 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 | | June 30, 2021 | | | | | | | | | | Interest Rate Swap Liability | | $ | (37,205) | | | $ | — | | | $ | (37,205) | | | $ | — | | | Corporate Owned Life Insurance Asset | | $ | 6,753 | | | $ | — | | | $ | 6,753 | | | $ | — | | | Mutual Funds Asset | | $ | 5,258 | | | $ | 5,258 | | | $ | — | | | $ | — | | | Deferred Compensation Liability | | $ | (8,895) | | | $ | — | | | $ | (8,895) | | | $ | — | | | | | | | | | | | | 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) | | | $ | — | |
|
| 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. | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2021 | | December 31, 2020 | | | Fair Value | | Carrying Value (1) | | Fair Value | | Carrying Value (1) | | BOA Loan | $ | 357,049 | | | $ | 375,000 | | | $ | 355,823 | | | $ | 375,000 | | | BOA/KeyBank Loan | 261,885 | | | 250,000 | | | 263,454 | | | 250,000 | | | AIG Loan II | 120,944 | | | 125,710 | | | 121,011 | | | 126,792 | | | AIG Loan | 102,047 | | | 102,889 | | | 102,033 | | | 103,870 | | | Midland Mortgage Loan | 97,313 | | | 97,077 | | | 97,709 | | | 98,155 | | | Samsonite Loan | 20,271 | | | 19,648 | | | 21,030 | | | 20,165 | | | HealthSpring Mortgage Loan | 20,072 | | | 19,940 | | | 20,462 | | | 20,208 | | | Pepsi Bottling Ventures Loan | 18,686 | | | 18,404 | | | 18,942 | | | 18,587 | | | Highway 94 Loan | 13,953 | | | 14,215 | | | 14,447 | | | 14,689 | | | Emporia Partners Mortgage Loan | 1,397 | | | 1,377 | | | 1,654 | | | 1,627 | | | Total | $ | 1,013,617 | | | $ | 1,024,260 | | | $ | 1,016,565 | | | $ | 1,029,093 | |
(1)The carrying values do not include the debt premium/(discount) or deferred financing costs as of June 30, 2021 and December 31, 2020. See Note 5, Debt, for details.
|