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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024 and December 31, 2023:
Assets/(Liabilities)Total Fair ValueLevel 1Level 2Level 3
June 30, 2024
Interest Rate Swap Asset$22,710 $— $22,710 $— 
Mutual Funds Asset$7,610 $7,610 $— $— 
December 31, 2023
Interest Rate Swap Asset$26,942 $— $26,942 $— 
Mutual Funds Asset$7,148 $7,148 $— $— 
Schedule of Quantitative Information Related to Non-recurring Fair Value Measurements
The following table is a summary of the quantitative fair value information for the two impaired real estate assets for the six months ended June 30, 2024. The Company used the estimated selling prices less estimated costs to sell based on selling agreements with potential buyers, which the Company considered as a Level 2 measurement within the fair value hierarchy:
Range of Inputs
Unobservable InputsOther segment
Estimated selling price less cost to sell (per square foot)
$63.00 - $134.00
The Company estimates the fair value of the real estate in the Other segment by using the discounted cash flow method, which the Company considered as Level 3 measurements within the fair value hierarchy:
Range of Inputs
Unobservable InputsReporting Unit: Other
Market rent per square foot
$5.00 - $27.50
Discount rate
7.25% - 15.00%
Terminal capitalization rate
6.25% - 9.50%
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments The Company determined that the secured 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, 2024December 31, 2023
 Fair Value
Carrying Value (1)
Fair Value
Carrying Value (1)
BOA II Loan$222,773 $250,000 $220,730 $250,000 
AIG Loan II98,830 105,576 115,340 119,953 
AIG Loan84,820 91,187 92,444 92,444 
Pepsi Bottling Ventures Mortgage Loan17,236 17,236 17,439 17,439 
Highway 94 Mortgage Loan— — 11,709 11,709 
Total Secured Debt$423,659 $463,999 $457,662 $491,545 
(1)The carrying values do not include the debt premium/(discount) or deferred financing costs as of June 30, 2024 and December 31, 2023. See Note 5, Debt, for details.