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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured at fair value
The table below presents our assets and liabilities measured at fair value on a recurring basis as of March 31, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall:
 
Quoted Prices in
Active Markets for
Identical Assets
and Liabilities
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Liabilities:
 
 
 
 
 
 
 
Derivative financial instruments
$

 
$
8,990,000

 
$

 
$
8,990,000

The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2019, aggregated by the level in the fair value hierarchy within which those measurements fall:
 
Quoted Prices in
Active Markets for
Identical Assets
and Liabilities
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Liabilities:
 
 
 
 
 
 
 
Derivative financial instruments
$

 
$
4,385,000

 
$

 
$
4,385,000

Schedule of carrying amounts and estimated fair values of financial instruments
The carrying amounts and estimated fair values of such financial instruments as of March 31, 2020 and December 31, 2019 were as follows:
 
March 31, 2020
 
December 31, 2019
 
Carrying
Amount(1)
 
Fair
Value
 
Carrying
Amount(1)
 
Fair
Value
Financial Liabilities:
 
 
 
 
 
 
 
Mortgage loans payable
$
18,233,000

 
$
20,807,000

 
$
26,070,000

 
$
26,677,000

Line of credit and term loans
$
469,966,000

 
$
462,391,000

 
$
393,217,000

 
$
396,891,000

___________
(1)
Carrying amount is net of any discount/premium and deferred financing costs.