Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Schedule of Fair Value Measurement Inputs

The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of September 30, 2020 and December 31, 2019, aggregated by the level in the fair value hierarchy within which those measurements fall:

		Balance		Fair Value Measurements Using
Description		September 30, 2020		(Level 1)		(Level 2)		(Level 3)
Interest rate swap liabilities		$	(19,687)	$	—	$	(19,687)	$	—
Impaired property held for sale	(1)	$	8,742	$	—	$	—	$	8,742

(1)    Represents a non-recurring fair value measurement. The fair value is calculated as of the date of the impairment. The Company measured these impairment charges based on discounted cash flow analysis, using a hold period of ten years and residual capitalization rates and discount rates ranging from 8.0% to 9.0% and 9.0% to 12.0%, respectively. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy.

		Balance		Fair Value Measurements Using
Description		December 31, 2019		(Level 1)		(Level 2)		(Level 3)
Interest rate swap liabilities		$	(1,928)	$	—	$	(1,928)	$	—
Impaired real estate assets	(1)	$	4,846	$	—	$	—	$	4,846

(1)    Represents a non-recurring fair value measurement. The fair value is calculated as of the date of the impairment

Schedule of Carrying Amounts and Fair Value of Financial Instruments

The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments, excluding held for sale assets, as of September 30, 2020 and December 31, 2019:

	As of September 30, 2020				As of December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Liabilities
Debt	$	1,361,953	$	1,375,415	$	1,311,977	$	1,276,589