Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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 December 31, 2021 and 2020, aggregated by the level in the fair value hierarchy within which those measurements fall:


			Fair Value Measurements Using
Description	2021		(Level 1)		(Level 2)		(Level 3)

Interest rate swap liabilities	$	(6,258)	$	—	$	(6,258)	$	—
Impaired real estate assets (1)	$	12,735	$	—	$	—	$	12,735

(1) Represents non-recurring fair value measurement. The Company measured the $12,735 fair value based on a discounted cash flow analysis, using a discount rate ranging from 8.0% to 10.0% and a residual capitalization rate ranging from 7.5% to 8.0%. 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.


			Fair Value Measurements Using
Description	2020		(Level 1)		(Level 2)		(Level 3)
Interest rate swap liabilities	$	(17,963)	$	—	$	(17,963)	$	—
Impaired real estate assets (1)	$	21,141	$	—	$	2,480	$	18,661

(1) Represents non-recurring fair value measurement. The fair value is calculated as of the impairment date. $2,480 was based on an observable contract thus Level 2. The Company measured $18,661 of these fair values based on a discounted cash flow analysis, using a discount rate of 9.0% and residual capitalization rates ranging from 8.0% to 9.0%. 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.

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 as of December 31, 2021 and 2020:


	As of December 31, 2021				As of December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value



Liabilities
Debt	$	1,497,064	$	1,491,868	$	1,341,242	$	1,368,151

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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