Financial Instruments

9 Months Ended

Sep. 30, 2019

Financial Instruments

Financial Instruments

11.   Financial Instruments

The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted escrows, tenants’ accounts receivable, notes receivable and accounts payable and accrued expenses approximate their fair values because of the short maturity of these instruments.    The carrying amount of the note receivable approximates fair value because the interest rate is variable and reflective of the market rate.

The estimated fair value (in millions) of the Company’s mortgage debt is summarized as follows:

	As of September 30, 2019				As of December 31, 2018
			Estimated Fair				Estimated Fair
	Carrying Amount		Value		Carrying Amount		Value
Mortgages payable	$	141.7	$	143.1	$	120.0	$	119.8

The fair value of the mortgages payable was determined by discounting the future contractual interest and principal payments by estimated current market interest rates.