Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Quantitative Disclosure of the Fair Value for Each Major Category of Assets and Liabilities

The following financial instruments are remeasured at fair value on a recurring basis:

	Fair Value Measurements as of
	June 30, 2020							December 31, 2019
Cash Flow Hedges: (a)	Level 1		Level 2			Level 3		Level 1		Level 2		Level 3
Derivative interest rate assets (b)	$	—	$	—		$	—	$	—	$	1,057	$	—
Derivative interest rate liabilities (c)	—		(14,816		)	—		—		—		—

(a) During the twelve months subsequent to June 30, 2020, an estimated $4,147 of derivative interest rate liabilities recognized in accumulated comprehensive income (loss) will be reclassified into earnings.

(b) Recognized as a part of deferred costs and other assets, net, on the condensed consolidated balance sheets.

(c)

Recognized as a part of other liabilities on the condensed consolidated balance sheets.

Fair Value of Financial Instruments Presented at Carrying Values

The table below summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of June 30, 2020 and December 31, 2019:

	June 30, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Mortgages payable	$	107,891	$	107,682	$	176,051	$	178,937
Term loans	$	400,000	$	400,017	$	400,000	$	400,020
Revolving line of credit	$	150,000	$	150,260	$	—	$	—