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Pursuant to the OP Amendment, restricted partners holding OP Units have the proper to cause the OP to redeem their items at a redemption worth equal to and within the type of the Cash Amount (as defined within the partnership agreement of the OP), provided that such OP Units have been outstanding for at the very least one 12 months. Pursuant to the Sub OP Amendments, limited partners holding Sub OP Units have the fitting to trigger the Sub OP to redeem their items at a redemption worth equal to and in the form of the Cash Amount (as outlined within the partnership agreement of the Sub OPs), provided that such OP Units have been outstanding for at least one yr. Accordingly, the corporate data the OP Units held by noncontrolling limited partners exterior of everlasting fairness and reviews the OP Units at the higher of their carrying worth or their redemption worth utilizing the Company’s stock price at each balance sheet date. The estimated truthful values of different financial instruments had been decided by the company utilizing obtainable market data and applicable valuation methodologies. In calculating the fair value of its long-time period indebtedness, the company used interest rate and unfold assumptions that mirror present credit worthiness and market conditions obtainable for the issuance of lengthy-time period debt with related terms and remaining maturities.


Considerable judgment is necessary to interpret market knowledge and develop estimated truthful values. The use of different market assumptions or estimation methodologies may have a fabric effect on the estimated fair worth quantities. The company might utilize varied strategies to affect the repurchases, and the timing and extent of the repurchases will rely upon several factors, together with market and business conditions, regulatory requirements and other company issues, together with whether the Company’s frequent stock is buying and selling at a major discount to net asset worth per share. In reference to the IPO on February 11, 2020, the company and the OP GP amended the partnership settlement of the OP (the "OP Amendment"). As of March 31, 2020, the company is the only restricted accomplice in the OP. The new normal is efficient for the corporate for annual and interim intervals starting after December 15, 2023. While the corporate is at the moment evaluating the affect ASU 2016-thirteen can have on the Company’s consolidated monetary statements, the ultimate affect will rely on the portfolio and information and circumstances close to the date of adoption. Redeemable noncontrolling pursuits in the Sub OPs have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling pursuits in the Sub OPs.


Redeemable noncontrolling pursuits in the OP have a redemption function and are marked to their redemption worth if such value exceeds the carrying worth of the redeemable noncontrolling pursuits within the OP. The honest values of cash and money equivalents, accrued curiosity and dividends, accounts payable and different accrued liabilities and accrued curiosity payable approximated their carrying values due to the brief-term nature of those devices. Long-term indebtedness is carried at quantities that fairly approximate their truthful worth. The Company’s borrowings underneath secured financing agreements and grasp repurchase agreements are treated as collateralized financing arrangements carried at their contractual quantities, web of unamortized debt issuance prices, if any. Notwithstanding the foregoing, a limited partner is not going to be entitled to train its redemption right to the extent the issuance of the Company’s widespread inventory to the redeeming restricted associate would (1) be prohibited, as determined within the Company’s sole discretion, underneath the Company’s charter or (2) cause the acquisition of common stock by such redeeming limited accomplice to be "integrated" with another distribution of the Company’s widespread inventory for purposes of complying with the Securities Act.