Quarterly report pursuant to Section 13 or 15(d)

Orion Office REIT, Fair Value Measures (Tables)

v3.22.1
Orion Office REIT, Fair Value Measures (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):
Level 1 Level 2 Level 3 Balance as of March 31, 2022
Assets:
Derivative assets $ —  $ 4,356  $ —  $ 4,356 
Level 1 Level 2 Level 3 Balance as of December 31, 2021
Assets:
Derivative assets $ —  $ 299  $ —  $ 299 
Provisions for Impairment
The following table summarizes our provisions for impairment during the periods indicated below (dollars in thousands):
Three Months Ended March 31,
2022
Number of properties 2 
Carrying value of impaired properties $ 8,728 
Provisions for impairment (1,602)
Estimated fair value $ 7,126 
Schedule of Fair Value, by Balance Sheet Grouping The fair values of the Company’s financial instruments are reported below (dollar amounts in thousands):
Level Carrying Amount at March 31, 2022 Fair Value at March 31, 2022 Carrying Amount at December 31, 2021 Fair Value at December 31, 2021
Liabilities (1):
Bridge facility, net 2 —  —  $ 355,000  $ 355,000 
Mortgages payable, net 2 355,000  359,166  —  — 
Credit facility term loan, net 2 175,000  175,000  175,000  175,000 
Credit facility revolver 2 91,000  91,000  90,000  90,000 
Total $ 621,000  $ 625,166  $ 620,000  $ 620,000 
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(1)Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.