Annual report pursuant to Section 13 and 15(d)

Orion Office REIT, Fair Value Measures (Tables)

v3.22.1
Orion Office REIT, Fair Value Measures (Tables)
 12 Months Ended
Dec. 31, 2021
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 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 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):
Year Ended December 31,
2021 2020
Number of properties 10  1 
Carrying value of impaired properties $ 109,197  $ 29,129 
Provisions for impairment (49,859) (18,671)
Estimated fair value $ 59,338  $ 10,458 
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 December 31, 2021 Fair Value at December 31, 2021 Carrying Amount at December 31, 2020 Fair Value at December 31, 2020
Liabilities (1):
Bridge facility, net 2 355,000  355,000  $ —  $ — 
Credit facility term loan, net 2 175,000  175,000  —  — 
Credit facility revolver 2 90,000  90,000  —  — 
Mortgages payable assumed in connection with acquisitions 2 —  —  36,476  37,095 
Total $ 620,000  $ 620,000  $ 36,476  $ 37,095 
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(1)Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.