Quarterly report [Sections 13 or 15(d)]

Fair Value Measures (Tables)

v3.25.3
Fair Value Measures (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of 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 the dates indicated below, 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 September 30, 2025
Derivative liabilities $ —  $ 17  $ —  $ 17 
Level 1 Level 2 Level 3
Balance as of December 31, 2024
Derivative liabilities $ —  $ 15  $ —  $ 15 
Schedule of Provisions for Impairment
The following table summarizes the Company’s provisions for impairment during the periods indicated below (dollars in thousands). The impairment charges reflect changes in the Company’s future cash flow assumptions for agreed-upon or estimated sales proceeds with respect to real estate assets that were expected to be sold as well as changes to assumptions with regard to management’s intent to sell or lease the real estate assets.
Nine Months Ended September 30,
2025 2024
Number of properties 11  8 
Carrying value of impaired properties $ 179,243  $ 62,710 
Provisions for impairment (84,910) (25,365)
Estimated fair value $ 94,333  $ 37,345 
Schedule of Assets Measured at Fair Value on a Non-recurring Basis
The following tables present certain of the Company’s assets which were subject to impairment as of the dates indicated below and therefore, have been measured at fair value on a non-recurring basis, aggregated by the level in the fair value hierarchy within which those assets fall (in thousands):
Level 1
Level 2 (1)
Level 3 (1)
Balance as of September 30, 2025
Assets of properties held and used $ —  $ —  $ 44,378  $ 44,378 
Assets of properties held for sale —  14,969  —  14,969 
Total $ —  $ 14,969  $ 44,378  $ 59,347 
Level 1
Level 2 (1)
Level 3 (1)
Balance as of December 31, 2024
Assets of properties held and used $ —  $ —  $ 22,903  $ 22,903 
Assets of properties held for sale —  9,671  —  9,671 
Total $ —  $ 9,671  $ 22,903  $ 32,574 
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(1)The fair value of the level 2 category was derived using negotiated sales prices with third parties and the fair value of the level 3 category was derived using discounted cash flow analysis and management estimates of selling prices.
Schedule of Fair Value, by Balance Sheet Grouping The following table presents carrying values and fair values of the Company’s long-term financial instruments as of the dates indicated below (dollars in thousands):
Level
Carrying Value at September 30, 2025
Fair Value at September 30, 2025
Carrying Value at December 31, 2024
Fair Value at December 31, 2024
Assets:
Notes receivable 3 6,725  6,725  3,900  3,900 
Liabilities (1):
Mortgages payable 2 $ 373,000  $ 363,811  $ 373,000  $ 352,476 
Derivative liabilities 2 17  17  15  15 
Total $ 373,017  $ 363,828  $ 373,015  $ 352,491 
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(1)Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.