Quarterly report [Sections 13 or 15(d)]

Fair Value Measures (Tables)

v3.26.1
Fair Value Measures (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents 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 December 31, 2025
Derivative liabilities $ —  $ 5  $ —  $ 5 
Schedule of Provisions for Impairment
The following table summarizes the Company’s provisions for real estate asset 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.
Six Months Ended June 30,
2026 2025
Number of properties 1  6 
Carrying value of impaired properties $ 11,293  $ 64,209 
Provisions for impairment (6,296) (21,212)
Estimated fair value $ 4,997  $ 42,997 
Schedule of Assets Measured at Fair Value on a Non-recurring Basis
The following table presents certain of the Company’s assets which were subject to impairment as of the date 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 December 31, 2025
Assets of properties held for sale $ —  $ 12,803  $ —  $ 12,803 
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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 June 30, 2026
Fair Value at June 30, 2026
Carrying Value at December 31, 2025
Fair Value at December 31, 2025
Assets:
Notes receivable 3 $ —  $ —  $ 678  $ 678 
Liabilities (1):
Mortgages payable 2 $ 334,598  $ 313,984  $ 373,000  $ 365,853 
New Revolving Facility (2)
2 102,000  102,000  —  — 
Total $ 436,598  $ 415,984  $ 373,000  $ 365,853 
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(1)Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.
(2)The carrying value and fair value for the Original Revolving Facility has been excluded from the table as of December 31, 2025, as its maturity date was less than one year from the reporting date.