Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures (Tables)

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Fair Value Measures (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, 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, 2024
Derivative liabilities $ —  $ 45  $ —  $ 45 
Level 1 Level 2 Level 3
Balance as of December 31, 2023
Derivative liabilities $ —  $ 264  $ —  $ 264 
Schedule of Provisions for Impairment
The following table summarizes our provisions for impairment during the periods indicated below (dollars in thousands):
Three Months Ended March 31,
2024 2023
Number of properties 2  3 
Carrying value of impaired properties $ 30,060  $ 28,357 
Provisions for impairment (19,685) (3,754)
Estimated fair value $ 10,375  $ 24,603 
Schedule of Assets Measured at Fair Value on a Non-recurring Basis
The following tables present certain of the Company’s assets measured at fair value on a non-recurring basis as of March 31, 2024 and December 31, 2023, 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 March 31, 2024
Assets of properties held and used $ —  $ 2,100  $ 8,275  $ 10,375 
Level 1
Level 2 (1)
Level 3 (1)
Balance as of December 31, 2023
Assets of properties held and used $ —  $ —  $ 5,402  $ 5,402 
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(1)The fair value of the level 2 category is derived using negotiated sales prices with third parties and the fair value of the level 3 category is derived using discounted cash flow analysis and management estimates of selling prices.
Schedule of Fair Value, by Balance Sheet Grouping The fair values of the Company’s long-term financial instruments are reported below (dollars in thousands):
Level
Carrying Value at March 31, 2024
Fair Value at March 31, 2024
Carrying Value at December 31, 2023
Fair Value at December 31, 2023
Assets:
Notes receivable 3 $ 2,500  $ 2,500  $ 2,500  $ 2,500 
Liabilities (1):
Mortgages payable 2 $ 355,000  $ 331,245  $ 355,000  $ 334,897 
Credit facility revolver 2 116,000  116,000  116,000  116,000 
Derivative liabilities 2 45  45  264  264 
Total $ 471,045  $ 447,290  $ 471,264  $ 451,161 
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(1)Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.