v3.25.4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Carrying amounts and fair value of financial instruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at December 31, 2025 and 2024.
| December 31,
2025 |  | 2024
Carrying Amount (1) |  | Fair Value |  | Carrying Amount (1) |  | Fair Value
(In thousands)
Financial Assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,007 |  |  | 1,007 |  |  | 17,529 |  |  | 17,529 |
Interest rate swap assets | 10,500 |  |  | 10,500 |  |  | 21,953 |  |  | 21,953 |
Financial Liabilities: |  |  |  |  |  |  |
Unsecured bank credit facilities — Variable rate (2) | 18,845 |  |  | 18,883 |  |  | — |  |  | — |
Unsecured debt (2) | 1,615,000 |  |  | 1,548,414 |  |  | 1,510,000 |  |  | 1,403,754 |
Interest rate swap liabilities | 2,143 |  |  | 2,143 |  |  | — |  |  | — |
(1)Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below. (2)Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 5 and 6 for additional information). The following methods and assumptions were used to estimate the fair value of each class of financial instruments: •Cash and cash equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amounts approximate fair value due to the short maturity of those instruments. •Interest rate swap assets (included in Other assets, net on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, SOFR swap curves, observable for substantially the full term of the contract (Level 2 input). See Note 12 for additional information on the Company’s interest rate swaps. •Unsecured bank credit facilities: The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input), excluding the effects of debt issuance costs. •Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. •Interest rate swap liabilities (included in Other liabilities on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, SOFR swap curves, observable for substantially the full term of the contract (Level 2 input). See Note 12 for additional information on the Company’s interest rate swaps.

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