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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Recurring Measurements
The following financial instruments are remeasured at fair value on a recurring basis:
Fair Value Measurements as of
December 31, 2024December 31, 2023
Cash Flow Hedges: (a) (b)
Level 1Level 2 (c)Level 3Level 1Level 2 (c)Level 3
Derivative interest rate swaps— $14,426 — — $18,074 — 
(a)During the twelve months subsequent to December 31, 2024, an estimated $8,083 of derivative interest rate balances recognized in accumulated comprehensive income will be reclassified into earnings.
(b)As of December 31, 2024 and 2023, the Company determined that the credit valuation adjustments associated with nonperformance risk are not significant to the overall valuation of its derivatives. As a result, the Company's derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy.
(c)Derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively.
Level 1
At December 31, 2024 and 2023, the Company had no Level 1 recurring fair value measurements.
Level 2
To calculate the fair value of the derivative interest rate instruments, the Company primarily uses quoted prices for similar contracts and inputs based on data that are observed in the forward yield curve that is widely observable in the marketplace. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements that utilize Level 3 inputs, such as estimates of current credit spreads.
Level 3
At December 31, 2024 and 2023, the Company had no Level 3 recurring fair value measurements.
Non-Recurring Measurements
Investment Properties
During the year ended December 31, 2024, the Company recorded an impairment of real estate assets of $3,854 on one retail property after receiving and accepting a letter of intent to purchase the property for less than its carrying value. The estimated fair value of the property was based on this negotiated letter of intent. The property was sold on October 31, 2024 for $57,800, resulting in a loss on sale of $614, which was primarily closing costs.
During the years ended December 31, 2023 and 2022, the Company had no Level 3 nonrecurring fair value measurements.
Financial Instruments Not Measured at Fair Value
The following table summarizes the estimated fair value of financial instruments presented at carrying values in the Company's consolidated financial statements as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Carrying ValueEstimated 
Fair Value		Market
Interest Rate		Carrying ValueEstimated 
Fair Value		Market
Interest Rate
Mortgages payable$93,380 $87,576 6.64 %$168,548 $161,320 6.86 %
Senior notes250,000 236,480 6.23 %250,000 233,635 6.31 %
Term loans400,000 400,170 5.29 %400,000 399,539 5.10 %
Revolving line of credit— —   N/A — — N/A
The market interest rates used to estimate the fair value of the Company's mortgages payable, senior notes, term loans, and revolving line of credit reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company's. The Company classifies its debt instrument valuations within Level 2 of the fair value hierarchy.