XML 26 R14.htm IDEA: XBRL DOCUMENT v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
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
June 30, 2025December 31, 2024
Cash Flow Hedges: (a) (b)
Level 1Level 2 (c)Level 3Level 1Level 2 (c)Level 3
Derivative interest rate swaps— $8,262 — — $14,426 — 
(a)During the twelve months subsequent to June 30, 2025, an estimated $6,895 of derivative interest rate balances recognized in accumulated comprehensive income will be reclassified into earnings.
(b)As of June 30, 2025 and December 31, 2024, 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.
Nonrecurring Measurements
Investment Properties
During the six months ended June 30, 2025 and 2024, 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 condensed consolidated financial statements as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Carrying ValueEstimated 
Fair Value		Market
Interest Rate		Carrying ValueEstimated 
Fair Value		Market
Interest Rate
Mortgages payable$88,267 $83,835 6.30 %$93,380 $87,576 6.64 %
Senior notes250,000 245,719 5.47 %250,000 236,480 6.23 %
Term Loan400,000 400,385 4.83 %400,000 400,170 5.29 %
Revolving Credit Facility— — N/A— — N/A
The market interest rates used to estimate the fair value of the Company's mortgages payable, senior notes, Term Loan, and Revolving Credit Facility reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company. Debt instrument valuations are classified within Level 2 of the fair value hierarchy.