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DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) | 12 Months Ended
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Dec. 31, 2025
Other Assets [Abstract] |
Schedule Of Deferred Charges, Goodwill And Other Assets |
(dollars in thousands) | December 31, 2025 | December 31, 2024
Deferred leasing costs | $ | 5,684 |  | $ | 4,765 |
Deferred financing costs (a) | 7,124 |  | 6,296 |
Deferred charges | 12,808 |  | 11,061 |
Accumulated amortization | (6,759) |  | (4,558) |
Deferred charges, net | 6,049 |  | 6,503 |
In-place lease values, related intangibles and other assets, net (b) | 8,999 |  | 9,519 |
Right of use assets (c) | 4,079 |  | 5,145 |
Prepaid expenses and other assets, net | 21,461 |  | 27,309 |
Total deferred charges and other assets, net | $ | 40,588 |  | $ | 48,476 |
(a)This amount relates to the deferred financing costs associated with the revolving credit facility. Deferred financing costs related to all other loans are netted against the respective mortgage obligation for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b)Includes the value of acquired above and below market lease intangibles in which the Company is the lessor which are recognized in rental revenue over the terms of the respective leases. The value of acquired in-place lease intangibles in which the Company is the lessor are amortized to Depreciation and amortization expense over the remaining initial terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $18 thousand, $30 thousand and $0.1 million, and the impact of the amortization of acquired in-place lease values is included in Depreciation and amortization expense and amounted to approximately $1.1 million, $0.5 million and $2.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. (c)This amount has a corresponding liability of $5.7 million and $6.5 million as of December 31, 2025 and 2024, respectively, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Office and Ground Lease Agreements for further details.
Schedule of Fair Value of the Derivative Financial Instruments | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2025 and 2024 (dollars in thousands):
| Fair Value |
Asset Derivatives designated as hedging instruments | December 31, 2025 | December 31, 2024 | Balance sheet location
Interest rate caps designated as hedging instruments | $ | 196 |  | $ | 4,953 |  | Deferred charges and other assets, net
Interest rate caps not designated as hedging instruments | $ | 110 |  | $ | 525 |  | Deferred charges and other assets, net
Schedule of Cash Flow Hedging, Derivative Financial Instruments on the Income Statement | The table below presents the effect of the Company’s derivative financial instruments designated as hedging instruments on the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
Derivatives in Cash Flow Hedging Relationships | Amount of Gain or (Loss) Recognized in OCI on Derivative (a) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (a) (b) |  | Total Amount of Interest Expense presented in the Consolidated Statements of Operations
Year Ended December 31, | 2025 | 2024 | 2023 |  | 2025 | 2024 | 2023 |  |  |  | 2025 | 2024 | 2023
Interest rate caps | $(951) | $526 | $1,184 | Interest Expense | $(663) | $2,967 | $3,559 |  |  |  | $(88,579) | $(87,976) | $(89,355)
(a)Amounts exclude net losses of $631 thousand, net gains of $632 thousand, and zero recognized on unconsolidated jointly owned investments for the years ended December 31, 2025, 2024 and 2023, respectively. (b)The gain or loss reclassified from Accumulated OCI into Income is recorded in Interest Expense.

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