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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheets consisted of an interest rate cap, which is presented in the tables below based on its level in the fair value hierarchy. There were no financial liabilities measured at fair value as of June 30, 2026 and December 31, 2025.

						As of June 30, 2026
(Amounts in thousands)						Total						Level 1						Level 2						Level 3
Interest rate cap (included in other assets)						$	11					$	—					$	11					$	—

						As of December 31, 2025
(Amounts in thousands)						Total						Level 1						Level 2						Level 3
Interest rate cap (included in other assets)						$	3					$	—					$	3					$	—

Schedule of Interest Rate Derivatives

The table below summarizes our interest rate derivative, which hedges the interest rate risk attributable to the variable rate debt noted as of June 30, 2026 and December 31, 2025, respectively.

Fair Value as of

As of June 30, 2026

(Amounts in thousands)

June 30, 2026

December 31, 2025

Notional Amount

Capped Rate

Expiration Date

Interest rate cap related to:

Rego Park shopping center mortgage loan (included in other assets)

$

11

$

3

$

175,000

(1)

12/26

(1)SOFR cap strike rate of 4.50%.

Schedule of Carrying Amount and Fair Value of Financial Instruments

The table below summarizes the carrying amount and fair value of these financial instruments as of June 30, 2026 and December 31, 2025, respectively.

						As of June 30, 2026												As of December 31, 2025
(Amounts in thousands)						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Assets:
Cash equivalents						$	131,834					$	131,834					$	94,978					$	94,978
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)						$	840,522					$	788,814					$	836,691					$	783,004

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of derivative assets at fair value.

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