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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Estimated Fair Values of Financial Instruments | Fair Value Measurements on a Recurring Basis
|  | (in thousands)
| Balance Sheet Location | Total |  | Level 1 |  | Level 2 |  | Level 3
June 30, 2025 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Real estate related notes receivable | Other assets | $ | 27,238 |  |  | — |  |  | — |  |  | $ | 27,238 |
December 31, 2024 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Real estate related notes receivable | Other assets | $ | 25,092 |  |  | — |  |  | — |  |  | $ | 25,092 |
The estimated fair values of the Company’s financial instruments as of June 30, 2025 and December 31, 2024, respectively, are as follows:
|  | (in thousands)
|  | June 30, 2025 |  | December 31, 2024
| Balance Sheet Location | Amount |  | Fair Value |  | Amount |  | Fair Value
FINANCIAL ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents | Cash and cash equivalents | $ | 12,378 |  |  | $ | 12,378 |  |  | $ | 12,030 |  |  | $ | 12,030 |
Restricted cash | Restricted cash | $ | 5,815 |  |  | $ | 5,815 |  |  | $ | 1,099 |  |  | $ | 1,099 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |
Revolving lines of credit | Revolving lines of credit | $ | 216,030 |  |  | $ | 216,030 |  |  | $ | 47,359 |  |  | $ | 47,359 |
Unsecured senior notes(1) | Notes payable | $ | 300,000 |  |  | $ | 262,009 |  |  | $ | 300,000 |  |  | $ | 253,808 |
Mortgages payable - Fannie Mae credit facility | Mortgages payable | $ | 198,850 |  |  | $ | 173,170 |  |  | $ | 198,850 |  |  | $ | 166,679 |
Mortgages payable - other(1) | Mortgages payable | $ | 406,412 |  |  | $ | 382,320 |  |  | $ | 420,414 |  |  | $ | 383,213 |
(1)Excludes deferred financing costs, debt premiums, and discounts
Schedule of Changes in Fair Value Receivables | Changes in the fair value of these receivables from period to period are reported in interest and other income on the Condensed Consolidated Statements of Operations and Comprehensive Loss.
| (in thousands)
| Fair Value Measurement |  | Other Gains |  | Interest Income |  | Total Changes in Fair Value Included in Current-Period Earnings
Six months ended June 30, 2025 |  |  |  |  |  |  |
Real estate related notes receivable | $ | 27,238 |  |  | $ | 18 |  |  | $ | 1,092 |  |  | $ | 1,110 |
Six months ended June 30, 2024 |  |  |  |  |  |  |
Real estate related notes receivable | $ | 20,311 |  |  | $ | 10 |  |  | $ | 563 |  |  | $ | 573 |
Schedule of Fair Value Measurements on a Nonrecurring Basis |
|  | (in thousands)
| Balance Sheet Location | Total |  | Level 1 |  | Level 2 |  | Level 3
June 30, 2025 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Real estate investments measured at fair value | Assets held for sale, net | $ | 61,375 |  |  | — |  |  | 61,375 |  |  | $ | — |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 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 -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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 -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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