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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 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
September 30, 2025
Assets
Real estate related notes receivable			Other assets			$	27,466					—						—						$	27,466
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 September 30, 2025 and December 31, 2024, respectively, are as follows:

						(in thousands)
						September 30, 2025												December 31, 2024
			Balance Sheet Location			Amount						Fair Value						Amount						Fair Value
FINANCIAL ASSETS
Cash and cash equivalents			Cash and cash equivalents			$	12,896					$	12,896					$	12,030					$	12,030
Restricted cash			Restricted cash			$	52,943					$	52,943					$	1,099					$	1,099
FINANCIAL LIABILITIES
Revolving lines of credit(1)			Revolving lines of credit			$	222,500					$	222,500					$	47,359					$	47,359
Unsecured senior notes(1)			Notes payable			$	300,000					$	265,903					$	300,000					$	253,808
Mortgages payable - Fannie Mae credit facility(1)			Mortgages payable			$	198,850					$	175,372					$	198,850					$	166,679
Mortgages payable - other(1)			Mortgages payable			$	455,934					$	412,602					$	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 Income (Loss).

			(in thousands)
			Fair Value Measurement						Other Gains						Interest Income						Total Changes in Fair Value Included in Current-Period Earnings
Nine months ended September 30, 2025
Real estate related notes receivable			$	27,466					$	27					$	1,675					$	1,702
Nine months ended September 30, 2024
Real estate related notes receivable			$	20,878					$	14					$	1,022					$	1,036

Schedule of Fair Value Measurements on a Nonrecurring Basis

(in thousands)

Balance Sheet Location

Total

Level 1

Level 2

Level 3

September 30, 2025

Assets

Real estate investments measured at fair value

Assets held for sale, net

$

86,302

—

86,302

$

—

X

- 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

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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

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- References

No definition available.

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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

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