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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2024

FAIR VALUE MEASUREMENTS

Schedule of fair value and carrying amounts of the Company's mortgages payable

The fair value and carrying amounts of the Company’s mortgages payable are as follows (dollars in thousands):

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​	​	​	​	​	​	​	​	​
​	​	September 30,		​	​	December 31,		​
​		2024			​	2023
Fair value of mortgages payable (a)	​	$	417,099	​	​	$	397,031	​
Carrying value of mortgages payable, gross	​	$	430,524	​	​	$	422,565	​
Fair value less than the carrying value	​	$	(13,425)	​	​	$	(25,534)	​
Blended market interest rate (a)	​	​	5.52	%	​	​	5.93	%
Weighted average interest rate	​	​	4.53	%	​	​	4.31	%
Weighted average remaining term to maturity (years)	​	​	6.2	​	​	​	5.9	​

(a) Estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy.

​

Schedule of derivative financial instruments measured at fair value

The fair value of the Company’s derivative financial instruments was determined to be the following (amounts in thousands):

​	​	​	​	​	​
​		As of		Carrying and Fair Value
Financial assets: Interest rate swaps	​	September 30, 2024	​	$	271
​	​	December 31, 2023	​	​	824

Schedule of effect of derivative financial instruments on statements of income

The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands):

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Three Months Ended

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Nine Months Ended

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​

September 30,

​

September 30,

​

2024

​

2023

2024

2023

Amount of (loss) gain recognized on derivatives in other comprehensive income

​

$

(106)

​

$

133

​

$

135

​

$

500

Amount of reclassification from Accumulated other comprehensive income into Interest expense

​

​

190

​

​

340

​

​

708

​

​

975

​

​

X

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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-Topic 820
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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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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).

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