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Fair Value (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value  
Schedule of financial instruments not measured at fair value on a recurring basis

    

    

December 31, 2024

    

December 31, 2023

Fair Value

Carrying

    

Estimated

Carrying

    

Estimated

in thousands

Hierarchy

Amount

Fair Value

Amount

Fair Value

Assets:

Cash and Restricted cash

 

Level 1

$

167,845

$

167,845

$

43,845

$

43,845

Accounts receivable, net (a)

 

Level 3

 

5,246

 

5,246

 

13,672

 

13,672

Liabilities:

 

  

 

  

 

  

 

  

 

  

Fixed-rate debt (b)

 

Level 2

 

41,087

 

40,032

 

42,990

 

38,906

Variable-rate debt (b)

 

Level 2

$

61,300

$

61,300

 

115,000

 

115,000

(a)Accounts receivable, net is shown net of an allowance of $2.6 million at December 31, 2024 and $1.4 million at December 31, 2023, respectively. Refer to Note 1 – Summary of Significant Accounting Policies for additional information on the allowance.
(b)Excludes related unamortized financing costs.
Schedule of non-financial assets measured on a non-recurring basis

Fair Value Measurements Using

Quoted Prices in Active

Significant Other 

Significant Unobservable 

Total Fair Value 

 Markets for Identical 

Observable Inputs

Inputs

thousands

    

Measurement (a)

    

(Level 1)

    

 (Level 2)

    

(Level 3)

2023

Net investment in real estate

 

$

321,180

$

$

$

321,180

Investments in unconsolidated ventures

 

$

40,225

$

$

$

40,225

(a)The fair value was measured as of the impairment date in the third quarter of 2023 using a discounted cash flow analysis to determine fair value, with capitalization rates ranging from 5.5% to 6.75%, discount rates ranging from 8.5% to 13.3%, and restaurant multiples ranging from 8.3 to 11.8. Refer to Note 3 Impairment for additional information.