XML 62 R28.htm IDEA: XBRL DOCUMENT v3.25.1
Fair Value Measures (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of the periods indicated below, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):
Level 1Level 2Level 3
Balance as of March 31, 2025
Derivative liabilities$— $1 $— $1 
Level 1Level 2Level 3
Balance as of December 31, 2024
Derivative liabilities$— $15 $— $15 
Schedule of Provisions for Impairment
The following table summarizes the Company’s provisions for impairment during the periods indicated below (dollars in thousands). The impairment charges reflect changes in the Company’s future cash flow assumptions for agreed-upon or estimated sales proceeds with respect to real estate assets that were expected to be sold as well as changes to assumptions with regard to management’s intent to sell or lease the real estate assets.
Three Months Ended March 31,
20252024
Number of properties2 2 
Carrying value of impaired properties$13,643 $30,060 
Provisions for impairment(1,709)(19,685)
Estimated fair value$11,934 $10,375 
Schedule of Assets Measured at Fair Value on a Non-recurring Basis
The following tables present certain of the Company’s assets measured at fair value on a non-recurring basis as of the periods indicated below, aggregated by the level in the fair value hierarchy within which those assets fall (in thousands):
Level 1
Level 2 (1)
Level 3 (1)
Balance as of March 31, 2025
Assets of properties held for sale$— $11,934 $— $11,934 
Level 1
Level 2 (1)
Level 3 (1)
Balance as of December 31, 2024
Assets of properties held and used$— $— $22,903 $22,903 
Assets of properties held for sale— 9,671 — 9,671 
Total$— $9,671 $22,903 $32,574 
____________________________________
(1)The fair value of the level 2 category was derived using negotiated sales prices with third parties and the fair value of the level 3 category was derived using discounted cash flow analysis and management estimates of selling prices.
Schedule of Fair Value, by Balance Sheet Grouping The fair values of the Company’s long-term financial instruments are reported below (dollars in thousands):
Level
Carrying Value at March 31, 2025
Fair Value at March 31, 2025
Carrying Value at December 31, 2024
Fair Value at December 31, 2024
Assets:
Notes receivable3$11,383 $11,383 $3,900 $3,900 
Liabilities (1):
Mortgages payable2$373,000 $358,607 $373,000 $352,476 
Credit facility revolver2132,000 132,000 119,000 119,000 
Derivative liabilities21 1 15 15 
Total$505,001 $490,608 $492,015 $471,491 
____________________________________
(1)Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.