v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on Recurring Basis

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, other assets (excluding our real estate loans receivable) and accounts payable and accrued expenses are reasonable estimates of fair values because of the short maturities of these instruments. The fair value of our real estate loans receivable, as disclosed in Note 5, is based on the discounted estimated future cash flows of the loan (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans with similar maturities and credit quality, and the estimated cash payments include scheduled principal and interest payments. The table below presents our assets measured at fair value on a recurring basis as of March 31, 2026, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands):

 

 

As of March 31, 2026

 

Balance Sheet Line Item

 

Level 1

 

 

Level 2

 

 

Level 3

 

Interest rate swaps - Asset

 

$

—

 

 

$

—

 

 

$

—

 

Interest rate swaps - Liability

 

$

—

 

 

$

(1,010

)

 

$

—

 
Schedule of aggregate principal outstanding under the Company's indebtedness and the corresponding estimate of fair value

The following table summarizes the aggregate principal outstanding under the Company’s indebtedness and the corresponding estimate of fair value as of March 31, 2026:

 

 

As of March 31, 2026

 

Financial liabilities

 

Carrying Amount (1)

 

 

Fair Value (2)

 

 

 

 

 

 

 

 

2024 revolving credit facility

 

$

245,050

 

 

$

245,050

 

2016 term loan facility

 

$

100,000

 

 

$

100,000

 

2018 term loan facility

 

$

200,000

 

 

$

200,000

 

Notes payable

 

$

1,025,000

 

 

$

988,269

 

Mortgages payable

 

$

150,510

 

 

$

146,836

 
(1)
The carrying amount consists of principal only.
(2)
We consider the fair value measurement of the financial liability instrument a Level 3 measurement.