v3.25.4
Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The following table presents information about the Company’s financial instruments measured at fair value as of December 31, 2025 and 2024, aggregated by the level in the fair value hierarchy within which those instruments fall.
(In thousands)Quoted Prices in Active Markets
Level 1
Significant Other Observable Inputs
Level 2
Significant Unobservable Inputs
Level 3
Total
December 31, 2025
Derivative assets, at fair value (non-designated)$— $569 $— $569 
Derivative liabilities, at fair value— (188)— (188)
Total$— $381 $— $381 
December 31, 2024
Derivative assets, at fair value (non-designated)$— $2,554 $— $2,554 
Derivative assets, at fair value (designated)16,652 16,652 
Total$— $19,206 $— $19,206 
Schedule of Fair Value by Balance Sheet
The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are as follows (dollars in thousands):
December 31, 2025December 31, 2024
Level
Carrying Amount 
Fair Value
Carrying Amount 
Fair Value
Gross mortgage notes payable and mortgage premium and discounts
3$374,382 $362,947 $788,464 $747,542 
Fannie Mae and other secured debt
3334,739 335,158 362,216 362,974 
Unsecured term loan
3150,000 148,496 — — 
Unsecured revolving credit facility
3186,000 184,135 — — 
Total debt
3$1,045,121 $1,030,736 $1,150,680 $1,110,516 
Schedule of Fair Value of Significant Unobservable Inputs Used to Determine Real Estate Assets Impaired
The following table presents quantitative information about significant unobservable inputs used to determine the fair value of our real estate assets impaired as of December 31, 2025:
Description
Valuation Technique
Unobservable Inputs
Range
Impairment of real estate assets
Discounted cash flow
Discount rate
10.25%-10.50%
Terminal capitalization rate
8.00%-8.25%