v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring The tables below summarize the recorded amount of assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:
As of March 31, 2025
(Amounts in thousands)Level 1Level 2Level 3Total
Interest rate cap and swap(1)
$— $1,310 $— $1,310 
As of December 31, 2024
Level 1Level 2Level 3Total
Interest rate cap and swap(1)
$— $1,642 $— $1,642 
(1) Included in Prepaid expenses and other assets on the consolidated balance sheets.
Schedule of Derivative Instruments
The tables below summarize our derivative instruments, which are used to hedge the corresponding variable rate debt, as of March 31, 2025 and December 31, 2024:
(Amounts in thousands)As of March 31, 2025
Hedged InstrumentFair ValueNotional AmountSpreadInterest RateEffective Interest RateExpiration
Plaza at Woodbridge interest rate cap$226 $50,554 
SOFR + 2.26%
6.47%5.26%7/1/2025
Montclair interest rate swap1,084 7,250 
SOFR + 2.57%
7.03%3.15%8/15/2030
As of December 31, 2024
Hedged InstrumentFair ValueNotional AmountSpreadInterest RateEffective Interest RateExpiration
Plaza at Woodbridge interest rate cap$391 $50,905 
SOFR + 2.26%
6.70%5.26%7/1/2025
Montclair interest rate swap1,251 7,250 
SOFR + 2.57%
7.10%3.15%8/15/2030

The table below summarizes the effect of our derivative instruments on our consolidated statements of income and comprehensive income for the three months ended March 31, 2025 and 2024:
Unrealized (Loss) Gain Recognized in OCI on Derivatives
(Amounts in thousands)Three Months Ended March 31,
Hedged Instrument20252024
Plaza at Woodbridge interest rate cap$(22)$189 
Montclair interest rate swap(166)104 
Total$(188)$293 
Schedule of Financial Instrument Carrying Amounts and Fair Values The table below summarizes the carrying amounts and fair value of our Level 3 financial instruments as of March 31, 2025 and December 31, 2024:
 As of March 31, 2025As of December 31, 2024
(Amounts in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Mortgages payable(1)
$1,580,602 $1,487,824 $1,583,820 $1,464,996 
Unsecured credit facility75,000 72,763 50,000 48,333 
(1) Carrying amounts exclude unamortized debt issuance costs of $13.4 million and $14.1 million as of March 31, 2025 and December 31, 2024, respectively.