v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024:
As of June 30, 2025
(Amounts in thousands)Level 1Level 2Level 3Total
Interest rate swap(1)
$— $969 $— $969 
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 June 30, 2025 and December 31, 2024:
(Amounts in thousands)As of June 30, 2025
Hedged InstrumentFair ValueNotional AmountSpreadInterest RateEffective Interest RateExpiration
Montclair interest rate swap$969 $7,250 
SOFR + 2.57%
7.02%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 and six months ended June 30, 2025 and 2024:
Unrealized (Loss) Gain Recognized in OCI on Derivatives
(Amounts in thousands)Three Months Ended June 30,Six Months Ended June 30,
Hedged Instrument2025202420252024
Plaza at Woodbridge interest rate cap(1)
$(83)$(40)$(105)$149 
Montclair interest rate swap(115)(13)(281)91 
Total$(198)$(53)$(386)$240 
(1) The instrument has expired and the corresponding loan was repaid on June 26, 2025.
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 June 30, 2025 and December 31, 2024:
 As of June 30, 2025As of December 31, 2024
(Amounts in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Mortgages payable(1)
$1,526,634 $1,438,339 $1,583,820 $1,464,996 
Unsecured credit facility90,000 87,652 50,000 48,333 
(1) Carrying amounts exclude unamortized debt issuance costs of $12.4 million and $14.1 million as of June 30, 2025 and December 31, 2024, respectively.