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Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC Topic 820: Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Recurring Measurements – Interest Rate Swaps
We use interest rate swap agreements to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. 
To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.
Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, we have determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
The table below sets forth the estimated fair value of our interest rate swaps as of December 31, 2025 and 2024, which we measure on a recurring basis by level within the fair value hierarchy (in thousands).
 Fair Value Measurement Using
Total Fair ValueQuoted Price in Active
Markets for Identical
Assets and Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
December 31, 2025
Interest Rate Swap Asset$2,025 $— $2,025 $— 
Interest Rate Swap Liability$(829)$— $(829)$— 
December 31, 2024
Interest Rate Swap Asset$8,942 $— $8,942 $— 
Interest Rate Swap Liability$— $— $— $— 
Nonrecurring Measurements – Impairment of Real Estate
We measure certain properties at fair value on a non‑recurring basis in accordance with ASC 820. These non‑recurring fair value measurements are performed when ASC 360 impairment indicators exist and are used to measure any resulting impairment charge. The fair values of the impaired properties were determined using Level 2 inputs within the fair value hierarchy, primarily quoted market values obtained from non‑binding offers or letters of intent received from third‑party buyers or, where applicable, contracted sales prices. See “Note 3 – Investments in Real Estate” for additional information.
The table below sets forth the fair value of properties measured on a nonrecurring basis for which impairments were recognized as of December 31, 2025 (in thousands) by level within the fair value hierarchy. During the year ended December 31, 2024, no events or changes in circumstances were identified that required properties to be measured at fair value for impairment purposes.
 Fair Value Measurement Using
December 31, 2025Total Fair Value
Quoted Price in Active Markets for Identical Assets and Liabilities
(Level 1)
Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Carrying Value(1)
Real estate assets with carrying values adjusted to fair value due to our change in intent to hold the asset
$149,989 $— $149,989 $— $149,989 
(1)Amount represents the aggregate carrying value of properties, as adjusted to fair value, included in the line item “Investments in real estate, net” in the accompanying consolidated balance sheet.
Financial Instruments Disclosed at Fair Value
The carrying amounts of cash and cash equivalents, rents and other receivables, other assets, accounts payable, accrued expenses and other liabilities, and tenant security deposits approximate fair value because of their short-term nature.
The fair value of our loan receivable was estimated by calculating the present value of principal and interest payments, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality, and based on certain assumptions regarding the collection of principal and interest.
The fair value of our notes payable was estimated by calculating the present value of principal and interest payments, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality, and assuming each loan is outstanding through its respective contractual maturity date.
The table below sets forth the carrying value and the estimated fair value of our loan receivable and notes payable as of December 31, 2025 and 2024 (in thousands).
 Fair Value Measurement Using 
Total Fair ValueQuoted Price in Active
Markets for Identical
Assets and Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)		Carrying Value
Loan Receivable at:
December 31, 2025$129,015 $— $— $129,015 $123,704 
December 31, 2024$126,948 $— $— $126,948 $123,244 
Notes Payable at:     
December 31, 2025$3,226,955 $— $— $3,226,955 $3,251,909 
December 31, 2024$3,258,378 $— $— $3,258,378 $3,345,962