v3.25.4
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
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 $— 
Interest Rate Swap Liability$— $— $— $— 
Fair Value Measurements, Nonrecurring
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.
Carrying Value and Estimated Fair Value of Loan Receivable and Notes Payable
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