v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 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 December 31, 2025 and 2024:
As of December 31, 2025
(Amounts in thousands)Level 1Level 2Level 3Total
Assets:
Interest rate swap(1)
$— $877 $— $877 
Liabilities:
Interest rate swap(2)
$— $(448)$— $(448)
As of December 31, 2024
Level 1Level 2Level 3Total
Assets:
Interest rate cap and swap(1)
$— $1,642 $— $1,642 
(1) Included in Prepaid expenses and other assets on the consolidated balance sheets.
(2) Included in Accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.
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 December 31, 2025 and December 31, 2024.
 As of December 31, 2025As of As of December 31, 2024
(Amounts in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Mortgages payable(1)
$1,619,387 $1,546,082 $1,583,820 $1,464,996 
Unsecured credit facility— — 50,000 48,333 
(1) Carrying amounts exclude unamortized debt issuance costs of $12.6 million and $14.1 million as of December 31, 2025 and 2024, respectively.
Schedule of Derivative Instruments
The tables below summarize our derivative instruments, which are used to hedge the corresponding variable rate debt, as of December 31, 2025 and 2024:
(Amounts in thousands)
As of December 31, 2025
Hedged InstrumentFair ValueNotional AmountSpreadInterest RateEffective Interest RateExpiration
Shoppers World interest rate swap$(448)$123,600 
SOFR + 1.70%
5.36%5.12%8/15/2029
Montclair interest rate swap877 7,201 
SOFR + 2.57%
6.39%3.15%8/15/2030
As of December 31, 2024
Hedged InstrumentFair ValueNotional AmountSpreadInterest RateEffective Interest RateExpiration
Montclair interest rate swap$1,251 $7,250 
SOFR + 2.57%
7.10%3.15%8/15/2030
Plaza at Woodbridge interest rate cap391 50,905 
SOFR + 2.26%
6.70%5.26%7/1/2025

The table below summarizes the effect of our derivative instruments on our consolidated statements of income and comprehensive income for the years ended December 31, 2025, 2024 and 2023:
(Amounts in thousands)Unrealized Gain Recognized in OCI on Derivatives
Years ended December 31,
Hedged Instrument202520242023
Shoppers World interest rate swap$(448)$— $— 
Montclair interest rate swap(375)(5)(211)
Plaza at Woodbridge interest rate cap(105)(296)32 
Total$(928)$(301)$(179)