v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities that are highly liquid and are actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value.
8.Fair Value Measurements - continued

Financial Assets and Liabilities Measured at Fair Value
Financial assets measured at fair value on our consolidated balance sheet as of March 31, 2026 and December 31, 2025 consisted of an interest rate cap, which is presented in the tables below based on its level in the fair value hierarchy. There were no financial liabilities measured at fair value as of March 31, 2026 and December 31, 2025.
 As of March 31, 2026
(Amounts in thousands)TotalLevel 1Level 2Level 3
Interest rate cap (included in other assets)$20 $— $20 $— 

 As of December 31, 2025
(Amounts in thousands)TotalLevel 1Level 2Level 3
Interest rate cap (included in other assets)$3 $— $3 $— 
Interest Rate Derivatives
We recognize the fair value of all interest rate derivatives in “other assets” or “other liabilities” on our consolidated balance sheets and since our interest rate derivative has been designated as a cash flow hedge, changes in the fair value are recognized in other comprehensive income. The table below summarizes our interest rate derivative, which hedges the interest rate risk attributable to the variable rate debt noted as of March 31, 2026 and December 31, 2025, respectively.
Fair Value as ofAs of March 31, 2026
(Amounts in thousands)March 31, 2026December 31, 2025Notional AmountCapped RateExpiration Date
Interest rate cap related to:
Rego Park II shopping center mortgage loan (included in other assets)$20 $3 $175,000 (1)12/26
(1)SOFR cap strike rate of 4.50%.
Financial Assets and Liabilities not Measured at Fair Value
Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents and mortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities and are classified as Level 1. The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist, and is classified as Level 2. The table below summarizes the carrying amount and fair value of these financial instruments as of March 31, 2026 and December 31, 2025, respectively.

 As of March 31, 2026As of December 31, 2025
(Amounts in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Assets:
Cash equivalents
$61,475 $61,475 $94,978 $94,978 
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)$838,596 $786,557 $836,691 $783,004