FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Interest Rate Swap Derivatives Measured at Fair Value

Information regarding the Company's interest rate swaps measured at fair value, which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (dollars in thousands):


				Fair Value
	Number of Contracts	Notional Amount		Other Assets, net		Interest Rate Swap Liabilities
As of March 31, 2026
Interest Rate Swaps	10	$	860,000	$	6,359	$	1,134

As of December 31, 2025
Interest Rate Swaps	10	$	860,000	$	6,237	$	4,052

The following table presents the effect of our derivative instruments on our condensed consolidated financial statements (dollars in thousands):


Fair value at December 31, 2024	$	22,125
(Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)	(3,273)
Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss)	(7,799)
Fair value at March 31, 2025	$	11,053

Fair value at December 31, 2025	$	2,185
(Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)	(1,283)
Unrealized and realized losses on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss)	4,323
Fair value at March 31, 2026	$	5,225

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the carrying value and estimated fair value of our fixed rate private placement notes and mortgages (dollars in thousands):


	Carrying Value(1)				Fair Value
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Liabilities
Private Placement Notes	$	1,950,000	$	1,950,000	$	1,857,988	$	1,865,064
Mortgage Notes	198,041		198,608		194,465		195,239

(1) Carrying value represents the principal balance outstanding