v3.26.1
Fair Value Measures and Disclosures (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping
The table below presents the carrying values and estimated fair values of certain financial assets and liabilities, aggregated by their level in the fair value hierarchy within which those measurements fall (in thousands):

Fair Value Hierarchy Level
DescriptionCarrying ValueFair ValueLevel 1Level 2Level 3
June 30, 2026
Assets
Derivative assets$14,690 $14,690 $— $14,690 $— 
Liabilities
Derivative liabilities$106 $106 $— $106 $— 
Term loans (1)
$1,192,973 $1,203,282 $— $— $1,203,282 
 
December 31, 2025
Assets
Derivative assets$5,566 $5,566 $— $5,566 $— 
Liabilities
Derivative liabilities$6,850 $6,850 $— $6,850 $— 
Term loans (1)
$1,093,331 $1,103,089 $— $— $1,103,089 
(1) Recorded at carrying value in the condensed consolidated balance sheets which represents amortized cost, net of unamortized debt issuance and discount costs.
Fair Value Measurements, Nonrecurring
The following table summarizes the provisions for impairment on real estate investments during the periods indicated below (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Carrying value prior to impairment$20,175 $22,389 $36,270 $43,111 
Less: total provisions for impairment(4,199)(4,422)(5,687)(8,038)
Carrying value after impairment$15,976 $17,967 $30,583 $35,073 
 
Number of properties: (1)
Classified as held for sale47711
Disposed within the period62109
Classified as held for investment11
(1) Includes the number of properties that were either (i) impaired during the respective period and remained as held for sale as of period-end, (ii) impaired and disposed during the respective period, or (iii) impaired during the respective period and remained as held for investment at period-end.