v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Vale on a Recurring Basis by Level within Fair Value Hierarchy The table below sets forth the estimated fair value of our interest rate swaps as of June 30, 2026 and December 31, 2025, which we measure on a recurring basis by level within the fair value hierarchy (in thousands).
 Fair Value Measurement Using
Description
Total Fair Value
Level 1
Level 2
Level 3
June 30, 2026
Interest rate swap asset
$9,247 $— $9,247 $— 
Interest rate swap liability
$(3)$— $(3)$— 
December 31, 2025
Interest rate swap asset
$2,025 $— $2,025 $— 
Interest rate swap liability
$(829)$— $(829)$— 
Fair Value Measurements, Nonrecurring
The table below sets forth the fair value and related carrying values of properties measured on a nonrecurring basis for which impairments were recognized as of June 30, 2026 and December 31, 2025 (in thousands) by level within the fair value hierarchy.
Fair Value Measurement Using
DescriptionTotal Fair ValueLevel 1Level 2Level 3
Carrying Value(1)
Real estate assets measured at fair value due to changes in expected holding periods and other circumstances
June 30, 2026$1,225,984 $— $1,189,051 $36,933 $1,225,984 
December 31, 2025$149,989 $— $149,989 $— $149,989 
(1)Amount represents the aggregate carrying value of certain properties impaired, as adjusted to fair value, primarily included in the line item “Investments in real estate, net” in the accompanying consolidated balance sheets.
Carrying Value and Estimated Fair Value of Notes Payable The table below sets forth the carrying value and the estimated fair value of our loan receivable and notes payable as of June 30, 2026 and December 31, 2025 (in thousands).
Fair Value Measurement Using 
Total Fair Value
Level 1
Level 2
Level 3
Carrying Value
Loan Receivable at:
June 30, 2026$126,720 $— $— $126,720 $123,934 
December 31, 2025$129,015 $— $— $129,015 $123,704 
Notes Payable at:     
June 30, 2026$3,207,059 $— $— $3,207,059 $3,263,724 
December 31, 2025$3,226,955 $— $— $3,226,955 $3,251,909