v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Recurring Measurements
The following table summarizes the financial instruments remeasured at fair value on a recurring basis:
Fair Value Measurements as of
June 30, 2026December 31, 2025
Cash Flow Hedges: (a) (b)
Level 1Level 2 (c)Level 3Level 1Level 2 (c)Level 3
Derivative interest rate swap assets— $9,328 — — $5,196 — 
Derivative interest rate swap liabilities$— $— $— $— $(435)$— 
(a)During the twelve months subsequent to June 30, 2026, an estimated $4,177 of derivative interest rate balances recognized in accumulated comprehensive income will be reclassified into earnings.
(b)As of June 30, 2026 and December 31, 2025, the Company determined that the credit valuation adjustments associated with nonperformance risk are not significant to the overall valuation of its derivatives. As a result, the Company's derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy.
(c)Derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively.
Schedule of Financial Instruments Not Measured at Fair Value
The following table summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
Carrying ValueEstimated 
Fair Value
Market
Interest Rate
Carrying ValueEstimated 
Fair Value
Market
Interest Rate
Mortgages Payable$117,222 $112,063 6.22 %$117,605 $111,945 6.09 %
Senior Notes500,000 493,011 5.60 %250,000 248,320 5.24 %
Term Loan400,000 399,515 5.04 %400,000 398,701 4.64 %
Revolving Credit Facility75,000 75,108 4.89 %55,000 54,957 4.37 %