v3.26.3
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Nonrecurring
The table below sets forth the fair value of properties measured on a nonrecurring basis during the nine months ended September 30, 2026 and the year ended December 31, 2025 for which impairment charges were recognized, by level within the fair value hierarchy (in thousands).
Fair Value at Measurement Date Using
DescriptionTotal Fair ValueLevel 1Level 2Level 3
Real estate assets measured at fair value due to shortened expected holding periods and other circumstances affecting recoverability
September 30, 2026(1)
$1,336,484 $— $1,299,551 $36,933 
December 31, 2025(2)
$149,989 $— $149,989 $— 
(1)During the nine months ended September 30, 2026, 27 properties with an aggregate carrying value of $1.983 billion were written down to an aggregate fair value of $1.336 billion. We also recognized $45.6 million of additional impairment charges to reflect costs to sell, resulting in aggregate impairment charges of $692.4 million. In addition, we recognized $11.0 million of impairment charges related to the seven properties that were impaired in 2025 and sold during 2026 to reflect costs to sell.
(2)During the fourth quarter 2025, seven properties with an aggregate carrying value of approximately $239.1 million were written down to an aggregate fair value of $150.0 million, resulting in aggregate impairment charges of $89.1 million.
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 September 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
DescriptionTotal Fair ValueLevel 1Level 2Level 3
September 30, 2026
Interest rate swap asset$16,985 $— $16,985 $— 
Interest rate swap liability$— $— $— $— 
December 31, 2025
Interest rate swap asset$2,025 $— $2,025 $— 
Interest rate swap liability$(829)$— $(829)$— 
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 September 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:
September 30, 2026$124,784 $— $— $124,784 $124,049 
December 31, 2025$129,015 $— $— $129,015 $123,704 
Notes Payable at:
September 30, 2026$2,659,781 $— $— $2,659,781 $2,767,195 
December 31, 2025$3,226,955 $— $— $3,226,955 $3,251,909