FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Measurements, Recurring and Nonrecurring

The tables below summarize the recorded amount of assets and liabilities measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025:


	As of September 30, 2026
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swaps(1)	$	—	$	8,386	$	—	$	8,386


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swap(1)	$	—	$	877	$	—	$	877
Liabilities:
Interest rate swap(2)	$	—	$	(448)	$	—	$	(448)

(1) Included in Prepaid expenses and other assets on the consolidated balance sheets.

(2) Included in Accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.

Schedule of Derivative Instruments

The tables below summarize our derivative instruments, which are used to hedge the corresponding variable rate debt, as of September 30, 2026 and December 31, 2025:


(Amounts in thousands)	As of September 30, 2026
Hedged Instrument	Fair Value		Notional Amount		Spread	Interest Rate	Effective Interest Rate	Expiration
Shoppers World interest rate swap	$	4,260	$	123,600	SOFR + 1.70%	5.58%	5.12%	8/15/2029
Montclair interest rate swap	1,038		7,091		SOFR + 2.57%	6.52%	3.15%	8/15/2030
Plaza at Woodbridge interest rate swap	3,088		62,500		SOFR + 1.55%	5.45%	5.03%	3/18/2031


	As of December 31, 2025
Hedged Instrument	Fair Value		Notional Amount		Spread	Interest Rate	Effective Interest Rate	Expiration
Shoppers World interest rate swap	$	(448)	$	123,600	SOFR + 1.70%	5.36%	5.12%	8/15/2029
Montclair interest rate swap	877		7,201		SOFR + 2.57%	6.39%	3.15%	8/15/2030

The table below summarizes the effect of our derivative instruments on our consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2026 and 2025:


	Unrealized Gain (Loss) Recognized in OCI on Derivatives
(Amounts in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
Hedged Instrument	2026		2025		2026		2025
Shoppers World interest rate swap	$	2,636	$	(517)	$	4,708	$	(517)
Montclair interest rate swap	139		(61)		160		(342)
Plaza at Woodbridge interest rate swap(1)	2,180		—		3,088		—
Plaza at Woodbridge interest rate cap(2)	—		—		—		(105)
Total	$	4,955	$	(578)	$	7,956	$	(964)

(1) On March 18, 2026, the Company financed the property and obtained an interest rate swap to hedge the variable component of the debt.

(2) The instrument has expired and the corresponding loan was repaid on June 26, 2025.

Schedule of Financial Instrument Carrying Amounts and Fair Values

The table below summarizes the carrying amounts and fair value of our Level 3 financial instruments as of September 30, 2026 and December 31, 2025:


	As of September 30, 2026				As of December 31, 2025
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgages payable(1)	$	1,640,064	$	1,543,785	$	1,619,388	$	1,546,082
Unsecured line of credit(2)	75,000		68,387		—		—

(1) Carrying amounts exclude unamortized debt issuance costs of $10.2 million and $12.6 million as of September 30, 2026 and December 31, 2025, respectively.

(2) Debt issuance costs related to our unsecured line of credit and term loans are included within prepaid expenses and other assets on the consolidated balance sheets.