Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures (Tables)

v3.24.3
Fair Value Measures (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of the periods indicated below, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):
Level 1 Level 2 Level 3
Balance as of September 30, 2024
Derivative liabilities $ —  $ 102  $ —  $ 102 
Level 1 Level 2 Level 3
Balance as of December 31, 2023
Derivative liabilities $ —  $ 264  $ —  $ 264 
Schedule of Provisions for Impairment
The following table summarizes the Company’s provisions for impairment during the periods indicated below (dollars in thousands). The impairment charges reflect changes in the Company’s future cash flow assumptions for agreed-upon or estimated sales proceeds with respect to real estate assets that were expected to be sold as well as changes to assumptions with regard to management’s intent to sell or lease the real estate assets.
Nine Months Ended September 30,
2024 2023
Number of properties 8  6 
Carrying value of impaired properties $ 62,710  $ 54,803 
Provisions for impairment (25,365) (26,976)
Estimated fair value $ 37,345  $ 27,827 
Schedule of Assets Measured at Fair Value on a Non-recurring Basis
The following tables present certain of the Company’s assets measured at fair value on a non-recurring basis as of the period indicated below, aggregated by the level in the fair value hierarchy within which those assets fall (in thousands):
Level 1
Level 2 (1)
Level 3 (1)
Balance as of December 31, 2023
Assets of properties held and used $ —  $ —  $ 5,402  $ 5,402 
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(1)The fair value of the level 2 category is derived using negotiated sales prices with third parties and the fair value of the level 3 category is derived using discounted cash flow analysis and management estimates of selling prices.
Schedule of Fair Value, by Balance Sheet Grouping The fair values of the Company’s long-term financial instruments are reported below (in thousands):
Level
Carrying Value at September 30, 2024
Fair Value at September 30, 2024
Carrying Value at December 31, 2023
Fair Value at December 31, 2023
Assets:
Notes receivable 3 $ 2,500  $ 2,500  $ 2,500  $ 2,500 
Liabilities (1):
Mortgages payable 2 $ 355,000  $ 341,241  $ 355,000  $ 334,897 
Credit facility revolver 2 130,000  130,000  116,000  116,000 
Derivative liabilities 2 102  102  264  264 
Total $ 485,102  $ 471,343  $ 471,264  $ 451,161 
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(1)Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.