Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measures (Tables)

v3.25.0.1
Fair Value Measures (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2024
Derivative liabilities —  15  —  15 
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 our 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.
Year Ended December 31,
2024 2023 2022
Number of properties 12  8  18 
Carrying value of impaired properties $ 120,469  $ 68,215  $ 142,748 
Provisions for impairment (47,552) (33,112) (66,359)
Estimated fair value $ 72,917  $ 35,103  $ 76,389 
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 periods 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, 2024
Assets of properties held and used $ —  $ —  $ 22,903  $ 22,903 
Assets of properties held for sale —  9,671  —  9,671 
$ —  $ 9,671  $ 22,903  $ 32,574 
Level 1
Level 2 (1)
Level 3 (1)
Balance as of December 31, 2023
Assets of properties held and used $ —  $ —  $ 5,402  $ 5,402 
____________________________________
(1)The fair value of the level 2 category was derived using negotiated sales prices with third parties and the fair value of the level 3 category was 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 (dollars in thousands):
Level
Carrying Value at December 31, 2024
Fair Value at December 31, 2024
Carrying Value at December 31, 2023
Fair Value at December 31, 2023
Assets:
Notes receivable 3 $ 3,900  $ 3,900  $ 2,500  $ 2,500 
Liabilities (1):
Mortgages payable 2 $ 373,000  $ 352,476  $ 355,000  $ 334,897 
Credit facility revolver 2 119,000  119,000  116,000  116,000 
Derivative liabilities 2 15  15  264  264 
Total $ 492,015  $ 471,491  $ 471,264  $ 451,161 
____________________________________
(1)Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.