FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Face Value, Carrying Amounts and Fair Value

The following were the face values, carrying amounts and fair values of the Company’s notes payable as of December 31, 2024 and 2023, which carrying amounts generally do not approximate the fair values (in thousands):

	December 31, 2024						December 31, 2023
	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial liabilities:
Notes payable	$	1,451,063	$	1,442,661	$	1,442,777	$	1,738,613	$	1,735,896	$	1,679,259

Schedule of Assets at Fair Value

As of December 31, 2024, the Company measured the following assets at fair value (in thousands):

			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring Basis:
Real estate equity securities	$	40,600	$	40,600	$	—	$	—
Asset derivatives - interest rate swaps	10,509		—		10,509		—

During the year ended December 31, 2024, the Company measured the following asset at fair value on a nonrecurring basis (in thousands):

			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Nonrecurring Basis:
Impaired real estate (1)	$	124,770	$	—	$	—	$	124,770

_____________________

(1) Amount represents the fair value for a real estate asset impacted by an impairment charge during the year ended December 31, 2024, as of the date that the fair value measurement was made, which was September 30, 2024. The carrying value for the real estate asset measured at a reporting date other than September 30, 2024 may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.