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IMPAIRMENT OF REAL ESTATE
3 Months Ended
Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
IMPAIRMENT OF REAL ESTATE IMPAIRMENT OF REAL ESTATE
No impairment of real estate was recognized during the three months ended March 31, 2025. During the three months ended March 31, 2024, the Company recognized a $3.1 million impairment of real estate related to three facilities that were sold.
To estimate the fair value of the impaired facilities, the Company utilized a market approach which considered binding sale agreements, non-binding offers from unrelated third parties or model-derived valuations with significant unobservable inputs, including comparable sales and other local and national industry market data (Level 3 measurements), as applicable.
The Company continues to evaluate additional assets for sale as part of its initiative to recycle capital and further improve its portfolio quality. This could lead to a shorter hold period and could result in the determination that the full amount of the Company’s investment is not recoverable, resulting in an impairment charge or loss on sale which could be material.