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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of fair value, liabilities measured on recurring basis

The following table presents information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, aggregated by the level in the fair value hierarchy within which those instruments fall.


(In thousands)	Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
September 30, 2025

Foreign currency forwards, net (GBP & EUR)	$	—	$	(5,088)	$	—	$	(5,088)
Interest rate swaps, net (USD & EUR)	$	—	$	(1,467)	$	—	$	(1,467)
Multi-tenant disposition receivable	$	—	$	—	$	55,916	$	55,916
December 31, 2024

Foreign currency forwards, net (GBP & EUR)	$	—	$	1,583	$	—	$	1,583
Interest rate swaps, net (USD,GBP & EUR)	$	—	$	(2,831)	$	—	$	(2,831)

Schedule of fair value, assets measured on recurring basis, unobservable input reconciliation

The change in Level 3 assets was as follows for the periods presented:


(In thousands)	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Beginning balance	$	90,214	$	—
Net receivable recorded for the First Closing	—		106,714
Net receivable recorded for the Second Closing	—		5,484
Net receivable recorded for the Third Closing	—		14,406
Net unrealized gain (loss)	3,698		(2,452)
Cash received for open and operating leases	(36,132)		(58,756)
Net realized gain (loss) (1)	(1,864)		(9,480)
Ending balance	$	55,916	$	55,916

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(1) Realized losses includes write-offs for tenants that are not yet open and operating, or tenants that opened and began operations for which the Company has or have not received cash proceeds. For additional information on the multi-tenant disposition receivable, see Note 3 —Multi-Tenant Retail Disposition.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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