Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 8 – Fair Value Measurements

ASC 820, Fair Value Measurement, defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the “exit price”). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels:

Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities

Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data

Level 3 - unobservable inputs used when little or no market data is available

The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company also considers counterparty credit risk in its assessment of fair value.

Assets Measured at Fair Value on a Nonrecurring Basis

The following tables present the Company's assets measured at fair value on a non-recurring basis as of March 31, 2026 and December 31, 2025 (in thousands), aggregated by the level in the fair value hierarchy within which those measurements fall:

	Balance		Fair Value Measurements Using
Description	March 31, 2026		(Level 1)		(Level 2)		(Level 3)
Impaired real estate assets	$	49,696	$	-	$	49,696	$	-
Other-than-temporary impaired investments in   unconsolidated entities	$	18,576	$	-	$	18,576	$	-
	Balance		Fair Value Measurements Using
Description	December 31, 2025		(Level 1)		(Level 2)		(Level 3)
Other-than-temporary impaired investments in   unconsolidated entities	$	31,075	$	31,075	$	-	$	-

In accordance with ASC 360-10, Property, Plant and Equipment, the Company reviews the carrying value of its real estate assets at each reporting period. For the three months ended March 31, 2026, the Company recorded impairment losses of $15.2 million on real estate assets which is included in impairment on real estate assets within the condensed consolidated statements of operations. For the three months ended March 31, 2025, the Company did not record any impairment losses. We continue to evaluate our portfolio, including our development plans and holding periods, which may result in additional impairments in future periods on our consolidated properties.

In accordance with ASC 323, Equity Method and Joint Ventures, the Company reviews the carrying value of its investments in unconsolidated entities at each reporting period. The Company recorded $5.2 million and $8.5 million in other-than-temporary impairment losses in investments in unconsolidated entities for the three months ended March 31, 2026 and 2025, respectively.

For the three months ended March 31, 2026, the Company estimated fair value based upon a marketed process that resulted in receiving offers below carrying value. The Company considers fair values based upon offers from a marketed process to be classified within Level 2 of the fair value hierarchy.

Financial Assets and Liabilities Not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on the condensed consolidated balance sheets include cash equivalents and the Term Loan Facility. The fair value of the Term Loan Facility is classified as Level 2. Cash equivalents and restricted cash are carried at cost, which approximates fair value. The fair value of debt obligations is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings. As of March 31, 2026 and December 31, 2025, the estimated fair values of the Company’s debt obligations were $49.8 million and $50.0 million, respectively, which approximated the carrying value at such dates as the current rate approximates the stated rates on the Company’s debt obligations.