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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Measurements  
Summary of assets and liabilities measured at fair value on a recurring basis

Fair Value Measurements

    

Total

    

Level 1

    

Level 2

    

Level 3

(In thousands)

March 31, 2025

 

Derivative financial instruments designated as effective hedges:

 

  

 

  

 

  

 

  

Classified as assets in "Other assets, net"

$

14,542

$

14,542

Classified as liabilities in "Other liabilities, net"

4,329

 

4,329

 

Non-designated derivatives:

 

  

 

  

 

  

 

  

Classified as assets in "Other assets, net"

 

1,358

 

 

1,358

 

Classified as liabilities in "Other liabilities, net"

 

1,354

 

 

1,354

 

December 31, 2024

 

  

 

  

 

  

 

  

Derivative financial instruments designated as effective hedges:

 

  

 

  

 

  

 

  

Classified as assets in "Other assets, net"

$

23,367

$

23,367

Classified as liabilities in "Other liabilities, net"

90

 

90

 

Non-designated derivatives:

 

  

 

  

 

  

 

  

Classified as assets in "Other assets, net"

 

2,315

 

 

2,315

 

Classified as liabilities in "Other liabilities, net"

 

2,305

 

 

2,305

 

Schedule of financial instruments and liabilities reflected in balance sheets

March 31, 2025

December 31, 2024

    

Carrying

    

    

Carrying

    

Amount (1)

Fair Value

Amount (1)

Fair Value

 

(In thousands)

Financial liabilities:

 

  

 

  

 

  

 

  

Mortgage loans

$

1,642,833

$

1,636,690

$

1,783,733

$

1,749,904

Revolving credit facility

 

162,000

 

162,152

 

85,000

 

84,886

Term loans

 

720,000

 

718,639

 

720,000

 

715,929

(1)The carrying amount consists of principal only.