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FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring The tables below summarize the recorded amount of assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:
As of September 30, 2024
(Amounts in thousands)Level 1Level 2Level 3Total
Interest rate cap and swap(1)
$— $1,562 $— $1,562 
As of December 31, 2023
Level 1Level 2Level 3Total
Interest rate cap and swap(1)
$— $2,515 $— $2,515 
(1) Included in Prepaid expenses and other assets on the consolidated balance sheets.
Schedule of Derivative Instruments
The tables below summarize our derivative instruments, which are used to hedge the corresponding variable rate debt, as of September 30, 2024 and December 31, 2023:
(Amounts in thousands)As of September 30, 2024
Hedged InstrumentFair ValueNotional AmountSpreadInterest RateEffective Interest RateExpiration
Plaza at Woodbridge interest rate cap$517 $51,253 
SOFR + 2.26%
7.35%5.26%7/1/2025
Montclair interest rate swap1,045 7,250 
SOFR + 2.57%
7.69%3.15%8/15/2030
As of December 31, 2023
Hedged InstrumentFair ValueNotional AmountSpreadInterest RateEffective Interest RateExpiration
Plaza at Woodbridge interest rate cap$1,259 $52,278 
SOFR + 2.26%
7.49%5.26%7/1/2025
Montclair interest rate swap1,256 7,250 
SOFR + 2.57%
7.76%3.15%8/15/2030

The table below summarizes the effect of our derivative instruments on our consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2024 and 2023:
Unrealized (Loss) Gain Recognized in OCI on Derivatives
(Amounts in thousands)Three Months Ended September 30,Nine Months Ended September 30,
Hedged Instrument2024202320242023
Plaza at Woodbridge interest rate cap$(461)$875 $(312)$607 
Montclair interest rate swap(302)183 (211)130 
Total$(763)$1,058 $(523)$737 
Schedule of Financial Instrument Carrying Amounts and Fair Values The table below summarizes the carrying amounts and fair value of our Level 2 financial instruments as of September 30, 2024 and December 31, 2023:
 As of September 30, 2024As of December 31, 2023
(Amounts in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Mortgages payable(1)
$1,529,047 $1,480,467 $1,590,735 $1,489,601 
Unsecured credit facility— — 153,000 145,882 
(1) Carrying amounts exclude unamortized debt issuance costs of $13.7 million and $12.6 million as of September 30, 2024 and December 31, 2023, respectively.