IMPAIRMENT OF INVESTMENT PROPERTIES |
12 Months Ended |
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Dec. 31, 2025 | |
| Restructuring and Related Activities [Abstract] | |
| IMPAIRMENT OF INVESTMENT PROPERTIES | IMPAIRMENT OF INVESTMENT PROPERTIES For the years ended December 31, 2025, 2024 and 2023, the Trust recognized impairment charges of $12,954, $2,081 and $0, respectively.
As of September 30, 2025, the Trust concluded that all Retail Properties met held for sale criteria and recognized an impairment charge of $10,671 based on its estimate of the fair value of the assets and liabilities associated with investment properties held for sale, less anticipated costs to sell, based on the contracted sale price for the portfolio (see Note 1).
As discussed in Note 1, the Agreement was terminated on December 26, 2025. As of December 31, 2025, the Retail Properties were reclassified as held for use. In connection with this reclassification, the Trust evaluated all properties for impairment under a held for use model as if the retail properties had not been held for sale previously, which included recording depreciation expense through December 31, 2025. The Trust then evaluated impairment indicators for each individual property under a held for use model using a shortened hold period for all properties by performing an undiscounted step 1 impairment analysis. As of December 31, 2025, there were four properties that failed the undiscounted cash flow trigger assessment and have been impaired to their estimated fair value. At the time of the reclassification from the held for sale to held for use impairment model, the incremental impairment charge recorded was $2,283.
For the year ended December 31, 2024, the Trust recognized an impairment charge of $2,081 related to one Retail Property that was classified as held for sale as of September 30, 2024. This Retail Property was subsequently sold in October 2024.
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