FAIR VALUE MEASUREMENTS |
12 Months Ended |
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Dec. 31, 2025 | |
| Fair Value Disclosures [Abstract] | |
| FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair Value Hierarchy
A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows:
•Level 1: Quoted prices in active markets for identical securities.
•Level 2: Prices determined using other significant observable inputs. Observable inputs that other market participants would use in pricing a security, including quoted prices for similar securities.
•Level 3: Prices determined using significant unobservable inputs. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available in the circumstances.
When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, to the extent the underlying liability will be settled in cash, approximate their carrying values because of the short-term nature of these instruments.
Recurring Fair Value Measurements
As of December 31, 2025 and 2024, the Trust did not hold any assets or liabilities that are measured at fair value on a recurring basis.
Nonrecurring Fair Value Measurements
During the year ended December 31, 2025, the Trust recognized impairment charges of $12,954 in order to adjust the carrying values of four Retail Properties to their respective estimated fair value based on broker opinions of value using a combination of methods to determine their value, including but not limited to replacement value, discounted cash flows and the income approach based on historical and forecasted operating results of the specific properties. The Trust determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy.
During the year ended December 31, 2024, the Trust recognized an impairment charge of $2,081 in order to adjust the carrying value of a Retail Property based on a sales contract with an unrelated third party. The Trust determined that its valuation of this investment was classified within Level 3 of the fair value hierarchy.
For the year ended December 31, 2023, the Trust did not remeasure any assets to fair value on a nonrecurring basis, and no impairment charge was recorded.
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