FAIR VALUE MEASUREMENTS |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 September 30, 2024 and December 31, 2023, 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 nine months ended September 30, 2024, the Trust remeasured one Retail Property to fair value on a nonrecurring basis. The Trust recognized an impairment charge related to an adjustment to the carrying value of a Retail Property, which was classified as held for sale as of September 30, 2024, to its estimated fair value. The following table summarizes the provision for impairment for this asset:
(1) Estimated fair value was based on the aggregate sales proceeds net of closing costs resulting from the actual transaction with an unrelated third party. The Trust determined that its valuation of this investment was classified within Level 3 of the fair value hierarchy.
During the nine months ended September 30, 2023, the Trust did not remeasure any assets to fair value on a nonrecurring basis, and no impairment charges were recorded.
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