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FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of financial instrument carrying amounts and fair values
The table below summarizes the carrying amounts and fair value of these financial instruments as of September 30, 2016 and December 31, 2015.
 
 
 
As of September 30, 2016
 
As of December 31, 2015
(Amounts in thousands)
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Assets:
 
 

 
 

 
 

 
 

Cash and cash equivalents
 
$
149,698

 
$
149,698

 
$
168,983

 
$
168,983

Liabilities:
 
 

 
 

 
 

 
 

Mortgages payable(1)
 
$
1,209,994

 
$
1,256,929

 
$
1,243,957

 
$
1,262,483

Schedule of interest rates used for fair value of mortgages payable
The following interest rates were used by the Company to estimate the fair value of mortgages payable:
 
September 30, 2016
 
December 31, 2015
 
Low
 
High
 
Low
 
High
Mortgages payable
2.1%
 
2.4%
 
2.0%
 
2.3%