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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2018

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 December 31, 2018 and December 31, 2017.

		As of December 31, 2018								As of December 31, 2017
(Amounts in thousands)		Carrying Amount				Fair Value				Carrying Amount				Fair Value
Assets:
Cash and cash equivalents		$	440,430			$	440,430			$	490,279			$	490,279
Liabilities:
Mortgages payable(1)		$	1,562,159			$	1,543,963			$	1,578,317			$	1,579,839

⁽¹⁾ Carrying amounts exclude unamortized debt issuance costs of $11.9 million and $13.8 million as of December 31, 2018 and December 31, 2017, respectively.

Schedule of Interest Rates Used for Fair Value of Mortgages Payable

The following market spreads were used by the Company to estimate the fair value of mortgages payable:

	December 31, 2018				December 31, 2017
	Low		High		Low		High
Mortgages payable	1.7%		1.9%		1.7%		2.1%

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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