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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | NOTE 9 – FAIR VALUE MEASUREMENTS In accordance with ASC 820-10, “Fair Value Measurements and Disclosures,” the Company measures certain financial assets and liabilities at fair value on a recurring basis, including marketable securities. The fair value of these financial assets and liabilities was determined using the following inputs at September 30, 2024 and December 31, 2023 (in thousands): FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS
|  | Fair Value Measurements at Reporting Date Using |
|  |  |  |  | Quoted Prices |  |  | Significant |  |  |  |
|  |  |  |  | In Active |  |  | Other |  |  | Significant |
|  |  |  |  | Markets for |  |  | Observable |  |  | Unobservable |
|  |  |  |  | Identical Assets |  |  | Inputs |  |  | Inputs |
|  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
As of September 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Marketable Securities - Preferred stock |  | $ | 495 |  |  | $ | 495 |  |  | $ | 0 |  |  | $ | 0 |
Marketable Securities - Common stock |  |  | 33,683 |  |  |  | 33,683 |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | 34,178 |  |  | $ | 34,178 |  |  | $ | 0 |  |  | $ | 0 |
As of December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable Securities - Preferred stock |  | $ | 447 |  |  | $ | 447 |  |  | $ | 0 |  |  | $ | 0 |
Marketable Securities - Common stock |  |  | 34,059 |  |  |  | 34,059 |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | 34,506 |  |  | $ | 34,506 |  |  | $ | 0 |  |  | $ | 0 |
In addition to the Company’s investment in marketable securities at fair value, the Company is required to disclose certain information about fair values of its other financial instruments, as defined in ASC 825-10, Financial Instruments. Estimates of fair value are made at a specific point in time, based upon, where available, relevant market prices and information about the financial instrument. Such estimates do not include any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. All of the Company’s marketable securities have quoted market prices. However, for a portion of the Company’s other financial instruments, no quoted market value exists. Therefore, estimates of fair value are necessarily based on a number of significant assumptions (many of which involve events outside the control of management). Such assumptions include assessments of current economic conditions, perceived risks associated with these financial instruments and their counterparties, future expected loss experience and other factors. Given the uncertainties surrounding these assumptions, the reported fair values represent estimates only and, therefore, cannot be compared to the historical accounting model. Use of different assumptions or methodologies is likely to result in significantly different fair value estimates. The fair value of cash and cash equivalents and notes receivable approximates their current carrying amounts since all such items are short-term in nature. The fair value of variable rate loans payable approximate their current carrying amounts since such amounts payable are approximately at a weighted-average current market rate of interest. As of September 30, 2024, the estimated fair value of fixed rate mortgages payable amounted to $483.8 million and the carrying value of fixed rate mortgages payable amounted to $492.2 million.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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