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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Estimated Fair Values of Financial Instruments | Fair Value Measurements on a Recurring Basis
| (in thousands)
| Total |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2020 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Mortgages and notes receivable | $ | 24,315 |  |  | — |  |  | — |  |  | $ | 24,315 |
Liabilities |  |  |  |  |  |  |
Derivative instruments - interest rate swaps | $ | 17,256 |  |  | — |  |  | — |  |  | $ | 17,256 |
December 31, 2019 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Derivative instruments - interest rate swaps | $ | 7,607 |  |  | $ | — |  |  | — |  |  | $ | 7,607 |
The estimated fair values of our financial instruments as of September 30, 2020 and December 31, 2019, respectively, are as follows:
| (in thousands)
| September 30, 2020 |  | December 31, 2019
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
FINANCIAL ASSETS |  |  |  |  |  |  |
Cash and cash equivalents | $ | 16,804 |  |  | $ | 16,804 |  |  | $ | 26,579 |  |  | $ | 26,579 |
Restricted cash | $ | 2,199 |  |  | $ | 2,199 |  |  | $ | 19,538 |  |  | $ | 19,538 |
Mortgage and note receivable(2) | — |  |  | — |  |  | $ | 32,810 |  |  | $ | 32,810 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |
Revolving lines of credit(1) | $ | 135,000 |  |  | $ | 135,000 |  |  | $ | 50,079 |  |  | $ | 50,079 |
Term loans(1) | $ | 145,000 |  |  | $ | 145,000 |  |  | $ | 145,000 |  |  | $ | 145,000 |
Unsecured senior notes | $ | 125,000 |  |  | $ | 131,151 |  |  | $ | 125,000 |  |  | $ | 126,816 |
Mortgages payable | $ | 314,511 |  |  | $ | 331,423 |  |  | $ | 331,376 |  |  | $ | 332,471 |
(1)Excluding the effect of interest rate swap agreements. Refer to Note 6 for discussion on the fair value of the interest rate swap agreements. (2)As of January 1, 2020, we elected the fair value option, as allowed under ASU 2019-05. Fair value for these instruments is discussed within the Fair Value Measurements on a Recurring Basis section above.
Changes in Fair Value Receivables | Changes in the fair value of these receivables from period to period are reported in interest and other income on our condensed consolidated statements of operations.
| (in thousands)
| Fair Value Measurement at September 30, 2020 |  | Other Gains (Losses) |  | Interest Income |  | Total Changes in Fair Value Included in Current-Period Earnings
Three months ended September 30, |  |  |  |  |  |  |
Mortgage loans and notes receivable | $ | 24,315 |  |  | $ | 3 |  |  | $ | 260 |  |  | $ | 263 |
Nine months ended September 30, |  |  |  |  |  |  |
Mortgage loans and notes receivable | $ | 24,315 |  |  | $ | 8 |  |  | $ | 1,114 |  |  | $ | 1,122 |

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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + 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 (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 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 (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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