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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 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
December 31, 2020
Assets
Mortgages and notes receivable						$	30,994		$	—		$	—		$	30,994
Liabilities
Derivative instruments - interest rate swaps						$	15,905		$	—		$	—		$	15,905
December 31, 2019
Liabilities
Derivative instruments - interest rate swaps						$	7,607		$	—		$	—		$	7,607

The estimated fair values of our financial instruments as of December 31, 2020 and 2019 are as follows:

						(in thousands)
						December 31, 2020						December 31, 2019
						Amount			Fair Value			Amount			Fair Value
FINANCIAL ASSETS
Cash and cash equivalents						$	392		$	392		$	26,579		$	26,579
Restricted cash						6,918			6,918			19,538			19,538
Mortgage and note receivables(1)						—			—			32,810			32,810
FINANCIAL LIABILITIES
Revolving lines of credit(2)						152,871			152,871			50,079			50,079
Term loans(2)						145,000			145,000			145,000			145,000
Unsecured senior notes						125,000			133,181			125,000			126,816
Mortgages payable						298,445			308,855			331,376			332,471

(1)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.

(2)Excluding the effect of the interest rate swap agreement.

Changes in Fair Value Receivables

Changes in fair value of these receivables from period to period are reported in interest and other income on our consolidated statements of operations.

						(in thousands)
						Fair Value Measurement			Other Gains (Losses)			Interest Income			Total Changes in Fair Value Included in Current Period Earnings
Year ended December 31, 2020						$	30,994		$	12		$	1,442		$	1,454

X

- 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

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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

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