XML 50 R34.htm IDEA: XBRL DOCUMENT
v3.24.0.1

FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Estimated Fair Values of Financial Instruments | Fair Value Measurements on a Recurring Basis
|  |  | (in thousands)
|  | Balance Sheet Location | Total | Level 1 | Level 2 | Level 3
December 31, 2023 |  |  |  |  |  |
Real estate related notes receivable |  | Other assets | $ | 7,039 |  | $ | — |  | $ | — |  | $ | 7,039 |
December 31, 2022 |  |  |  |  |  |
Real estate related notes receivable |  | Other assets | $ | 5,871 |  | $ | — |  | $ | — |  | $ | 5,871 |
The estimated fair values of the Company’s financial instruments as of December 31, 2023 and 2022 are as follows:
|  |  | (in thousands)
|  |  | December 31, 2023 | December 31, 2022 |
| Balance Sheet Location |  | Amount | Fair Value | Amount | Fair Value |  |
FINANCIAL ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents | Cash and cash equivalents |  | $ | 8,630 |  | $ | 8,630 |  | $ | 10,458 |  | $ | 10,458 |  |  |
Restricted cash | Restricted cash |  | 639 |  | 639 |  | 1,433 |  | 1,433 |  |  |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |
Revolving lines of credit | Revolving lines of credit |  | 30,000 |  | 30,000 |  | 113,500 |  | 113,500 |  |  |
Term loans | Notes payable |  | — |  | — |  | 100,000 |  | 100,000 |  |  |
Unsecured senior notes | Notes payable |  | 300,000 |  | 252,108 |  | 300,000 |  | 238,446 |  |  |
Mortgages payable - Fannie Mae credit facility | Mortgages payable |  | 198,850 |  | 168,555 |  | 198,850 |  | 161,297 |  |  |
Mortgages payable - other | Mortgages payable |  | 391,140 |  | 367,080 |  | 299,427 |  | 274,029 |  |  |
Changes in Fair Value Receivables | Changes in fair value of these receivables from period to period are reported in interest and other income on the 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, 2023 |  |  |  |  |
Real estate related notes receivable |  | $ | 7,039 |  | $ | 19 |  | $ | 272 |  | $ | 291 |
Year ended December 31, 2022 |  |  |  |  |
Real estate related notes receivable |  | $ | 5,871 |  | $ | 16 |  | $ | 669 |  | $ | 685 |
Schedule of Fair Value Measurements on a Nonrecurring Basis | There were no non-financial assets or liabilities measured at fair value on a nonrecurring basis at December 31, 2022.
|  |  | (in thousands)
|  | Balance Sheet Location | Total | Level 1 | Level 2 | Level 3
December 31, 2023 |  |  |  |  |  |
Assets |  |  |  |  |  |
Real estate investments measured at fair value |  | Real estate investments | $ | 19,250 |  | $ | — |  | $ | 19,250 |  | $ | — |

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration