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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of 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
September 30, 2024 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Real estate related notes receivable | Other assets | $ | 20,878 |  |  | — |  |  | — |  |  | $ | 20,878 |
December 31, 2023 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Real estate related notes receivable | Other assets | $ | 7,039 |  |  | — |  |  | — |  |  | $ | 7,039 |
The estimated fair values of the Company’s financial instruments as of September 30, 2024 and December 31, 2023, respectively, are as follows:
|  | (in thousands)
|  | September 30, 2024 |  | December 31, 2023
| Balance Sheet Location | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
FINANCIAL ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents | Cash and cash equivalents | $ | 14,453 |  |  | $ | 14,453 |  |  | $ | 8,630 |  |  | $ | 8,630 |
Restricted cash | Restricted cash | $ | 2,794 |  |  | $ | 2,794 |  |  | $ | 639 |  |  | $ | 639 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |
Revolving lines of credit | Revolving lines of credit | $ | 39,000 |  |  | $ | 39,000 |  |  | $ | 30,000 |  |  | $ | 30,000 |
Unsecured senior notes | Notes payable | $ | 300,000 |  |  | $ | 259,103 |  |  | $ | 300,000 |  |  | $ | 252,108 |
Mortgages payable - Fannie Mae credit facility | Mortgages payable | $ | 198,850 |  |  | $ | 172,708 |  |  | $ | 198,850 |  |  | $ | 168,555 |
Mortgages payable - other | Mortgages payable | $ | 386,949 |  |  | $ | 369,209 |  |  | $ | 391,140 |  |  | $ | 367,080 |
Schedule of 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 the Condensed Consolidated Statements of Operations.
| (in thousands)
| Fair Value Measurement |  | Other Gains |  | Interest Income |  | Total Changes in Fair Value Included in Current-Period Earnings
Nine months ended September 30, 2024 |  |  |  |  |  |  |
Real estate related notes receivable | $ | 20,878 |  |  | $ | 14 |  |  | $ | 1,022 |  |  | $ | 1,036 |
Nine months ended September 30, 2023 |  |  |  |  |  |  |
Real estate related notes receivable | $ | 5,455 |  |  | $ | 14 |  |  | $ | 197 |  |  | $ | 211 |
Schedule of Fair Value Measurements on a Nonrecurring Basis | Non-financial assets measured at fair value on a nonrecurring basis at December 31, 2023 consisted of real estate investments that were written-down to estimated fair value during the year ended December 31, 2023.
|  | (in thousands)
| Balance Sheet Location | Total |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2023 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Real estate investments measured at fair value | Property owned | $ | 19,250 |  |  | $ | — |  |  | $ | 19,250 |  |  | $ | — |

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- 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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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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://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 Reference 2: 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 + 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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