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FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended
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Jun. 30, 2018
Fair Value Disclosures [Abstract] |
Schedule of disclosures concerning financial instruments measured at fair value | Disclosures concerning financial instruments measured at fair value are as follows (in thousands):
|  | Fair Value Measurements at June 30, 2018 using
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | — |  |  | $ | 6,544 |  |  | $ | — |  |  | $ | 6,544 |
Purchase options related to real estate loans |  | — |  |  | — |  |  | 6,120 |  |  | 6,120 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | — |  |  | 1,119 |  |  | — |  |  | 1,119 |
|  | Fair Value Measurements at December 31, 2017 using
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | — |  |  | $ | 1,509 |  |  | $ | — |  |  | $ | 1,509 |
Purchase options related to real estate loans |  | — |  |  | — |  |  | 6,078 |  |  | 6,078 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | — |  |  | 190 |  |  | — |  |  | 190 |
Fair value valuation techniques | Assets and liabilities measured at fair value are based on one or more of the following valuation techniques:
Market approach: |  | Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
Cost approach: |  | Amount required to replace the service capacity of an asset (replacement cost).
Income approach: |  | Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models).
The estimated fair values of the purchase options were based on unobservable inputs for which there is little or no market information available and required us to develop our own assumptions as follows (dollar amounts in thousands):
|  | Real Estate Loan 1 |  | Real Estate Loan 2 |  | Real Estate Loan 3
Exercise price |  | $ | 15,143 |  |  | $ | 17,377 |  |  | $ | 5,503 |
First option exercise date |  | 12/31/2018 |  |  | 3/31/2019 |  |  | 5/31/2019 |
Last option exercise date |  | 11/1/2020 |  |  | 12/5/2020 |  |  | 12/1/2020 |
Expected volatility |  | 32.0 | % |  | 38.0 | % |  | 37.0 | %
Risk free rate |  | 1.7 | % |  | 1.8 | % |  | 1.9 | %
Expected annualized equity dividend yield |  | 6.8 | % |  | 9.9 | % |  | 6.5 | %

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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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