FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2020

FAIR VALUE MEASUREMENT

Carrying Value and Estimated Fair Value of Company's Financial Instruments

	March 31, 2020 (unaudited)				December 31, 2019 (audited)
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
	(in thousands)
Financial assets:
Note receivable	$	1,300	$	1,320	$	1,300	$	1,389
Derivative assets	$	—	$	—	$	58	$	58
Financial liabilities:
Mortgage notes payable, net	$	395,074	$	426,891	$	393,164	$	415,183
Derivative liabilities	$	1,449	$	1,449	$	21	$	21

Schedule of Fair Value of Liabilities on Recurring Basis

	Level 1		Level 2		Level 3		Total
	(in thousands)
March 31, 2020
Derivative liabilities	$	—	$	1,449	$	—	$	1,449
December 31, 2019 (audited)
Derivative assets	$	—	$	58	$		$	58
Derivative liabilities	$	—	$	21	$	—	$	21

Fair Value of Company's Financial Assets and Liabilities

	Level 1		Level 2		Level 3		Total
	(in thousands)
March 31, 2020
Mortgage notes payable, net	$	—	$	—	$	426,891	$	426,891
December 31, 2019 (audited)
Mortgage notes payable, net	$	—	$	—	$	415,183	$	415,183