FAIR VALUE MEASUREMENT (Tables)

6 Months Ended

Jun. 30, 2020

FAIR VALUE MEASUREMENT

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

	June 30, 2020				December 31, 2019
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
	(in thousands)
Financial assets:
Note receivable	$	2,063	$	2,191	$	1,300	$	1,389
Derivative assets	$	—	$	—	$	58	$	58
Financial liabilities:
Mortgage notes payable, net	$	403,168	$	440,115	$	393,164	$	415,183
Derivative liabilities	$	2,071	$	2,071	$	21	$	21

Schedule of Fair Value of Liabilities on Recurring Basis

	Level 1		Level 2		Level 3		Total
	(in thousands)
June 30, 2020
Derivative liabilities	$	—	$	2,071	$	—	$	2,071
December 31, 2019
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)
June 30, 2020
Mortgage notes payable, net	$	—	$	—	$	440,115	$	440,115
Note receivable	$	—	$	—	$	2,191	$	2,191
December 31, 2019
Mortgage notes payable, net	$	—	$	—	$	415,183	$	415,183
Note receivable	$	—	$	—	$	1,389	$	1,389