FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Face Value, Carrying Amounts and Fair Value

The following were the face values, carrying amounts and fair values of the Company’s real estate loan receivable as of June 30, 2020 and of the Company’s notes payable as of June 30, 2020 and December 31, 2019, which carrying amounts generally do not approximate the fair values (in thousands):

	June 30, 2020						December 31, 2019
	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial assets:
Real estate loan receivable (1)	$	150,213	$	147,648	$	147,648	$	—	$	—	$	—
Financial liabilities:
Notes payable	$	1,498,834	$	1,493,231	$	1,465,698	$	1,466,376	$	1,459,879	$	1,469,293

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⁽¹⁾ Carrying amount represents outstanding principal balance, adjusted for unamortized origination discounts and origination costs and net of an allowance for credit losses.

Fair Value, Assets Measured on Recurring Basis

As of June 30, 2020, the Company measured the following derivative instruments at fair value (in thousands):

			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring Basis:
Liability derivatives - interest rate swaps	$	(43,867)	$	—	$	(43,867)	$	—

Fair Value, Assets Measured on Nonrecurring Basis

During the six months ended June 30, 2020, the Company measured the following asset at fair value on a nonrecurring basis (in thousands):

			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Nonrecurring Basis:
Impaired real estate (1)	$	80,500	$	—	$	—	$	80,500

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⁽¹⁾ Amount represents the fair value for a real estate asset impacted by an impairment charge during the six months ended June 30, 2020, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.