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FAIR VALUE MEASUREMENT (Tables)
 12 Months Ended
Dec. 31, 2017
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 Measurement 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 Measurement at December 31, 2016 using
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Liabilities:
 
 

 
 

 
 

 
 

Interest rate swaps
 
$
—

 
$
1,118

 
$
—

 
$
1,118
Schedule of unobservable inputs for fair values of purchase options
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
%