FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair value of instruments measured on a recurring basis

The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021:

							Total
(in thousands)	Level 1		Level 2		Level 3		Fair Value
As of June 30, 2022
Assets
Interest rate swaps	$	—	$	28,280	$	—	$	28,280
Interest rate caps		—		18,002		—		18,002
Total assets measured at fair value	$	—	$	46,282	$	—	$	46,282
As of December 31, 2021
Assets
Interest rate swaps	$	—	$	2,653	$	—	$	2,653
Interest rate caps				3,164				3,164
Total assets measured at fair value	$	—	$	5,817	$	—	$	5,817

Fair value of instruments measured on a nonrecurring basis

	As of June 30, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
(in thousands)	Value (1)		Value		Value (1)		Value
Assets:
DST Program Loans	$	102,359	$	101,422	$	68,772	$	68,772
Liabilities:
Line of credit	$	670,000	$	670,000	$	—	$	—
Term loans		1,150,000		1,150,000		1,015,000		1,015,000
Mortgage notes		1,246,140		1,176,043		1,246,140		1,247,307

(1) The carrying value reflects the principal amount outstanding.