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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Assets measured on recurring basis
The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2019. The Company did not have any financial instruments that were required to be measured at fair value on a recurring basis as of December 31, 2018.
(in thousands)
 
Level 1
 
Level 2
 
Level 3
 
Total
Fair Value
As of December 31, 2019
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Derivative instruments
 
$
—

 
$
2,190

 
$
—

 
$
2,190

Total assets measured at fair value
 
$
—

 
$
2,190

 
$
—

 
$
2,190
Fair value of notes payable
The carrying values and fair values of these financial instruments were as follows:
 
 
As of December 31, 2019
 
As of December 31, 2018
(in thousands)
 
Carrying
Value (1)
 
Fair
Value
 
Carrying
Value (1)
 
Fair
Value
Line of credit
 
$
107,000

 
$
107,000

 
$
119,000

 
$
119,000

Term loan
 
307,500

 
307,500

 
—

 
—

Fixed rate mortgage notes
 
49,250

 
50,326

 
—

 
—

Notes payable to stockholders (2)
 
—

 
—

 
376

 
376


 
(1)
The carrying value reflects the principal amount outstanding.
(2)
On October 1, 2019, the Company repaid the notes in their entirety, plus accrued interest. See “Note 6 to the Consolidated Financial Statements” for further detail regarding the notes to stockholders.