FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 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 notes payable as of September 30, 2020 and December 31, 2019, which carrying amounts generally do not approximate the fair values (in thousands):

	September 30, 2020						December 31, 2019
	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial liabilities:
Notes payable	$	91,831	$	91,483	$	90,589	$	118,481	$	117,861	$	119,196

Fair Value Measurements, Recurring and Nonrecurring

As of September 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 derivative - interest rate swaps	$	(2,664)	$	—	$	(2,664)	$	—

During the nine months ended September 30, 2020, the Company measured the following asset(s) 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)	$	37,100	$	—	$	—	$	37,100
Investment in unconsolidated joint venture (1)	$	528	$	—	$	—	$	528

_____________________

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