FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2013

Carrying amounts and fair value of financial instruments

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at September 30, 2013 and December 31, 2012.



	September 30, 2013			December 31, 2012
	Carrying Amount ⁽¹⁾		Fair Value	Carrying Amount ⁽¹⁾	Fair Value
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	207	207	1,258	1,258
Mortgage loans receivable, net of discount	9,253		9,461	9,323	9,748
Interest rate swap assets	1,274		1,274	—	—
Financial Liabilities:
Secured debt	555,831		581,125	607,766	661,408
Unsecured debt	230,000		222,378	130,000	130,776
Unsecured bank credit facilities	111,667		111,776	76,160	76,160
Interest rate swap liabilities	1,116		1,116	645	645

(1) Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as explained in the notes below.

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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