FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2013 and 2012.



	December 31,
	2013			2012
	Carrying Amount ⁽¹⁾		Fair Value	Carrying Amount ⁽¹⁾	Fair Value
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	8	8	1,258	1,258
Mortgage loans receivable, net of discount	8,870		9,040	9,323	9,748
Interest rate swap assets	1,692		1,692	—	—
Financial Liabilities:
Secured debt	499,793		519,390	607,766	661,408
Unsecured debt	305,000		294,860	130,000	130,776
Unsecured bank credit facilities	88,952		89,140	76,160	76,160
Interest rate swap liabilities	244		244	645	645


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