FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014 and December 31, 2013.



	March 31, 2014			December 31, 2013
	Carrying Amount ⁽¹⁾		Fair Value	Carrying Amount ⁽¹⁾	Fair Value
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	1,880	1,880	8	8
Mortgage loans receivable, net of discount	8,833		9,010	8,870	9,040
Interest rate swap assets	1,494		1,494	1,692	1,692
Financial Liabilities:
Secured debt	494,256		517,263	499,793	519,390
Unsecured debt	305,000		298,169	305,000	294,860
Unsecured bank credit facilities	99,359		99,719	88,952	89,140
Interest rate swap liabilities	1,071		1,071	244	244

(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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