FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 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 December 31, 2014 and 2013.



	December 31,
	2014			2013
	Carrying Amount ⁽¹⁾		Fair Value	Carrying Amount ⁽¹⁾	Fair Value
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	11	11	8	8
Cash held in escrow for 1031 exchange	698		698	—	—
Mortgage loans receivable, net of discount	4,991		5,055	8,870	9,040
Interest rate swap assets	812		812	1,692	1,692
Financial Liabilities:
Secured debt	453,776		478,659	499,793	519,390
Unsecured debt	380,000		380,082	305,000	294,860
Unsecured bank credit facilities	99,401		99,638	88,952	89,140
Interest rate swap liabilities	3,314		3,314	244	244


(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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