FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015 and December 31, 2014.



	March 31, 2015			December 31, 2014
	Carrying Amount ⁽¹⁾		Fair Value	Carrying Amount ⁽¹⁾	Fair Value
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	173	173	11	11
Cash held in escrow for 1031 exchange	—		—	698	698
Mortgage loans receivable	4,962		5,050	4,991	5,055
Interest rate swap assets	94		94	812	812
Financial Liabilities:
Secured debt	390,646		417,166	453,776	478,659
Unsecured debt	455,000		436,948	380,000	364,295
Unsecured bank credit facilities	114,360		114,717	99,401	99,638
Interest rate swap liabilities	5,121		5,121	3,314	3,314

(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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