FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016 and December 31, 2015.



	March 31, 2016			December 31, 2015
	Carrying Amount ⁽¹⁾		Fair Value	Carrying Amount ⁽¹⁾	Fair Value
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	12	12	48	48
Mortgage loans receivable	4,845		4,885	4,875	4,896
Interest rate swap assets	270		270	400	400
Financial Liabilities:
Secured debt	345,444		363,691	350,285	366,491
Unsecured debt	528,312		518,086	528,210	509,326
Unsecured bank credit facilities	165,849		167,166	149,414	150,670
Interest rate swap liabilities	9,222		9,222	3,960	3,960

(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.