FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2016 and December 31, 2015.



	September 30, 2016			December 31, 2015
	Carrying Amount ⁽¹⁾		Fair Value	Carrying Amount ⁽¹⁾	Fair Value
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	33	33	48	48
Mortgage loans receivable	4,784		4,811	4,875	4,896
Interest rate swap assets	—		—	400	400
Financial Liabilities:
Secured debt ⁽²⁾	262,081		276,505	351,401	366,491
Unsecured debt ⁽²⁾	555,000		542,134	530,000	509,326
Unsecured bank credit facilities - variable rate ⁽²⁾	126,581		126,568	150,836	150,670
Unsecured bank credit facilities - fixed rate ⁽²⁾	80,000		79,990	—	—
Interest rate swap liabilities	9,742		9,742	3,960	3,960

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

(2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Note 9 for additional information).