FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2017

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 June 30, 2017 and December 31, 2016.



	June 30, 2017			December 31, 2016
	Carrying Amount ⁽¹⁾		Fair Value	Carrying Amount ⁽¹⁾	Fair Value
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	78	78	522	522
Mortgage loans receivable	4,688		4,690	4,752	4,747
Interest rate swap assets	4,293		4,293	4,546	4,546
Financial Liabilities:
Unsecured bank credit facilities - variable rate ⁽²⁾	88,038		88,033	112,020	111,923
Unsecured bank credit facilities - fixed rate ⁽²⁾	80,000		80,002	80,000	79,998
Unsecured debt ⁽²⁾	655,000		639,184	655,000	623,147
Secured debt ⁽²⁾	251,480		259,595	258,594	266,585
Interest rate swap liabilities	1,890		1,890	2,578	2,578

(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).