FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and December 31, 2017.



	March 31, 2018			December 31, 2017
	Carrying Amount ⁽¹⁾		Fair Value	Carrying Amount ⁽¹⁾	Fair Value
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	37	37	16	16
Mortgage loans receivable	2,623		2,589	4,581	4,569
Interest rate swap assets	8,950		8,950	6,034	6,034
Financial Liabilities:
Unsecured bank credit facilities - variable rate ⁽²⁾	122,092		122,039	116,339	116,277
Unsecured bank credit facilities - fixed rate ⁽²⁾	80,000		80,001	80,000	80,003
Unsecured debt ⁽²⁾	715,000		698,526	715,000	703,871
Secured debt ⁽²⁾	197,580		201,732	200,354	206,408
Interest rate swap liabilities	—		—	695	695

(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).