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FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2022
FAIR VALUE MEASUREMENTS  
Schedule of fair value and carrying amounts of the Company's mortgages payable

The fair value and carrying amounts of the Company’s mortgages payable are as follows (amounts in thousands):

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June 30, 

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December 31, 

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2022

    

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2021

    

Fair value of mortgages payable (a)

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$

388,421

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$

419,354

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Carrying value of mortgages payable

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$

402,815

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$

399,660

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Fair value (less) greater than carrying value

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$

(14,394)

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$

19,694

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Blended market interest rate

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4.9

%

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3.2

%

Weighted average remaining term to maturity (years)

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6.4

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6.4

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(a)Estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy.

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Schedule of derivative financial instruments measured at fair value

The fair value of the Company’s derivative financial instruments was determined to be the following (amounts in thousands):

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Carrying and

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Balance Sheet

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As of

    

Fair Value

    

Classification

Financial assets: Interest rate swaps

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June 30, 2022

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$

927

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Other assets

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December 31, 2021

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—

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Financial liabilities: Interest rate swaps

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June 30, 2022

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$

1

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Other liabilities

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December 31, 2021

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1,514

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Schedule of effect of derivative financial instruments on statements of income

The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands):

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Three Months Ended

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Six Months Ended

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June 30, 

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June 30, 

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2022

    

2021

    

2022

    

2021

Amount of gain (loss) recognized on derivatives in other comprehensive loss

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$

466

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$

(340)

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$

1,955

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$

753

Amount of reclassification from Accumulated other comprehensive income (loss) into Interest expense

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(199)

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(1,181)

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(485)

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(1,589)