FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Estimated Fair Values of Financial Instruments

Fair Value Measurements on a Recurring Basis

	(in thousands)
	Total		Level 1		Level 2		Level 3
December 31, 2021
Assets
Mortgages and notes receivable	$	49,484	$	—	$	—	$	49,484
Liabilities
Derivative instruments - interest rate swaps	$	5,707	$	—	$	—	$	5,707
December 31, 2020
Assets
Mortgages and notes receivable	$	30,994	$	—	$	—	$	30,994
Liabilities
Derivative instruments - interest rate swaps	$	15,905	$	—	$	—	$	15,905

The estimated fair values of our financial instruments as of December 31, 2021 and 2020 are as follows:

	(in thousands)
	December 31, 2021				December 31, 2020
	Amount		Fair Value		Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	31,267	$	31,267	$	392	$	392
Restricted cash	7,358		7,358		6,918		6,918
FINANCIAL LIABILITIES
Revolving lines of credit(1)	76,000		76,000		152,871		152,871
Term loans(1)	—		—		145,000		145,000
Unsecured senior notes	300,000		308,302		125,000		133,181
Mortgages payable - Fannie Mae credit facility	198,850		198,850		—		—
Mortgages payable - other	284,934		284,546		298,445		308,855

(1)Excluding the effect of the interest rate swap agreement.

Changes in Fair Value Receivables

Changes in fair value of these receivables from period to period are reported in interest and other income on our Consolidated Statements of Operations.

	(in thousands)
	Fair Value Measurement		Other Gains (Losses)		Interest Income		Total Changes in Fair Value Included in Current Period Earnings
Year ended December 31, 2021	$	49,484	$	14	$	2,403	$	2,417
Year ended December 31, 2020	$	30,994	$	12	$	1,442	$	1,454