FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 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
March 31, 2021
Assets
Mortgages and notes receivable	$	36,443	—		—	$	36,443
Liabilities
Derivative instruments - interest rate swaps	$	12,798	—		—	$	12,798
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 March 31, 2021 and December 31, 2020, respectively, are as follows:

	(in thousands)
	March 31, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	10,816	$	10,816	$	392	$	392
Restricted cash	$	1,610	$	1,610	$	6,918	$	6,918
FINANCIAL LIABILITIES
Revolving lines of credit(1)	$	181,544	$	181,544	$	152,871	$	152,871
Term loans(1)	$	145,000	$	145,000	$	145,000	$	145,000
Unsecured senior notes	$	175,000	$	179,630	$	125,000	$	133,181
Mortgages payable	$	295,001	$	301,538	$	298,445	$	308,855

(1)Excluding the effect of interest rate swap agreements. Refer to Note 6 for discussion on the fair value of the interest rate swap agreements.

Changes in Fair Value Receivables

Changes in the fair value of these receivables from period to period are reported in interest and other income on our condensed consolidated statements of operations.

	(in thousands)
	Fair Value Measurement at March 31,		Other Gains (Losses)		Interest Income		Total Changes in Fair Value Included in Current-Period Earnings
Three months ended March 31, 2021
Mortgage loans and notes receivable	$	36,443	$	4	$	407	$	411
Three months ended March 31, 2020
Mortgage loans and notes receivable	$	26,697	$	1	$	527	$	528