FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2022

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
June 30, 2022
Assets
Notes receivable	$	6,072	—		—	$	6,072
December 31, 2021
Assets
Mortgages and notes receivable	$	49,484	—		—	$	49,484
Liabilities
Derivative instruments - interest rate swaps	$	5,707	$	—	—	$	5,707

The estimated fair values of the Company’s financial instruments as of June 30, 2022 and December 31, 2021, respectively, are as follows:

	(in thousands)
	June 30, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	13,156	$	13,156	$	31,267	$	31,267
Restricted cash	$	1,914	$	1,914	$	7,358	$	7,358
FINANCIAL LIABILITIES
Revolving lines of credit(1)	$	73,000	$	73,000	$	76,000	$	76,000
Unsecured senior notes	$	300,000	$	255,779	$	300,000	$	308,302
Mortgages payable - Fannie Mae	$	198,850	$	170,710	$	198,850	$	198,850
Mortgages payable - other	$	302,360	$	282,506	$	284,934	$	284,546

(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 the Condensed Consolidated Statements of Operations.

	(in thousands)
	Fair Value Measurement at June 30,		Other Gains (Losses)		Interest Income		Total Changes in Fair Value Included in Current-Period Earnings
Six months ended June 30, 2022
Notes receivable	$	6,072	$	7	$	142	$	149
Six months ended June 30, 2021
Mortgage loans and notes receivable	$	43,796	$	7	$	990	$	997