FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Estimated Fair Values of Financial Instruments

Fair Value Measurements on a Recurring Basis


		(in thousands)
	Balance Sheet Location	Total		Level 1	Level 2	Level 3
March 31, 2023
Assets
Notes receivable	Other assets	$	5,661	—	—	$	5,661



December 31, 2022
Assets
Notes receivable	Other assets	$	5,871	—	—	$	5,871

The estimated fair values of the Company’s financial instruments as of March 31, 2023 and December 31, 2022, respectively, are as follows:


		(in thousands)
		March 31, 2023				December 31, 2022
	Balance Sheet Location	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	Cash and cash equivalents	$	8,939	$	8,939	$	10,458	$	10,458
Restricted cash	Restricted cash	$	48,903	$	48,903	$	1,433	$	1,433

FINANCIAL LIABILITIES
Revolving lines of credit	Revolving lines of credit	$	143,469	$	143,469	$	113,500	$	113,500
Term loans	Notes payable	$	—	$	—	$	100,000	$	100,000
Unsecured senior notes	Notes payable	$	300,000	$	245,627	$	300,000	$	238,446
Mortgages payable - Fannie Mae	Mortgages payable	$	198,850	$	164,227	$	198,850	$	161,297
Mortgages payable - other	Mortgages payable	$	279,340	$	258,799	$	299,427	$	274,029

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		Other Gains (Losses)		Interest Income		Total Changes in Fair Value Included in Current-Period Earnings
Three months ended March 31, 2023
Notes receivable	$	5,661	$	5	$	67	$	72
Three months ended March 31, 2022
Notes receivable	$	6,068	$	4	$	460	$	464