FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 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
December 31, 2023


Real estate related notes receivable	Other assets	$	7,039	$	—	$	—	$	7,039


December 31, 2022


Real estate related notes receivable	Other assets	$	5,871	$	—	$	—	$	5,871

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


		(in thousands)
		December 31, 2023				December 31, 2022
	Balance Sheet Location	Amount		Fair Value		Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	Cash and cash equivalents	$	8,630	$	8,630	$	10,458	$	10,458
Restricted cash	Restricted cash	639		639		1,433		1,433

FINANCIAL LIABILITIES
Revolving lines of credit	Revolving lines of credit	30,000		30,000		113,500		113,500
Term loans	Notes payable	—		—		100,000		100,000
Unsecured senior notes	Notes payable	300,000		252,108		300,000		238,446
Mortgages payable - Fannie Mae credit facility	Mortgages payable	198,850		168,555		198,850		161,297
Mortgages payable - other	Mortgages payable	391,140		367,080		299,427		274,029

Changes in Fair Value Receivables

Changes in fair value of these receivables from period to period are reported in interest and other income on the 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, 2023

Real estate related notes receivable	$	7,039	$	19	$	272	$	291
Year ended December 31, 2022

Real estate related notes receivable	$	5,871	$	16	$	669	$	685

Schedule of Fair Value Measurements on a Nonrecurring Basis

There were no non-financial assets or liabilities measured at fair value on a nonrecurring basis at December 31, 2022.


		(in thousands)
	Balance Sheet Location	Total		Level 1		Level 2		Level 3
December 31, 2023
Assets
Real estate investments measured at fair value	Real estate investments	$	19,250	$	—	$	19,250	$	—