FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of 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, 2024
Assets
Real estate related notes receivable	Other assets	$	14,103	—	—	$	14,103
December 31, 2023
Assets
Real estate related notes receivable	Other assets	$	7,039	—	—	$	7,039

The estimated fair values of the Company’s financial instruments as of March 31, 2024 and December 31, 2023, respectively, are as follows:

		(in thousands)
		March 31, 2024				December 31, 2023
	Balance Sheet Location	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	Cash and cash equivalents	$	12,682	$	12,682	$	8,630	$	8,630
Restricted cash	Restricted cash	$	1,066	$	1,066	$	639	$	639
FINANCIAL LIABILITIES
Revolving lines of credit	Revolving lines of credit	$	40,357	$	40,357	$	30,000	$	30,000
Unsecured senior notes	Notes payable	$	300,000	$	250,704	$	300,000	$	252,108
Mortgages payable - Fannie Mae credit facility	Mortgages payable	$	198,850	$	167,501	$	198,850	$	168,555
Mortgages payable - other	Mortgages payable	$	389,874	$	365,190	$	391,140	$	367,080

Schedule of 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		Interest Income		Total Changes in Fair Value Included in Current-Period Earnings
Three months ended March 31, 2024
Notes receivable	$	14,103	$	5	$	208	$	213
Three months ended March 31, 2023
Notes receivable	$	5,661	$	5	$	67	$	72

Schedule of Fair Value Measurements on a Nonrecurring Basis

Non-financial assets measured at fair value on a nonrecurring basis at December 31, 2023 consisted of real estate investments that were written-down to estimated fair value during the year ended December 31, 2023.

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