FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020
Assets
Mortgages and notes receivable	$	17,535	—		—		$	17,535
Liabilities
Derivative instruments - interest rate swaps	$	18,139	—		—		$	18,139
December 31, 2019
Liabilities
Derivative instruments - interest rate swaps	$	7,607	$	—	$	—	$	7,607

The estimated fair values of our financial instruments as of June 30, 2020 and December 31, 2019, respectively, are as follows:

	(in thousands)
	June 30, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	52,714	$	52,714	$	26,579	$	26,579
Restricted cash	$	2,535	$	2,535	$	19,538	$	19,538
Mortgage and note receivable(2)	—		—		$	32,810	$	32,810
FINANCIAL LIABILITIES
Revolving lines of credit(1)	$	63,000	$	63,000	$	50,079	$	50,079
Notes payable(1)	$	270,000	$	270,000	$	270,000	$	270,000
Mortgages payable	$	325,230	$	334,234	$	331,376	$	332,471

(1) Excluding the effect of interest rate swap agreements.

(2) As of January 1, 2020, we elected the fair value option, as allowed under ASU 2019-05. Fair value for these instruments is discussed within the Fair Value Measurements on a Recurring Basis section above.

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 June 30, 2020		Other Gains (Losses)		Interest Income		Total Changes in Fair Value Included in Current-Period Earnings
Mortgage loans and notes receivable	$	17,535	$	5	$	858	$	863