| Estimated Fair Values of Financial Instruments |
Fair Value Measurements on a Recurring Basis | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 | | September 30, 2022 | | | | | | | | | Assets | | | | | | | | | Notes receivable | $ | 5,865 | | | — | | | — | | | $ | 5,865 | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 September 30, 2022 and December 31, 2021, respectively, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | September 30, 2022 | | December 31, 2021 | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | FINANCIAL ASSETS | | | | | | | | | Cash and cash equivalents | $ | 14,957 | | | $ | 14,957 | | | $ | 31,267 | | | $ | 31,267 | | | Restricted cash | $ | 1,417 | | | $ | 1,417 | | | $ | 7,358 | | | $ | 7,358 | | | | | | | | | | | FINANCIAL LIABILITIES | | | | | | | | Revolving lines of credit(1) | $ | 171,500 | | | $ | 171,500 | | | $ | 76,000 | | | $ | 76,000 | | | | | | | | | | | Unsecured senior notes | $ | 300,000 | | | $ | 236,540 | | | $ | 300,000 | | | $ | 308,302 | | | Mortgages payable - Fannie Mae | $ | 198,850 | | | $ | 161,006 | | | $ | 198,850 | | | $ | 198,850 | | | Mortgages payable - other | $ | 300,956 | | | $ | 275,060 | | | $ | 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.
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| 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 | | Nine months ended September 30, 2022 | | | | | | | | | Notes receivable | $ | 5,865 | | | $ | 11 | | | $ | 600 | | | $ | 611 | | | Nine months ended September 30, 2021 | | | | | | | | | Mortgage loans and notes receivable | $ | 48,364 | | | $ | 11 | | | $ | 1,759 | | | $ | 1,770 | |
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