| 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 | | June 30, 2024 | | | | | | | | | | Assets | | | | | | | | | | Real estate related notes receivable | Other assets | $ | 20,311 | | | — | | | — | | | $ | 20,311 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 June 30, 2024 and December 31, 2023, respectively, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | June 30, 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 | $ | 14,328 | | | $ | 14,328 | | | $ | 8,630 | | | $ | 8,630 | | | Restricted cash | Restricted cash | $ | 1,084 | | | $ | 1,084 | | | $ | 639 | | | $ | 639 | | | | | | | | | | | | FINANCIAL LIABILITIES | | | | | | | | | | Revolving lines of credit | Revolving lines of credit | $ | 48,000 | | | $ | 48,000 | | | $ | 30,000 | | | $ | 30,000 | | | | | | | | | | | | Unsecured senior notes | Notes payable | $ | 300,000 | | | $ | 251,290 | | | $ | 300,000 | | | $ | 252,108 | | | Mortgages payable - Fannie Mae credit facility | Mortgages payable | $ | 198,850 | | | $ | 165,681 | | | $ | 198,850 | | | $ | 168,555 | | | Mortgages payable - other | Mortgages payable | $ | 388,541 | | | $ | 362,309 | | | $ | 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 | | Six months ended June 30, 2024 | | | | | | | | | Real estate related notes receivable | $ | 20,311 | | | $ | 10 | | | $ | 563 | | | $ | 573 | | | Six months ended June 30, 2023 | | | | | | | | | Real estate related notes receivable | $ | 5,666 | | | $ | 10 | | | $ | 133 | | | $ | 143 | |
|
| 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 | | | $ | — | |
|