FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following are the carrying amounts and fair values of the Company’s financial instruments as of December 31, 2012 and December 31, 2011 whose carrying amounts do not approximate their fair value (in thousands):

	December 31, 2012						December 31, 2011
	Face Value (1)		Carrying Amount (2)		Fair Value		Face Value (1)		Carrying Amount (2)		Fair Value
Financial assets:
Loans receivable	$	11,965	$	12,017	$	12,826	$	—	$	—	$	—
Financial liabilities:
Senior Notes	325,000		330,666		345,313		225,000		225,000		227,813
Mortgage indebtedness	152,322		152,322		152,559		153,442		153,942		167,413
Secured Revolving Credit Facility	92,500		92,500		92,500		—		—		—

⁽¹⁾ Face value represents amounts contractually due under the terms of the respective agreements.

⁽²⁾ Carrying amounts represent the book value of financial instruments and include unamortized premiums (discounts).

Fair Value Measurements, Nonrecurring

December 31, 2012, the Company recorded the following amounts measured at fair value (in thousands):

			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Recurring Basis:
Contingent consideration	$	1,300	—		—		1,300
Nonrecurring Basis:
Real estate held for sale	2,208		$	—	$	2,208	$	—

The fair value of the Company’s real estate held for sale, which is measured on a nonrecurring basis, is based on the contracted sales price and has been determined to be Level 2 within the valuation hierarchy.